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On Friday, H.C. Wainwright reiterated a Buy rating on IceCure Medical (TASE:BLWV) Ltd. (NASDAQ:ICCM) with a steadfast price target of $2.50. The endorsement came after IceCure Medical disclosed its financial outcomes for the year 2024. The company’s fourth-quarter revenue reported a 30% year-over-year drop to $875K, falling short of the $1.2M expectation. The net loss for the quarter was slightly higher than anticipated at $4.5M. With a current market capitalization of $62.5 million, InvestingPro data shows the company holds more cash than debt on its balance sheet, though it’s currently trading at a high Price/Book multiple of 9x.
For the entire year, IceCure Medical saw a modest revenue growth of 2%, totaling $3.3M. The net loss for 2024 amounted to $15.3M, or ($0.30) per share. The company’s management attributed the revenue growth to increased sales in North America and rising demand in Japan, Asia, and Europe. This progress was somewhat diminished by reduced sales in China and Latin America. According to InvestingPro analysis, revenue is forecast to grow by 13% in 2025, with analysts expecting the company to turn profitable this year. These are just two of twelve key insights available for ICCM on InvestingPro.
The company is actively engaged in discussions with the U.S. Food and Drug Administration (FDA) regarding the De Novo marketing authorization request for its ProSense system, designed to treat early-stage low-risk breast cancer with endocrine therapy. Analysts believe that ProSense has the potential to secure FDA marketing clearance for this indication by the second quarter of 2025. Despite recent stock volatility, with shares down 11.6% over the past week, InvestingPro’s Fair Value analysis suggests the stock is currently fairly valued, with analyst targets ranging from $2.50 to $4.12.
ProSense’s cryoablation procedure is a minimally invasive treatment and is considered by some to have the potential to supplant lumpectomy, which is the current standard of care. This could impact an estimated patient population of 65,000 annually in the U.S. alone.
Further expanding its global footprint, IceCure’s partner in Japan, Terumo, is expected to seek regulatory approval for ProSense in 2025. The continued development and potential regulatory approvals underscore the company’s efforts to advance its treatment options in key markets worldwide.
In other recent news, Icecure Medical Ltd reported its financial results for the fourth quarter of 2024, revealing an 8% increase in product sales to $3.19 million and a slight rise in total revenue to $3.29 million. However, the company experienced a net loss of $15.32 million, equating to a loss of $0.30 per share. The company highlighted a 42% growth in product sales in North America, driven by its ProSense and XSENCE cryoablation systems. Icecure Medical is currently awaiting an FDA decision on its ProSense system, which could significantly affect its market position. The company also plans regulatory submissions in Japan and anticipates interim data from the iSECRET kidney cancer study as potential catalysts. CEO Eyal Shamir expressed optimism about sales growth, particularly in North America, and emphasized the importance of obtaining FDA clearance for ProSense. Analyst firms, such as Brookline Capital Markets and Maxim Group, have shown interest in the company’s strategic plans and potential market expansions.
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