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 46% since FDA approval, reaching 19, with continued growth expected in Q2 2026.

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

• Strong pipeline of leads from major medical conferences and expanded hospital network penetration is expected to convert into sales through 2026 and early 2027.

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

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 disposable probe sales, reflecting increased procedure volume.

Outlook and guidance

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

• Anticipate further system sales and installations as leads progress through purchasing processes.

• U.S. commercial team expansion underway to support demand, with sales footprint to expand to eight regions in 2026.

• Expect Health Canada approval by year-end 2026 and Japanese partner Terumo to submit for approval by early Q3 2026.

• Sales and marketing expenses projected to increase for the remainder of 2026 as market penetration efforts intensify.