IceCure (ICCM) Q1 2026 Earnings Transcript

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Date

Tuesday, May 12, 2026 at 11 a.m. ET

Call participants

• Chief Executive Officer — Eyal Shamir
• Vice President, Sales North America — Shad Good
• Key Opinion Leader & ICE3 Investigator — Dr. Richard Fine

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Takeaways

• Total Revenue Growth -- Revenue increased by 26% year over year for the first quarter, with primary drivers cited as new system placements and increased disposable probe sales.
• North America Sales -- Sales in North America grew by 84% year over year for the first quarter, reflecting both system and disposable probe demand.
• U.S. Sales -- U.S. revenue rose by 31% year over year for the first quarter, attributed to higher adoption from both new and existing accounts.
• Active U.S. Accounts -- Number of active accounts expanded to 19, up 46% from the pre-FDA clearance baseline of 13 accounts.
• Account Pipeline -- Management stated expectations to report further growth in active accounts in the next quarter, based on the current pipeline.
• International Interest -- Management cited "increased interest across Europe, Asia, and The Americas," following U.S. FDA clearance for ProSense in low-risk early breast cancer.
• Qualified Commercial Leads -- Shad Good stated the number of "qualified leads generated at these conferences was significantly higher than what we experienced in 2025."
• U.S. Commercial Expansion -- The U.S. commercial organization is expanding through new sales representative hires to increase reach and support account growth.
• Choice Post Market Study -- FDA approved the "Choice" post-market study protocol in March, which will enroll 30 clinical and hybrid commercial sites across the U.S; about half of these are already active commercial sites.
• Site Activation Timeline -- First patient enrollment for the Choice study is expected before September 5, with completion of 80 patients targeted by March 2027.
• Reimbursement Status -- Current facility cost reimbursement for ProSense procedures is supported by an established CPT code for about $4,000 per procedure; CPT1 code submission for physician reimbursement is planned for June, with a decision expected in early 2027.
• Transitional Pass-Through Payment -- An application for an additional $9,000 pass-through payment was submitted and is pending, which may result in additional reimbursement by early 2027 if the company qualifies.
• Health Canada Submission -- Amendment submitted in March with response to technical inquiries; management expects a decision before year-end.
• Japan Regulatory Progress -- Local partner Turumo is finalizing submission to PMDA with "very positive discussions;" submission is targeted for either June or early third quarter 2026.
• Physician Adoption Model -- Dr. Fine confirmed that, in the absence of full reimbursement, "the overall cost of the procedure to perform is not very high, we can usually-- a patient can manage an out of pocket expense to be able to have the procedure."

Summary

IceCure Medical (NASDAQ:ICCM) reported double-digit revenue and active account growth, citing surging North American and U.S. adoption directly linked to recent FDA clearance for ProSense in low-risk early breast cancer. The company is executing a national expansion of its U.S. commercial team and advancing a 30-site "Choice" post-market study, with both commercial and hybrid research-active locations. Management is actively pursuing incremental reimbursement initiatives, projecting substantial regulatory milestones in North America and Japan before year-end.

• The pipeline of new accounts and the high conversion rate from qualified leads at industry events may support continued sequential account expansion.
• Data from the "Choice" study is expected to confirm and potentially broaden indications granted through ICE3, reinforcing the commercial case for ProSense adoption.
• Management expressed that shifts in ASPRS and American Society of Breast Surgeons guidelines are contributing to physician demand and accelerated site onboarding.
• Dr. Fine indicated that nearly all patients offered out-of-pocket procedures have accepted, underscoring near-term demand where reimbursement is limited.
• Company signaled ongoing, regular use of ProSense for non-breast indications in Europe and Asia, with further study data cited in lung and kidney cancer settings.

Industry glossary

• CPT Code: Procedural billing code used in the U.S. healthcare system to describe and reimburse medical services; crucial for adoption in new device markets.
• Transitional Pass-Through Payment: Temporary additional Medicare payment intended to support new medical technologies prior to permanent reimbursement decisions.
• PMDA (Pharmaceuticals and Medical Devices Agency): Japan's regulatory authority responsible for reviewing medical devices for market approval.
• ProSense: IceCure Medical Ltd’s proprietary cryoablation system for minimally invasive treatment of tumors.

