Total shareholders' equity 10,060 12,163
---------------- -------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY 15,278 16,410
================ =============
ICECURE MEDICAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
Nine Months ended
September 30,
---------------------------
2024 2023
------------- ------------
U.S. dollars in
thousands
(except per share data)
---------------------------
Revenues 2,416 1,974
Cost of revenues 1,382 1,243
------------ ------------
Gross profit 1,034 731
------------ ------------
Research and development expenses 5,401 6,390
Sales and marketing expenses 4,041 3,234
General and administrative expenses 2,763 3,268
------------ ------------
Operating loss 11,171 12,161
Finance income, net (332) $(504.SI)$
------------ ------------
Net loss and comprehensive loss 10,839 11,657
Basic and diluted net loss per share 0.22 0.26
============ ============
Weighted average number of shares
outstanding used in computing basic
and diluted loss per share 49,167,379 45,626,332
============ ============
ICECURE MEDICAL LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months ended
September 30,
--------------------
2024 2023
---------- --------
U.S. dollars in
thousands
--------------------
Cash flows from operating activities
Net loss (10,839) (11,657)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation 250 240
Share-based compensation 650 1,007
Exchange rate changes in cash and cash
equivalents and short time deposits 33 203
Non-cash short-term deposits interest - (369)
Changes in assets and liabilities:
Increase in trade receivables (37) (30)
Decrease in prepaid expenses and other
receivables 197 334
Decrease in inventory 294 211
Decrease in prepaid expenses and other
long-term assets - 1
Decrease in right of use assets 202 118
Increase in trade payables 747 415
Decrease in lease liabilities (202) (169)
Increase (decrease) in employees and other
current liabilities 337 (550)
--------- --------
Net cash used in operating activities (8,368) (10,246)
Cash flows from investing activities
Investment in short-term deposits (1,373) (17,700)
Withdrawal of short-term deposits 1,902 8,700
Investment in restricted long-term deposits (10) -
Purchase of property and equipment (66) (399)
--------- --------
Net cash provided by (used in) investing
activities 453 (9,399)
Cash flows from financing activities:
Exercise of options - 15
Issuance of ordinary shares, net of issuance
costs 8,086 -
--------- --------
Net cash provided by financing activities 8,086 15
Increase (decrease) in cash and cash
equivalents 171 (19,630)
Cash and cash equivalents at beginning of the
year 10,533 23,659
Effect of exchange rate fluctuations on
balances of cash and cash equivalents (33) (203)
--------- --------
Cash and cash equivalents at end of period 10,671 3,826
========= ========
Non-cash activities
Obtaining a right-of-use asset in exchange
for a lease liability 89 172
========= ========
APPENDIX A
----------------------------------------------------------------------
NON-GAAP RECONCILIATIONS (Unaudited)
----------------------------------------------------------------------
Nine Months ended
September 30,
---------------------
U.S. dollars in thousands 2024 2023
---------------------------------------------- ----------- --------
GAAP gross profit $ 1,034 $ 731
------- -------
Revenue from Exclusive Distribution Agreement (100) (274)
------- -------
Non-GAAP gross profit $ 934 $ 457
------- -------
Sales of systems and disposables 2,316 1,700
------- -------
Non-GAAP gross profit $ 934 $ 457
------- -------
Non-GAAP gross margin % 40 % 27 %
------- -------
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SOURCE IceCure Medical
(END) Dow Jones Newswires
November 26, 2024 08:30 ET (13:30 GMT)