IceCure Medical (ICCM) Q4 2025 earnings summary

Executive summary

• Achieved record annual revenue of $3.4 million for 2025, driven by strong Q4 sales and increased adoption of ProSense following FDA clearance for low-risk early-stage breast cancer.

• Commercial momentum supported by updated ASBrS guidelines, expanded reimbursement coverage, and regulatory milestones in the U.S. and internationally.

• Expanded clinical and commercial footprint with new installations at major U.S. hospitals and clinics, and a 30-site post-marketing study.

Financial highlights

• Q4 2025 sales reached approximately $1.3 million, contributing to a record $3.4 million in annual revenue.

• Revenue for 2025 increased to $3.38M from $3.29M in 2024, with growth in Europe, Latin America, North America, and China, partially offset by a decline in Japan.

• Gross profit was $1.23M (36% margin) in 2025, down from $1.45M (44% margin) in 2024, mainly due to higher costs and lower Japan revenue.

• Net loss narrowed to $15.06M ($0.24/share) in 2025 from $15.32M ($0.30/share) in 2024.

• Cash and cash equivalents at year-end 2025 totaled $8.90M, up from $7.56M at year-end 2024.

Outlook and guidance

• Expect continued growth in system sales and installations in 2026, with momentum supported by regulatory approvals and guideline endorsements.

• Plans to triple the U.S. commercial team by year-end to meet rising demand.

• Anticipates expanded reimbursement (CPT I code submission in Q2 2026, possible TPT payment increase in 2027) and regulatory submissions in Canada and Japan.

• Project significant growth inflection after CPT Category I code approval, expected in early 2028.

• Sales and marketing expenses projected to rise in 2026 to support U.S. market penetration.