Full Conference Call Transcript

Michael Polyviouu, operator. And welcome to IceCure Medical's conference call to review the financial results as of and for the 3 months ended March 31, 2026, and provide an update on recent operational highlights. You may refer to the earnings press release that we issued earlier this morning. Participating on today's call are ICE Cure Medical's CEO, Eyal Shamir the company's VP Sales North America Shad Good and our guest, Dr. Richard Fine, a key opinion leader in the treatment of breast cancer, a breast surgeon, and ICE3 investigator who has published and presented ICE3 data and is active in hands-on trainings and symposia cryoablation in the treatment of early stage breast cancer.

Before we begin, I will now take a moment to read a statement about forward-looking statements. This call and the question-and-answer session that follows it contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 2000 and other federal securities laws, Words such as expects, anticipates, intends, plans, believes, seeks, and estimates, and similar expressions or variations of such words are intended to identify forward looking statements. For example, we are using forward-looking statements in this presentation when we discuss IceCure's accelerating commercial momentum and growing engagement for ProSense's recurring revenue potential converting growing interest into system sales and installations.

The expectation to report continued growth in active accounts during 2026, planned expansion of The U. S. Commercial team and sales footprint and plans regarding CPT reimbursement codes. The forward-looking statements contained or implied during this call are subject to other risks and uncertainties, many of which are beyond the control of the company, including those set forth in the Risk Factors section of the company's annual report on Form 20-F for the year ended 12/31/2025 filed with the Securities and Exchange Commission on 03/17/2026. Is available on the SEC's website at www.sec.gov. The company disclaims any intention or obligation. Except as required by law, to update or revise any statements whether because of new information, future events or otherwise.

This conference call contains time sensitive information and speaks only as of the live broadcast today 05/12/2026. I will now turn the call over to IceCure Medical CEO, Eyal Shamir. Eyal, please go ahead.

Eyal Shamiru, Michael, and thank you all for joining us today. As you saw in our press release earlier this morning, we are off to a very strong and encouraging start to 2026. We reported revenue growth of 26% year over year for the first quarter with particularly strong performance in North America where sales increased by 84% and The U.S. where sales grew by 31%. Reflecting both increased system sales and growing utilization of disposable probes. In the interest of time, and since Shad and Dr. Fine will provide additional insight, I encourage you to review our press release for full financial details. Our results clearly demonstrate IceCure's accelerating commercial momentum, particularly in The U. S.

Following FDA clearance for low risk early breast cancer. The continued conversion of our growing pipeline into active customers and the expanding clinical and scientific validation supporting ProSense. During the first quarter, we experienced meaningful progress across several key areas of our business, From a revenue perspective, growth, growth was driven by new system placement and increasing sales of disposable probes. Which reflects rising probe volume at both new and existing customer sites. There is growing engagement across a range of customer types including the most prestigious large hospital network in the world. Regional hospital networks and especially in outpatient clinics. Many of these customers are integrating ProSense into their existing workflow.

Which continue to be a key advantage of our system. And it does not require additional infrastructure or complex integration. We are also encouraged by increasing procedural activities, an important indicator for long term adoption and recurring revenue potential. Turning to our U. S. Commercial progress. The momentum we discussed last quarter is translating into a measurable growth. Prior to FDA approval, we had 13 active accounts, including some with a multi multiple system installation. Since FDA approval, we added several new accounts and reactivated others that have been inactive while waiting FDA clearance. As a result, we increased our active account base to 19 representing 46% increase compared to active accounts prior to the FDA approval.

We are encouraged by this level of growth And based on currently available information, we expect to report continued growth in active accounts during the second quarter. This expansion reflects new customer acquisition and growing confidence among existing new institutions. Many of which represent large health care networks where we see meaningful opportunities for additional system placement within our current customers' network. While The U. S. Remains our primary focus, it is important to note that the FDA clearance has also had a meaningful global impact We are seeing increased interest across Europe, Asia, and The Americas.

