IceCure Medical (ICCM) Q1 2026 earnings summary

Executive summary

• Revenue grew 26% year-over-year in Q1 2026, with North America up 84% and U.S. sales up 31%, driven by increased system sales, disposable probe utilization, and pent-up demand post-FDA clearance.

• Active U.S. accounts rose from 13 to 19 post-FDA clearance, a 46% increase, with continued growth expected in Q2.

• FDA clearance for low-risk early breast cancer accelerated commercial momentum and global interest, especially in Europe and Asia.

• Commercial pipeline conversion accelerated, with new installations and expanded hospital network penetration.

• The ChoICE post-market study, approved by FDA, will include 30 U.S. sites and is expected to drive further adoption and generate clinical data.

Financial highlights

• Q1 2026 revenue reached $911,000, up from $725,000 in Q1 2025, a 26% increase, with notable strength in North America and the U.S.

• Gross profit grew 35% to $295,000, with gross margin improving to 32% from 30% year-over-year.

• Net loss widened to $4,274,000 ($0.06 per share) from $3,588,000 ($0.06 per share) in Q1 2025.

• Cash and cash equivalents stood at $8,115,000 as of March 31, 2026.

• Growth driven by new system placements and higher sales of disposable probes, reflecting increased procedure volume.

Outlook and guidance

• Expectation of continued growth in active accounts and commercial momentum in Q2 2026.

• U.S. sales footprint to expand to eight regions in 2026 to meet rising demand.

• Anticipated conversion of current leads into system sales in the second half of 2026 and early 2027.

• U.S. commercial team expansion underway to support increased demand.

• Submission of CPT 1 code for physician reimbursement planned for June, with potential approval by early 2028.