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1. Company Snapshot

1.a. Company Description

IceCure Medical Ltd, a medical device company, engages in the research, development, and commercialization of medical devices for cryoablation (freezing) of tumors in the human body.It offers ProSense system, a cryoablation solution for the treatment of breast tumors.The company was incorporated in 2006 and is headquartered in Caesarea, Israel.

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1.b. Last Insights on ICCM

IceCure Medical Ltd.'s recent performance was negatively impacted by the company's reliance on a rights offering to raise $10 million, which may dilute shareholder value. The offering, which was approximately two times over-subscribed, expired on July 28, 2025. Additionally, the company's upcoming financial results for the first half of 2025, to be reported on August 13, 2025, may not meet investor expectations. Despite positive clinical data from its ProSense cryoablation technology, the company's progress towards FDA marketing authorization for early-stage breast cancer treatment remains uncertain.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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IceCure Medical Ltd (ICCM) Q3 2025 Earnings Call Transcript

Nov -19

Source: seekingalpha.com

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IceCure Reports Financial & Operational Results for the Nine Months Ended September 30, 2025

Nov -19

Source: prnewswire.com

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IceCure's ProSense® Cryoablation System Receives Regulatory Approval in Switzerland for Indications Including Breast, Lung, Liver, and Kidney Cancer

Nov -18

Source: prnewswire.com

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IceCure Medical Announces Receipt of Nasdaq Minimum Bid Price Notification

Nov -14

Source: prnewswire.com

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IceCure Medical to Report Third Quarter 2025 Financial and Operating Results on November 19, 2025

Nov -12

Source: prnewswire.com

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IceCure Promotes Shay Levav to Chief Operating Officer as Company Ramps up for Increased Commercial Traction

Nov -10

Source: prnewswire.com

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IceCure's Cryoablation System Combined with Radiation Therapy Successfully Treats Non-Small Cell Lung Cancer (NSCLC) with 92% Disease-Specific 5-year Survival

Nov -03

Source: prnewswire.com

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IceCure's ProSense® Showcased at TME Fall Summit: "Take the Lead in Breast Cancer Care" Roundtable Highlighting Cryoablation Advances

Oct -13

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.73%)

6. Segments

Disposables

Expected Growth: 8.5%

IceCure Medical's disposables segment growth of 8.5% is driven by increasing adoption of minimally invasive cryoablation procedures, expanding indications for cancer treatment, and growing demand for precise and effective tumor removal solutions. Additionally, strategic partnerships and investments in R&D are enhancing product offerings and driving market penetration.

Systems

Expected Growth: 10.98%

IceCure Medical Ltd's 10.98% growth is driven by increasing adoption of minimally invasive cryoablation treatments, expanding indications for liver and kidney cancer, and growing demand for outpatient procedures. Additionally, strategic partnerships, investments in R&D, and regulatory approvals in new markets contribute to the company's rapid expansion.

Exclusive Distribution Agreement

Expected Growth: 10.83%

IceCure Medical Ltd's 10.83% growth in Exclusive Distribution Agreement is driven by increasing adoption of minimally invasive cryoablation treatments, expanding product portfolio, and strategic partnerships. Growing demand for prostate cancer and women's health treatments, coupled with regulatory approvals and reimbursement coverage, further fuels growth.

7. Detailed Products

IceSense3

A cryoablation system designed for the treatment of benign breast tumors and other non-cancerous lesions.

ProSense

A cryoablation system designed for the treatment of cancerous tumors in the kidney, lung, and liver.

Cryoablation Systems

A range of cryoablation systems designed for the treatment of various types of cancer and non-cancerous lesions.

8. IceCure Medical Ltd's Porter Forces

Forces Ranking

Threat Of Substitutes

IceCure Medical Ltd's cryoablation technology is a unique and innovative solution for treating cancer, which reduces the threat of substitutes.

Bargaining Power Of Customers

IceCure Medical Ltd's customers, mainly hospitals and clinics, have some bargaining power due to their large purchasing power, but the company's unique technology and limited competition mitigate this power.

Bargaining Power Of Suppliers

IceCure Medical Ltd has a diversified supplier base, which reduces the bargaining power of individual suppliers, and the company's technology is not heavily dependent on any specific supplier.

Threat Of New Entrants

The high barriers to entry in the medical device industry, including regulatory hurdles and significant R&D investments, reduce the threat of new entrants for IceCure Medical Ltd.

Intensity Of Rivalry

While there are some competitors in the cryoablation market, IceCure Medical Ltd's unique technology and strong intellectual property position reduce the intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 4.69%
Debt Cost 3.95%
Equity Weight 95.31%
Equity Cost 18.97%
WACC 18.27%
Leverage 4.92%

11. Quality Control: IceCure Medical Ltd passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Medartis

A-Score: 3.9/10

Value: 3.0

Growth: 5.0

Quality: 4.5

Yield: 0.0

Momentum: 8.5

Volatility: 2.3

1-Year Total Return ->

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Ion Beam Applications

A-Score: 3.7/10

Value: 6.3

Growth: 4.1

Quality: 4.1

Yield: 2.5

Momentum: 1.0

Volatility: 4.3

1-Year Total Return ->

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Stock-Card
IceCure Medical

A-Score: 3.6/10

Value: 6.0

Growth: 2.8

Quality: 3.4

Yield: 0.0

Momentum: 9.0

Volatility: 0.3

1-Year Total Return ->

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Stratec

A-Score: 3.0/10

Value: 5.4

Growth: 3.4

Quality: 4.4

Yield: 3.1

Momentum: 0.5

Volatility: 1.3

1-Year Total Return ->

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InspireMD

A-Score: 2.9/10

Value: 6.2

Growth: 4.2

Quality: 3.9

Yield: 0.0

Momentum: 2.5

Volatility: 0.7

1-Year Total Return ->

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Bactiguard Holding

A-Score: 2.0/10

Value: 4.0

Growth: 4.8

Quality: 3.0

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.7$

Current Price

0.7$

Potential

-0.00%

Expected Cash-Flows