This is particularly evident at international medical conferences where a growing number of physician and researchers are expressing interest in adopting ProSense and initiating new studies using ProSense for breast cancer. For example, while ProSense has CE mark approval in Europe for breast cancer for some time, the FDA clearance has had a visible impact on increased interest. This growing global engagement is consistent with our expectation and reinforces the role of FDA clearance as the key validation milestone for our technology. I will now turn the call over to Shad who will provide more details on our U. S. Commercial activities and pipeline.

Shad Good: Shadu, Eyal. We are seeing a clear and meaningful acceleration in demand for ProSense across The U. S. Driven by several converging factors. With the recent Society of Breast Imaging and American Society of Breast Surgeons annual conferences, this was the first time we were able to directly market ProSense for the treatment of breast cancer following FDA clearance. The level of interest was significantly higher than what we had seen historically and the number of qualified leads generated at these conferences was significantly higher than what we experienced in 2025. Prior to the FDA clearance. More broadly, across major breast and radiology events in The U. S.

And globally, we are observing a marked increase in awareness and engagement Physicians are actively seeking information, hands-on training and opportunities to incorporate cryoablation into their practice. We believe the increased level of interest is being driven primarily by FDA clearance and is further supported by the growing body of independent clinical data. The updated ASPRS guidelines recommending cryoablation for the low risk breast cancer and the expanding reimbursement framework. Importantly, we are now seeing clear evidence that this growing interest is translating into commercial activity. The leads generated following FDA clearance are now progressing through purchasing processes and are expected to convert into system sales and installations this quarter and over the following quarters.

At the same time, the strong pipeline we are building today provides visibility into continued growth. With many of the leads we are currently generating expected to convert into sales in 2020 and into early 2027. This gives us increasing confidence in the durability of our growth trajectory. To support this growing demand, we are expanding our U. S. Commercial organization by hiring talented sales representatives to increase our sales footprint. This will position us to better address market opportunities and continue building relationships with key institutions across the country. Another important driver of adoption is our Choice post market study. Which received FDA approval during the first quarter.

This study will include 30 clinical and commercial hybrid sites across The U. S. We expect to announce these sites as they onboard and expect the choice study to play a significant role in accelerating adoption by expanding access to ProSense while also generating additional clinical data and support ongoing reimbursement efforts. As a reminder, procedures performed with ProSense are already supported by an established CPT code that covers facility costs of about $4 thousand. We also expect to submit for the CPT1 code reimbursement to cover the physician costs in June. We expect to hear back on this in early 2027. And it could result in additional reimbursement by early 28.

We also applied for transitional pass through payment which may result an additional $9 thousand by early 2027 if we qualify. I will now turn the call over to Dr. Richard Fine to provide a clinical perspective. Doctor. Fine?

Analystu, Shad. As an investigator in the ICE3 clinical trial, I have had the opportunity to personally treat patients using ProSense. And to follow their outcomes over time. Based on my experience, I have seen very encouraging results in patients treated during the trial. With FDA clearance now in place, I am pleased that as a breast surgeon, I am able to recommend this minimally invasive option to appropriate patients. Specifically women with low risk breast cancer who are 70 years of age or older as well as those who may not be suitable candidates for surgery.

In my interactions with colleagues, including at medical conferences, where I have presented the ICE3 data and provided hands-on training, I have observed a high level of interest among both surgeons and radiologists. There is a growing recognition of cryoablation as a minimally invasive option within the broader treatment landscape. And many physicians are seeking to better understand how it can be incorporated into their clinical practice. Another important factor contributing to this interest is the increasing volume of independent clinical research. It is somewhat unusual to see such large numbers of investigator initiated studies. Focused on a single system. And in this case, ProSense is being used across numerous completed and ongoing studies.

This level of academic engagement is meaningful and reflects a broader interest within the clinical community. With the FDA clearance now in place, for low risk breast cancer, ProSense is becoming a natural choice for researchers who are looking to study cryoablation in this setting. In addition, the updated 2026 resource guide from the American Society of Breast Surgeons which recommends cryoablation as an option for selected patients. With biologically low risk breast cancer represents an important step forward. From a clinical perspective, this type of guidance helps support informed decision making and contributes to the broader adoption of new treatment approaches.

Operatoru. Ladies and gentlemen, at this time, we will begin the question, and please press 2. If you are using speaker equipment, kindly lift the handset before pressing the number. Please standby while we poll for your questions. The first question is from Anthony Vendetti of Maxim Group. Please go ahead.

