IceCure Medical Ltd.
IceCure Medical Ltd. is a medical device company incorporated in Israel with subsidiaries in the United States, Hong Kong, and China. It develops and commercializes minimally invasive cryoablation systems that use liquid nitrogen to freeze and destroy tumors in the human body as an alternative to surgical removal.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueLiquid nitrogen-based devices used to freeze and destroy tumors through minimally invasive procedures.
Disposable or procedure-related items and uses tied to installed cryoablation systems.
Installation, training, and clinical support for hospitals and physicians using ProSense®.
Products
Reported · share of revenue- Disposables60.8 %
- Systems39.2 %
Source: 20-F FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
The company sells primarily to hospitals, clinics, and physicians that perform image-guided tumor ablation procedures. Its near-term commercial focus includes breast cancer treatment use cases, especially patients for whom a minimally invasive alternative to surgery is clinically appropriate.
Buy ProSense® systems and related support for use in oncology and breast care programs.
Purchase systems to offer minimally invasive cryoablation in ambulatory settings.
Influence adoption by selecting cryoablation for eligible patients and performing procedures.
Use the technology for low-risk breast cancer treatment pathways and patient management.
Strategy
IceCure’s strategy centers on expanding commercialization of ProSense® through regulatory clearances, physician adoption, and clinical evidence. The company is building installed base in the United States while using studies and conference presence to support broader market acceptance in breast cancer cryoablation.
More installed systems support recurring procedure adoption and market visibility.
Clinical evidence and guideline support help physicians adopt a new treatment modality.
Approvals in multiple territories create a path for geographic diversification.
Geography
2025IceCure is headquartered in Caesarea, Israel, and operates through subsidiaries in the United States, Hong Kong, and China. Its products have received regulatory approvals for marketing in the United States, Europe, and other territories, and the U.S. market is an important commercialization area for ProSense®.
Share of the revenue the company reports by geography.
Risks
IceCure faces the typical risks of an early commercial medical device company: adoption can be slow, reimbursement and physician practice patterns may limit procedure volumes, and additional funding may be needed to support development and commercialization. Regulatory execution, competitive alternatives, and dependence on continued clinical evidence generation are also material because the business model relies on converting approvals into routine clinical use.
- Need for additional financingImpact: HighLikelihood: High
The company has accumulated losses and negative operating cash flow, and future commercialization depends on outside funding.
Exposure - Slow adoption of a new procedureImpact: HighLikelihood: Medium
Cryoablation must win physician trust, workflow acceptance, and clinical preference versus established surgical options.
Exposure: U.S. breast cancer commercialization
- Regulatory and indication riskImpact: HighLikelihood: Medium
Sales depend on maintaining approvals and extending use across territories and patient groups.
Exposure - Competition from alternative therapiesImpact: MediumLikelihood: High
Patients and physicians may choose surgery or other ablation technologies instead of cryoablation.
Exposure: Tumor treatment market
Accounting
Judgemental itemsDevice sales and related service obligations may affect when revenue is recorded.
Impact: Can shift reported revenue between periods
Accumulated losses and operating cash burn require management to assess funding assumptions.
Impact: Affects disclosure and valuation of the business
Financing-related instruments may require fair-value measurement and remeasurement.
Impact: Can create non-cash gains or losses
Right-of-use assets and lease liabilities are recognized for facilities and equipment.
Impact: Affects balance sheet leverage and operating expense presentation
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Last updated: 28/09/2026