IceCure Medical Ltd

For first-half 2026, revenue increased approximately 45% year over year to $1.8 million versus about $1.25 million in the same period last year. Gross profit rose to $548 thousand from $349 thousand, and gross margin improved to 30% from 28%. Net loss was $8.8 million, or $3.17 per share, compared with a $7 million net loss, or $3.59 per share, in first-half 2025. Management said the active U.S. commercial installed base grew about 70% and is now above 30 sites. The company ended the first half with about $12 million in cash and cash equivalents after raising approximately $8.5 million in gross proceeds in Q2. No formal next-quarter or full-year revenue guidance was provided; management said Q3 is traditionally lower and Q4 is usually the strongest quarter.

Eyal Shamir framed first-half 2026 as an inflection point, arguing that IceCure’s clinical and commercial efforts are now reinforcing each other. He emphasized that more physician adoption should generate more real-world evidence, which in turn should support confidence, reimbursement efforts, and broader use of ProSense. His tone was upbeat and strategic, but still early-stage, repeatedly describing the company as still early in its commercial journey while saying the business is building a more sustainable foundation.

Meir Peleg highlighted the hard numbers: revenue of $1.8 million, gross profit of $548 thousand, gross margin of 30%, and net loss of $8.8 million, or $3.17 per share. He said R&D was $4.3 million, sales and marketing was $2.5 million, and G&A was $2.4 million, each higher than the prior year mainly due to CHOICE study spending, U.S. commercial hiring, and FX impacts. He also said cash finished at about $12 million and pointed to the Q2 financing, including approximately $8.5 million in gross proceeds, as supporting continued investment with disciplined capital allocation.

Analysts focused on revenue mix, installed base, CHOICE timing, reimbursement, margins, and share count. Management said most system revenue still comes from new purchases, that system sales as a percentage of total were about 20% to 25% higher than last year while placements were flat, and that the U.S. active commercial base is above 30 sites. On CHOICE, management said more than 10 sites are in process, two have signed contracts and IRB approval, first patient enrollment is expected in 3 to 4 weeks, and they believe they can meet the FDA’s timing and the 80-patient target by March 2027. On reimbursement, the company would not confirm a CPT code submission because of AMA confidentiality rules, but said it is progressing with its plan; on seasonality, it said Q3 is usually weaker and Q4 is traditionally strongest.