Analyst (Anthony Vendetti)u. I think, Eyal, you mentioned there are 19 active sites right now. When do you expect to get to 30 what is your best estimate at this point? And do you feel like you are on schedule, ahead of schedule in terms of activating those sites? Please reply to that.

Shad Good: Yes, Anthony. To clarify, are you talking about commercial sites or are you referring to the post market study sites?

Analyst (Anthony Vendetti): The post market study sites. But all the post market study sites are expected to be commercial sites as well, correct?

Shad Good: That is correct. Yes. So since we have received the FDA protocol since that was approved in March, We have really moved to the next phase for the post-market study. We are starting to contract with the sites around the country. We have made some really nice progress over the last couple of months, and we feel encouraged by the progress that we have made. Okay.

Analyst (Anthony Vendetti): So you would say on schedule then?

Eyal Shamir: That we will be on schedule. That means that before September 5, as the FDA approved the protocol by March 5. We will have the first patient, and we expect and plan to complete 80 patients before March 2027?

Analyst (Anthony Vendetti): Okay. And then switching to Health Canada. You submitted in March, right, an amendment. Have you received any feedback And do you still expect a decision from Health Canada before the end of the year?

Eyal Shamir: Yes. We received mainly some technical and informal questions, to which we replied. We believe that in the next few weeks, they will come back maybe with some questions, and we believe that before the end of the year, we expect to get the approval. Okay. And then switching to Japan. Is Turumo still expected to submit before June or by June? I believe that maybe it will be-- They had very positive discussions with the Japanese FDA, with the PMDA during January. I think that they are supposed to have extremely soon the second call. I am not sure yet if it will be June or early third quarter, but they are in full speed for the submission. Okay.

And I know obviously that there is the intense focus, as is justifiable, so on the breast cancer market with the recent clearance and the goal to get these sites up and running as soon as possible. But you also had some great data on kidney, the ICE3 study. So can you talk a little bit about the research and development or the resources outside of breast cancer. And how that is progressing just in general. Yeah. So as we discussed also in the past, Anthony, The US will be focused on breast. In Europe, and in other markets. We are treating other organs other organs as well.

We, of course, you know, the post FDA And as we mentioned in the earnings call or earnings release, we have a very nice activity in Europe. But we are treating regularly other organs as well. In Europe and in Asia. And last November, if we all remember, Dr. Fukuma published a new study regarding lung cancer. So we are treating all of them outside of The U. S. Okay, great. Thanks for the color. I appreciate it. I will hop back in the queue.

Operator: The next question is from Kemp Dolliver of Brookline Capital. Please go ahead.

Analyst (Kemp Dolliver): Hi, thank you. 2 questions. First is how many of the active sites will be Choice sites?

Shad Good: Yes. With our current base of business and the current active sites, about half of them are planning to participate in the Choice study.

Analyst (Kemp Dolliver): Okay. Great. And this is actually a question for Dr. Fine. And the question is, how you expect to use or at least what do you think your utilization of ProSense will be as you await the issuance of a CPT1 code. You mean in terms of the Choice study or in general? Well, I am thinking commercially, certainly, you are gonna get re you know, I do not need Would get reimbursed as part of the trial. But if you have other patients outside the trial, does it make economic sense to be able to treat them? Can you do it? Yes.

What a lot of facilities have done and what we are planning to do commercially is we do this in an office based approach. As opposed to in the hospital. The pass through code that was mentioned earlier will not work in the office based setting. But we have seen success and have had success ourselves in just discussing the procedure with the patient and letting the patient know what an out of pocket expense would be. And because the overall cost of the procedure to perform is not very high, we can usually-- a patient can manage an out of pocket expense to be able to have the procedure. And they tend to be very motivated. Great.

Does that answer your questions? Well, just to build on that quickly, I mean, is it the virtually all of your commercial patients say yes?

Analyst: I would have to say that those that we have done it on so far have all said yes. I have not had anybody decline. But we are really ramping up the commercial portion of this. As we speak. So I am going to know more about that very quickly. Because we are already getting calls from people. Once the FDA clearance happened. And also there was a Reuters piece that was done and was picked up in Boston, and I think more of those are going to be around the country and I have already had some questions from local patients who have seen that on the West Clinic website where they posted the Boston piece. Great. Thank you.

