IceCure Medical Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 7 fiscal years, taken from the XBRL data IceCure Medical Ltd. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1.63	3.87	4.14	3.09	3.23	3.29	3.38
Cost of revenue	1.1	1.42	1.94	1.64	1.93	1.84	2.15
Gross profit	0.52	2.44	2.2	1.45	1.3	1.45	1.23
Research and development	3	3.81	5.88	9.12	8.27	7.1	7.43
Selling, general and administrative		0.12	0.18	0.74
Selling and marketing	1.04	1.06	1.92	3.2	4.44	6.3	4.36
General and administrative	1.27	1.71	4.13	5.86	4.17	3.76	4.53
Operating income	-4.78	-4.14	-9.72	-16.7	-15.6	-15.7	-15.1
Other non-operating income	0.23	0.41	-0.17	-0.24	0.92	0.38	0.04
Net income	-4.55	-3.73	-9.9	-17	-14.7	-15.3	-15.1
EBITDA	-4.75	-4.08	-9.6	-16.5	-15.3	-15.4	-14.8
EPS, basic	0.33	0.22	0.35	0.46	0.32	0.30	0.24
EPS, diluted	0.33	0.22	0.35	0.46	0.32	0.30	0.24
Shares, basic (weighted)	13.6	17.1	28.5	37	45.6	50.9	63.6
Shares, diluted (weighted)	13.6	17.1	28.5	37	45.6	50.9	63.6

Balance sheet

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5.79	3.5	25.6	23.7	10.5	7.56	8.9
Short-term investments					0.53
Receivables		0.09	0.46	0.08	0.1	0.22	0.33
Inventory		1.06	1.96	2.86	2.28	1.99	2.63
Other current assets				1.24	0.74	0.98	0.75
Total current assets		9.59	30.3	28.1	14.2	10.8	12.6
Property, plant and equipment		0.31	0.71	1.36	1.51	1.25	0.99
Lease right-of-use assets				0.67	0.68	0.52	0.24
Total assets		10.2	32.3	30.2	16.4	12.6	13.9
Accounts payable		0.65	0.88	0.71	0.5	1.23	0.86
Accrued liabilities		2.86	2.92	3.46	3.15	2.76	2.66
Deferred revenue		1.38	0.88	0.65	0.19	0.33	0.26
Total current liabilities		3.71	4.02	4.34	3.87	5.51	4.82
Long-term debt						0.16	0.01
Lease liabilities		0.12	0.69	0.43	0.38	0.16
Total liabilities		4.59	5.32	4.77	4.25	5.68	4.84
Total debt						0.16	0.01
Paid-in capital		54.2	85.4	101	102	112	129
Retained earnings		-48.5	-58.4	-75.4	-90.1	-105	-120
Treasury stock		-0.04
Shareholders' equity	3.29	5.65	27	25.4	12.2	6.9	9.05
Total equity	3.29	5.65	27	25.4	12.2	6.9	9.05
Total liabilities and equity		10.2	32.3	30.2	16.4	12.6	13.9
Shares outstanding		20.2	35.8	45.6	45.7	56.6	73.1

Cash flow statement

	FY2019	FY2021	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-4.55	-3.73	-9.9	-17	-14.7	-15.3	-15.1
Depreciation and amortization	0.03	0.06	0.13	0.25	0.32	0.33	0.3
Stock-based compensation	0.37	0.23	0.32	1.87	1.31	0.87	1.37
Change in receivables	0.17	-0.08	-0.36	0.38	-0.03	-0.12	-0.11
Change in inventory			-0.89	-0.9	0.58	0.29	-0.64
Cash from operations	-1.99	-3.69	-12.6	-14.3	-12.6	-12.6	-14.6
Capital expenditures	-0.1	-0.22	-0.53	-0.89	-0.48	-0.07	-0.04
Purchases of investments					-0.5	-1.37	-5
Sales and maturities of investments						1.9	5
Cash from investing	-0.1	-4.67	3.79	-0.89	-0.68	0.45	-0.04
Stock issued	3.31	5.85	14.6	13.6	0.08	9.19
Cash from financing	3.31	5.86	30.9	13.6	0.08	9.19	15.8
Exchange rate effect	0.36	0.22	0.04		0.03	-0.04	0.11
Net change in cash	1.22	-2.5	22.1	-1.61	-13.2	-2.93	1.22
Free cash flow	-2.09	-3.91	-13.1	-15.2	-13	-12.6	-14.6

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $1.73 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.3%	Gross profit / revenue.
Operating margin	-446.7%	Operating income / revenue.
EBITDA margin	-438.0%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	-445.6%	Net income / revenue.
FCF margin	-432.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-431.3%	Cash from operations / revenue.
Return on equity (ROE)	-188.8%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-113.8%	Net income / average total assets.
R&D / revenue	220.0%	Research and development expense / revenue.
Stock-based pay / revenue	40.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.1%	Capital expenditures / revenue.
D&A / revenue	8.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-2.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-15.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-5.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-12.9%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-20.0%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-19.5%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	1.8%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	31.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-29.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-22.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	6.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	25.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	19.8%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	30.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.61x	Current assets / current liabilities.
Quick ratio	1.91x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.84x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.00x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.1%	Total debt / total assets.
Liabilities / assets	34.8%	Total liabilities / total assets.
Net debt	-$8.9M	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$7.8M	Current assets - current liabilities.
Tangible book value	$9.1M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.26x	Revenue / average total assets.
Fixed asset turnover	3.01x	Revenue / average property, plant and equipment.
Inventory turnover	0.93x	Cost of revenue / average inventory.
Days inventory	391 days	365 x average inventory / cost of revenue.
Receivables turnover	12.2x	Revenue / average receivables.
Days sales outstanding	30 days	365 x average receivables / revenue.
Days payables	178 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	243 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$0.24	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	$0.24	Net income per basic share, as reported (split-adjusted).
Revenue per share	$0.05	Revenue / diluted weighted shares.
FCF per share	-$0.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.23	Cash from operations / diluted weighted shares.
Book value per share	$0.12	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$0.12	Tangible book value / shares outstanding.
Cash per share	$0.12	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$5.9M	Share price x shares outstanding.
Enterprise value	-$3.0M	Market cap + total debt - cash - short-term investments.
P/S	1.75x	Market cap / revenue.
P/B	0.65x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.65x	Market cap / tangible book value, when positive.
FCF yield	-246.5%	Free cash flow / market cap.
Earnings yield	-254.0%	Net income / market cap (the inverse of P/E).

What was IceCure Medical Ltd.'s revenue in fiscal 2025?

IceCure Medical Ltd. reported revenue of $3.4M for fiscal 2025, 2.7% higher than the year before.

Was IceCure Medical Ltd. profitable in fiscal 2025?

No. It reported a net loss of $15.1M.

How much free cash flow did IceCure Medical Ltd. generate in fiscal 2025?

Cash from operations of $14.6M minus capital expenditures of $36.0K left free cash flow of -$14.6M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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