Bullish indicating open at $55-$60, IPO prices at $37
CAESAREA, Israel - IceCure Medical Ltd. (NASDAQ:ICCM), a company specializing in minimally invasive cryoablation technology for tumor destruction, has been granted a Notice of Allowance by the China National Intellectual Property Administration for its "Cryogenic System Connector". This development completes a series of international patent protections for the company’s innovative cryogenic pump, which is already patented in the U.S., Europe, and Japan. The company, currently valued at $80.33 million, has shown remarkable market performance with a 121.88% return over the past six months, according to InvestingPro data.
The cryogenic pump is a key component in IceCure’s cryoablation systems, designed for a range of clinical uses. Its technology allows for the cryoprobe to be submerged in liquid nitrogen, operating in a closed circuit, and providing controlled temperature during procedures. This advancement is expected to enhance the efficiency of cryoablation treatments by improving cooling rates and reducing the need for liquid nitrogen refills, thereby supporting longer or multiple procedures.
IceCure’s CEO, Eyal Shamir, expressed confidence in the company’s leadership position in the market for liquid nitrogen-based cryoablation, citing over 50 granted patents and a growing portfolio of regulatory approvals. Shamir emphasized IceCure’s commitment to improving healthcare by offering safe and effective alternatives to surgical tumor removal. InvestingPro analysis shows the company maintains a strong financial position with a healthy current ratio of 2.67 and more cash than debt on its balance sheet, supporting its ongoing research and development initiatives.
IceCure Medical’s flagship product, the ProSense® system, is marketed globally, with approvals for various indications in the United States, Europe, and China. The company’s technology aims to provide a safe, effective, and minimally invasive option for the treatment of benign and cancerous tumors, focusing on breast, kidney, bone, and lung cancers. Financial data from InvestingPro reveals impressive revenue growth of 26.02% over the last twelve months, though analysts note the company is not expected to be profitable this year. For detailed analysis and 12 additional ProTips about ICCM’s financial health and market position, investors can access the comprehensive Pro Research Report available on InvestingPro.
The press release also contains forward-looking statements regarding the potential of the novel cryogenic pump to bring to market a new generation of cryoablation systems and IceCure’s position as a leader in the field. However, these statements are subject to various factors that could affect the company’s actual results, including market acceptance, regulatory developments, and the maintenance of intellectual property rights.
The information for this article is based on a press release statement from IceCure Medical.
In other recent news, IceCure Medical Ltd. has submitted a regulatory application to Israel’s Ministry of Health for its XSense™ System and CryoProbes. This system is intended to provide a minimally invasive option for tumor destruction by freezing, similar to its already authorized ProSense® system. IceCure Medical’s XSense™ System has previously received marketing authorization from the U.S. FDA. Additionally, IceCure Medical has announced that it has regained compliance with Nasdaq’s minimum bid price requirement, ensuring its continued listing on the Nasdaq Capital Market. This compliance was achieved after maintaining a closing bid price of $1.00 or more for at least ten consecutive business days. The company’s proprietary cryoablation technology is marketed globally for treating various tumors, including those in the breast, kidney, bone, and lung. The global market for minimally invasive surgery, which includes technologies like IceCure’s, is projected to grow significantly in the coming years.
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