Operator: The next question is from Scott Henry of AGP. Please go ahead.

Analystu. Good afternoon. Just a couple of questions. First, I guess you have got to submit that CPT1 code in June. Are there any challenges to getting that done in June or is it mostly just a clerical process at this point?

Eyal Shamir: Yes. I will answer that, Scott. Thank you. You know, we thanks to Dr. Fine. he is also led and leading the CPT code at the ASBRS, and with the support of other societies we believe that there is more as a process. We have the whole clinical evidence. The package is now in the in the final shopping and shaping, it, and we are going to submit it in 2 to 4 weeks. And then it will be in process, some kind of a questionnaire to the physician. And we expect that during 2027, we will be approved And this CPT-1 could be supposed to be effective 01/01/2028. Okay, great. Thank you for that color.

And then I do not know if you typically give this out, but could you talk to the number of placements in the quarter And as well, can you talk about the cadence we should expect throughout the quarters in 2026? Should it be a slow buildup Or is there an inflection point? Sometimes it takes a little while and then you see the inflection point. Just trying to get an idea of how we should think about that cadence. I still am not giving guidance to sales or replacement, but we expect to have a pretty good second quarter, and we will continue to grow usually sales quarter is a bit slow because of the summer holiday.

Fourth quarter is a good quarter, but we expect we expect it to grow We expect to see agreements with site for the post market study as well as being a commercial site. Or some of the sites, as Shad mentioned, will be commercial only and they will not participate in the post-market study because they do not have the facility to support some kind of a clinical process.

Analyst: Okay. Great. And then just if you Yeah.

Shad Good: Hey, I was going to add to that. You know, now that we have the FDA approval, a lot of these accounts that we have been talking to become a lot more actionable. So we are we are working with a lot of accounts around the country through the purchasing processes to start programs. They are building business plans to support that. So we would expect that we are going to continue to build momentum quarter over quarter.

Analyst: Okay, great. Thank you. For that addition as well. And then with regard to the Choice post marketing study, if about half of the 30 sites are already active sites, When you go after that other 15 sites do you have the ability to sort of cherry pick and look for high volume locations that you can kind of get involved in the study, but then also position yourself among high volume centers. Is that something that you hope to accomplish as well?

And also if you could just tell us a little bit about what we expect to learn from the post marketing study and that should be a lot more real world but it would be great to hear some of the takeaways we could get from that. Study.

Eyal Shamir: Yes. Thank you. Shad, maybe you will answer the first part and Dr. Fine could answer what kind of clinical evidence will we see as part of the PMS?

Operator: To address the first part of your question in regards to volume, we have really good data sets.

Shad Good: So we have a good clear understanding of where the procedures are being done around the country. So obviously, we are trying to align ourselves for the post market study and then also the commercial efforts around some of these sites around the country. Obviously, we would like them to be high volume as well because that helps us achieve the goals, not only commercially, but also for the study as well. Fine, do you want to comment on the second part of the question?

Analyst: Yes. I think the Choice post market study is just going to really reconfirm the results of the ICE3 trial. Actually, the FDA gave us a pretty favorable group of patients to treat. Some of the best patients outcomes out of ICE3 are the patients that are going to be in the post market study. I expect that we are going to get very, very good results. That will just confirm and allow hopefully FDA to start broadening the indications. Okay, great. Thank you for the additional color and thank you for taking the question.

Operator: There are no further questions at this time.

Eyal Shamir: To conclude, we believe the 2026 represents an important step forward for IceCure. We are seeing clear evidence that the foundation we have built over the past several years, including clinical data, regulatory milestones and physician engagement is now translating into commercial growth particularly in The U. S. The combination of FDA clearance supporting clinical guidelines, expanding reimbursement and increasing physician and patient awareness is creating a strong environment for continued adoption of ProSense. We are encouraged by the growth in our active accounts base the strength of our commercial pipeline and the increasing level of engagement across the medical community. We look forward to continuing to build on this momentum throughout 2026. Thank you all for your time today.

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