CAESAREA, Israel - IceCure Medical Ltd. (NASDAQ:ICCM), known for its minimally-invasive cryoablation technology that destroys tumors by freezing, announced today it has received a Notice of Allowance from the U.S. Patent and Trademark Office for its "Cryogenic System Connector." This component is integral to the company's next-generation XSense™ cryoablation system, which utilizes liquid nitrogen.
The XSense™ system, along with its cryoprobes, is cleared by the U.S. Food and Drug Administration for all indications already approved for IceCure's flagship ProSense® system. The new patent is the first of its kind globally for the cryogenic system connector, with several other patent applications pending in key markets. IceCure's CEO, Eyal Shamir, highlighted the company's portfolio of over 50 issued patents and its commitment to innovation and intellectual property as the company's systems gain commercial traction worldwide.
IceCure's technology offers a safe and efficient alternative to conventional surgical tumor removal and can be performed in a short procedure. The ProSense® system is marketed and sold across various regions, including the U.S., Europe, and China. The global tumor ablation market, where IceCure is a player, was estimated at $1.67 billion in 2023 by Grand View Research.
The company's statement is based on a press release and contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements reflect IceCure's plans and expectations for its products to address unmet needs in the tumor ablation market and to strengthen its intellectual property assets. However, actual results and developments may differ due to various factors including regulatory developments, supplier and partner relationships, and the maintenance of patents and intellectual property. IceCure does not undertake any obligation to update these statements following the date of the press release.
This news comes as IceCure continues to expand its presence in the medical technology space, with a focus on providing innovative treatments for various types of cancer. The Notice of Allowance is a significant step in protecting the technology that underpins IceCure's cryoablation systems and supports its growth in the international market.
In other recent news, IceCure Medical Ltd. reported significant findings from its ProSense® cryoablation treatment trial for early-stage low-risk breast cancer, indicating a 96.3% recurrence-free rate when combined with endocrine therapy. The company also experienced an 8% year-over-year increase in total revenue for the second quarter of fiscal year 2024, driven by a 20% increase in sales of IceCure's ProSense systems and disposable probes. The U.S. Patent and Trademark Office granted IceCure a Notice of Allowance for a continuation application related to its "Cryogen Pump" technology, extending the protection of its technology until 2041. Analyst firm H.C. Wainwright adjusted its stock price target for IceCure, reducing it to $2.50 from the previous $3.00, but retained a Buy rating. These are among the recent developments in IceCure Medical's journey.
InvestingPro Insights
As IceCure Medical Ltd. (NASDAQ:ICCM) advances its cryoablation technology with new patent allowances, investors may find additional context from recent financial data and analyst insights valuable. According to InvestingPro, ICCM's market capitalization stands at $26.49 million, reflecting its current position as a small-cap player in the medical technology sector.
The company's revenue for the last twelve months as of Q2 2024 was $3.34 million, with a modest growth of 3.6% over the same period. This aligns with the company's efforts to commercialize its ProSense® system globally and potentially introduces its new XSense™ system to the market.
InvestingPro Tips highlight that analysts anticipate sales growth in the current year, which could be driven by the expanding tumor ablation market and IceCure's technological advancements. However, it's noted that the company is quickly burning through cash, a common characteristic of growth-stage medical technology firms investing heavily in R&D and market expansion.
Despite the positive news on patent allowances, ICCM's stock has experienced significant volatility. The stock has taken a substantial hit over the last six months, with a price total return of -55.79% as of the latest data. This performance may reflect broader market conditions or investor sentiment towards small-cap medical technology stocks.
It's worth noting that IceCure holds more cash than debt on its balance sheet, which could provide some financial flexibility as it pursues its growth strategy. However, the company is not currently profitable, with a negative P/E ratio of -1.94 for the last twelve months as of Q2 2024.
For investors seeking a more comprehensive analysis, InvestingPro offers 12 additional tips for ICCM, providing a deeper dive into the company's financial health and market position.
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