IceCure Medical Ltd.
ICCM Healthcare Medical Devices
IceCure Medical Ltd.’s revenue for fiscal 2025 (year ended December 2025) was $3.4 million, up 2.67% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 2,068.2%, free cash flow grew 3.88% and total debt fell 64.4%, each against the same quarter a year earlier. Revenue growth for three consecutive years.
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IceCure Medical Ltd. (ICCM) Altman Z-score
IceCure Medical Ltd.'s Altman Z-score for fiscal 2025 is −10.01, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | −10.01 | (0.83) |
| FY2024 | −9.18 | (6.20) |
| FY2023 | −2.97 | (5.91) |
| FY2022 | 2.94 | (4.45) |
| FY2021 | 7.38 | 9.90 |
| FY2020 | −2.51 | 4.45 |
| FY2019 | −6.97 | (261.96) |
| FY2018 | 254.99 | 17.75 |
| FY2016 | 237.24 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.56 | — | 0.67 | |
| Retained earnings / total assets | (8.67) | — | −12.14 | |
| EBIT / total assets | (1.09) | — | −3.59 | |
| Market value of equity / total liabilities | 8.01 | — | 4.81 | |
| Sales / total assets | 0.24 | — | 0.24 | |
| Altman Z-score | Distress zone | −10.01 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −29.93 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| BJDX Bluejay Diagnostics, Inc. compare | −0.9× |
| TRIB Trinity Biotech PLC compare | −2.8× |
| ADGM Adagio Medical Holdings, Inc. compare | −7.0× |
| IVF INVO Fertility, Inc compare | −7.6× |
| VVOS Vivos Therapeutics, Inc. compare | −9.1× |
| ICCM IceCure Medical Ltd. | −10.0× |
| INBS Intelligent Bio Solutions Inc. compare | −11.4× |
| NXL Nexalin Technology, Inc. compare | −26.9× |
| VNRX VolitionRX Limited compare | −62.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets