Business
IceCure Medical Announces Preliminary Unaudited 2022 Year-End Financial Results & Recent Operational Highlights
- Significant regulatory and reimbursement milestones achieved - Positive interim clinical results for ProSense in the treatment of kidney tumors and breast
About this update from Icecure Medical Ltd.
[{"type":"text","content":"- Significant regulatory and reimbursement milestones achieved \n- Positive interim clinical results for ProSense in the treatment of kidney tumors and breast cancer\n- Fortified balance sheet with $23.6 million in cash and cash equivalents including short-term deposits as of December 31, 2022\n- ProSense System and disposable cryoprobe sales continue to increase in the U.S.\nCAESAREA, Israel, Feb. 9, 2023 /PRNewswire/ -- IceCure Medical Ltd. (Nasdaq: ICCM) (TASE: ICCM) (\"IceCure\" or the \"Company\"), developer of minimally-invasive cryoablation technology, the ProSense® System, that destroys tumors by freezing as an alternative to surgical tumor removal (\"ProSense\"), today announced preliminary unaudited year-end financial results for the twelve months ended December 31, 2022.\nRevenues decreased to $3.1 million in 2022, compared to $4.1 million in 2021.This is due to decreased revenue recognition of approximately $0.6 million from the distribution agreement with Terumo Corporation and a decrease of sales in most territories by 25%, which was partially offset by a 28% increase in U.S sales, and higher sales of disposable probes, as previously sold and installed systems were increasingly utilized for procedures in clinical settings. IceCure expects revenues may continue to fluctuate in the near future while the Company awaits a response from the U.S. Food and Drug Administration (\"FDA\") on regulatory clearance for ProSense in early-stage breast cancer.\nAs of December 31, 2022, the Company's cash and cash equivalents, including short-term deposits, totaled $23.6 million, compared to $25.6 million on December 31, 2021. In December 2022, IceCure raised $14.5 million in an equity financing funding priced at-the-market under Nasdaq rules with no warrants.\n\"In 2022 we delivered across the board on our goals from regulatory achievements and making progress with respect to obtaining the CPT Category III code for insurance reimbursements, to interim clinical results, to traction in the medical and scientific communities, and commercialization. Our team has worked extremely hard, and we thank the patients who have enrolled in our trials, as well as the increasing number of doctors using ProSense across the world,\" stated Eyal Shamir, IceCure's Chief Executive Officer. \"We are well funded to continue to execute on an enormous op...