IceCure Medical Ltd. (NASDAQ: ICCM), a developer of minimally invasive cryoablation technology, reported strong revenue growth for the first half of 2026. Revenue reached $1.818 million, representing a 45% increase from $1.25 million in the first half of 2025. The company attributed the growth to higher sales of its ProSense® systems and disposable probes, alongside increased demand in the U.S. and international markets. citeturn1view3
Gross Profit Improves
IceCure’s gross profit increased to $548,000, compared with $349,000 during the same period last year. Despite the improvement, the company’s gross margin stood at approximately 30%, reflecting the costs associated with expanding its commercial operations and supporting product growth.
The company continued investing heavily in research and development, sales, and marketing. R&D expenses rose to $4.3 million from $3.4 million, while sales and marketing expenses increased to $2.5 million from $2.1 million. General and administrative expenses also rose to $2.4 million.
Net Loss Widens
Higher operating expenses resulted in a wider net loss. IceCure reported a net loss of $8.8 million, compared with $7.0 million in the first half of 2025. Operating loss increased to $8.7 million from $7.0 million, while cash used in operating activities rose to approximately $8.1 million from $6.9 million.
The results highlight the company’s continued investment phase as it works to expand commercialization of its cryoablation technology.
U.S. Commercial Expansion
A major development during the period was the continued expansion of IceCure’s U.S. commercial footprint following FDA clearance for ProSense. The company’s active U.S. commercial installed base grew approximately 70%, indicating increased physician adoption and procedure activity.
IceCure is also advancing its FDA-approved post-marketing CHoICE Study, which is designed to generate additional clinical evidence for cryoablation treatment of low-risk breast cancer. The company expects continued clinical development to potentially support physician adoption and future reimbursement opportunities.
Cash Position Strengthens
IceCure ended June 30, 2026, with approximately $12.0 million in cash and cash equivalents, up from $8.9 million at the end of 2025. The company raised approximately $11.3 million in net proceeds through the issuance of ordinary shares, warrants and pre-funded warrants during the first half.
However, the financing activity also increased the number of shares outstanding from approximately 2.44 million at year-end 2025 to 3.43 million by June 30, creating potential dilution for existing shareholders.
Outlook
IceCure enters the second half of 2026 with accelerating revenue, a growing U.S. installed base and additional capital to support commercialization. The company plans to continue expanding its U.S. sales organization and international presence while advancing the Choice Study.
The key question for investors will be whether stronger ProSense adoption and recurring procedure volumes can eventually translate into sustainable revenue growth and improved profitability, while the company manages its cash burn and potential shareholder dilution.
