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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November 26, 2024 08:30 ET (13:30 GMT)