Business
IceCure Medical Reports Financial Results for the First Half of 2022 and Recent Operational Highlights
Conference call scheduled for 4:30 p.m. EDT today Exclusive distribution agreement signed with Shanghai Medtronic Zhikang Medical Devices Co. Ltd. for
About this update from Icecure Medical Ltd.
[{"type":"text","content":"Conference call scheduled for 4:30 p.m. EDT today Exclusive distribution agreement signed with Shanghai Medtronic Zhikang Medical Devices Co. Ltd. for IceSense3 cryoablation systems with minimum purchase target of $3.5 million in first 3 years of the contract; first systems to be delivered in 2022In Q2, IceCure participated in 10 conferences and events to feature ProSense® including the American Society of Breast Surgeons annual meeting where IceCure's ICE3 trial clinical publication was presented as one of the \"Best Papers of 2021\" CAESAREA, Israel, Aug. 15, 2022 /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 reported financial results as of and for the six months June 30, 2022 and operational and commercial highlights for the second quarter. \nQ2 2022 Commercial & Operational Highlights\nDistribution Deal in China with Shanghai Medtronic Zhikang Medical Devices Co. Ltd.: IceCure's wholly-owned subsidiary, IceCure (Shanghai) MedTech Co., Ltd. (\"IceCure Shanghai\"), signed an exclusive distribution agreement for IceSense3 (ProSense's brand name in China) cryoablation systems with Shanghai Medtronic Zhikang Medical Devices Co. Ltd. an affiliate of Medtronic plc (NYSE: MDT) (\"Medtronic\"), the largest medical device company in the world, and Beijing Turing Medical Technology Co. Ltd. (\"Turing\"). The first IceSense3 systems are expected to be delivered and revenues booked in 2022. Shanghai Medtronic Zhikang Medical Devices Co. Ltd. will be the exclusive distributor of the IceSense3 and its disposable probes in mainland China for an initial period of three years, with minimum purchase targets of $3.5 million for this period. While Shanghai Medtronic Zhikang Medical Devices Co. Ltd. conducts all marketing, sales, and certain professional training, Turing will be responsible for the import, installation, and after-sales service of IceSense3 systems in mainland China. China's health regulatory body, the National Medical Products Administration (\"NMPA\"), has approved the IceSense3, and IceCure has submitted an amendment application to the registration certificate for approval of the disposable probes, w...