IceCure Medical (ICCM) Q2 2026 earnings summary

Executive summary

• Achieved 45% year-over-year revenue growth to $1.8 million in H1 2026, driven by increased sales of ProSense systems and disposable probes.

• U.S. commercial install base grew approximately 70% following FDA clearance for early-stage, low-risk breast cancer, supporting long-term value creation.

• Strengthened balance sheet with $12 million in cash and cash equivalents at the end of H1 2026, following $8.5 million in gross proceeds from recent financings.

• Advanced the FDA-approved CHOICE Study, integrating it with commercialization to support physician adoption, reimbursement, and broader market adoption.

• Commercial and clinical strategies are reinforcing each other, with growing physician adoption generating more real-world evidence.

Financial highlights

• Revenue rose 45% year-over-year to $1.8 million in H1 2026, up from $1.25 million or $1.3 million in H1 2025.

• Gross profit increased to $548,000 from $349,000, with gross margin improving to 30% from 28% or 30.1% from 26.8%, despite FX headwinds.

• Net loss was $8.8 million ($3.17/share) versus $7 million ($3.59/share) in H1 2025.

• R&D expenses rose to $4.3 million, sales and marketing to $2.5 million, and G&A to $2.4 million, reflecting investment in growth and FX impacts.

• Ended H1 2026 with $12 million in cash and equivalents, up from $8.9 million at year-end 2025.

Outlook and guidance

• Expect continued commercial expansion, increased physician adoption, and higher procedure volumes.

• CHOICE Study enrollment on track, with first patients expected imminently and a target of 80 patients by March 2027.

• Q3 typically sees lower revenue due to seasonality, with Q4 expected to be the strongest quarter.

• Ongoing focus on international growth, particularly in Japan and Brazil.

• Plans to continue investing in U.S. and international commercial infrastructure, including sales organization and clinical studies.