IceCure Medical (ICCM) Q2 Earnings call transcript Aug 20, 2024

IceCure Medical, a pioneer in the field of minimally invasive cancer treatment, recently held a conference call to discuss their financial results for the first half of 2024 and provide updates on their operational highlights. The call was led by Shad Good, Vice President of North American Sales, and Ronen Tsimerman, the company's CFO and COO, in the absence of Eyal Shamir, the CEO.

Financial Performance and Strategic Growth

The first half of 2024 has seen a 20% year-over-year sales growth for IceCure's ProSense systems and disposable probes. This growth is a positive indicator of increased demand for the company's minimally invasive treatment technology. Despite a slight decrease in sales in China, IceCure remains optimistic about future performance in this region. The company's total revenues for the first half of 2024 were $1.75 million, representing a 6.5% increase compared to the same period last year.

IceCure's focus on expanding into new markets, particularly in Europe and Japan, has been a strategic move that has contributed to the company's growth. The company has reported excellent clinical results from independent studies investigating cryoablation of breast cancer in various patient populations, which have been consistently positive.

FDA Advisory Panel and Market Expansion

A significant development for IceCure is the FDA's decision to convene a public medical device advisory panel later this year to obtain expert advice on the scientific, technical, and policy matters related to ProSense. This move highlights the importance of making minimally invasive treatments like ProSense available to women with early-stage low-risk breast cancer in the United States. IceCure is confident that the advisory panel's recommendation, followed by FDA authorization, will lead to a strong demand for cryoablation as an alternative to surgery for early-stage breast cancer patients.

The company's commercial sales team in the U.S. is prepared for the initial push post-FDA approval, with a clear strategy in place for the next five years. IceCure is targeting key roles and KOL development to support the growth they expect in the U.S. market. In Japan, the company is working closely with Terumo to file for regulatory approval in early 2025, with high hopes for a successful outcome.

Future Outlook and Upcoming Events

Looking ahead, IceCure is planning to attend several medical conferences in the United States and Europe to engage with their target audience, including interventional radiologists, radiation oncologists, and breast surgeons. The company is also participating in major investment conferences, such as H.C. Wainwright's Annual Global Investment Conference and the 2024 Best Ideas Growth Conference, to provide an overview of their story and educate investors about the opportunities they are addressing with their normal process technology.

Conclusion

IceCure Medical's second quarter 2024 results showcase the company's strategic growth and the increasing demand for their minimally invasive cancer treatment technology. With the FDA advisory panel expected later this year and potential regulatory approvals in various jurisdictions, IceCure is well-positioned for expansion and market penetration, particularly in the United States. The company's focus on independent studies and clinical evidence, combined with their strategic partnerships and commercial strategies, underscore their commitment to providing innovative cancer treatment options for patients.