Bullish indicating open at $55-$60, IPO prices at $37
On Friday, H.C. Wainwright analyst Yi Chen maintained a Buy rating on IceCure Medical (TASE:BLWV) Ltd. (NASDAQ:ICCM) with a steady price target of $2.50, representing significant upside from the current price of $1.03. According to InvestingPro data, analysts maintain a strong Buy consensus with price targets ranging from $2.50 to $3.53. IceCure Medical, a company focusing on cryoablation therapies, announced its first-quarter financial results on May 28, 2025. The company reported revenue of $725,000, which marked a 2% year-over-year decline but was close to H.C. Wainwright’s projection of $750,000. The net loss reported was $3.6 million, or ($0.06) per share, which is narrower than the estimated loss of $4.4 million.
The slight decrease in sales was attributed primarily to lower sales figures in Asia, which was somewhat balanced by increased sales in Europe and North America. Despite current challenges, InvestingPro data shows the company maintains a healthy gross profit margin of 42.77% and projects revenue growth of 13.13% for fiscal year 2025. One significant development highlighted by the analyst is IceCure Medical’s delivery of its post-market study plan to the FDA, which is a critical step before the FDA’s De Novo marketing authorization decision for ProSense. ProSense is a treatment for early-stage low-risk breast cancer with adjuvant endocrine therapy.
Chen expressed optimism about ProSense’s potential to gain marketing authorization in the second half of 2025. The cryoablation procedure offered by ProSense is minimally invasive and could potentially become a replacement for lumpectomy, the current standard of care for the target patient population. This population is estimated to be around 46,000 women in the U.S. annually. InvestingPro analysis indicates the company holds more cash than debt on its balance sheet, though it’s currently burning through cash rapidly - just two of the many insights available to Pro subscribers.
Furthermore, IceCure Medical’s partner in Japan, Terumo (TRUMY; not rated), is planning to seek regulatory approval for ProSense in Japan during the second half of 2025. Additionally, a response from regulatory authorities in Israel regarding the next-generation XSense is expected sometime in 2025. The analyst’s reiteration of the Buy rating and $2.50 price target reflects confidence in IceCure Medical’s market prospects and the anticipated regulatory milestones for its products. According to InvestingPro’s Fair Value model, ICCM is currently trading near its Fair Value, with comprehensive analysis available in the Pro Research Report, along with detailed financial health metrics and growth projections.
In other recent news, IceCure Medical Ltd. reported its financial results for 2024, revealing a 2% increase in annual revenue to $3.3 million. However, the company faced a net loss of $15.3 million for the year, with a loss per share of $0.30. The fourth-quarter revenue saw a decline of 30% year-over-year, totaling $875,000, which was below the expected $1.2 million. H.C. Wainwright maintained a Buy rating on IceCure Medical with a price target of $2.50, despite these financial results. The company is in discussions with the FDA regarding the De Novo marketing authorization for its ProSense system, aiming for approval by the second quarter of 2025. IceCure Medical has also experienced a significant increase in product sales, particularly in North America, which grew by 42%. The company’s partner in Japan, Terumo, is expected to seek regulatory approval for ProSense in 2025, further indicating IceCure’s expansion efforts. Additionally, the company is preparing for a soft launch of its next-generation cryoablation system, XSENCE, in early 2026.
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