Company overview

IceCure Medical’s lead product, ProSense, lets physicians freeze tumors through a probe using liquid nitrogen. Hospitals and clinics buy systems and disposable CryoProbes, either directly or through medical-product distributors. Some facilities receive a system in return for minimum probe-purchase commitments. Disposables bring in most revenue, linking sales to the number of procedures performed. In China, the company sells IceSense3 rather than ProSense.

Permission to market the devices varies by country and tumor type. In the United States, ProSense’s breast-cancer authorization is limited to a defined group of older women with low-risk disease receiving additional endocrine therapy, and requires a post-market study. XSense has clearance for kidney and liver tumors but not breast-cancer treatment. Adoption also depends on physicians choosing the procedure and insurers or other payers covering it.

The business still generates limited product revenue and relies on additional financing to support development and commercialization. It also needs to shift from ProSense to XSense as critical ProSense components reach the end of their supply life; XSense has not yet been commercialized at scale. In Japan, Terumo Corporation is the exclusive distribution partner and handles the approval process. Without Japanese approval, sales there remain limited to private-doctor import arrangements.