• Intuitive Surgical, but instead of robotic surgery, they use extreme cold to precisely destroy tumors.
• Accuray, but for freezing tumors instead of radiation therapy.

• ProSense™ Cryoablation System: This is a minimally invasive medical device that uses extreme cold (cryoablation) to destroy tumors, primarily for breast, kidney, and lung cancer.

Icecure Medical (ICCM) sells its ProSense® Cryoablation System primarily to other companies and organizations within the healthcare sector.

Based on the company's public filings, Icecure Medical sells to a wide variety of customers and distributors. The company explicitly states that the loss of any single customer or distributor would not have a material adverse effect on its results of operations. This indicates that it does not have a few specific "major customers" that account for a significant portion of its revenue.

However, the categories of companies that purchase Icecure Medical's products include:

• Hospitals: Healthcare institutions that utilize the ProSense® system for treating tumors in an inpatient or outpatient setting.
• Surgical Centers: Facilities specializing in outpatient surgical procedures where the ProSense® system may be employed for tumor ablation.
• Private Clinics: Physician-owned or group practices that offer minimally invasive treatments, including cryoablation, to their patients.
• Distributors: Companies, particularly in markets outside the United States, that facilitate the sale and distribution of Icecure Medical's products to various healthcare providers.

Due to the diversified nature of its customer base and the absence of any publicly disclosed major customer concentrations, specific named customer companies or their public symbols cannot be provided.

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Eyal Shamir, CEO and Director

Prior to joining IceCure, Eyal Shamir served as CEO of medical device and export companies, including B-Cure Laser and Hanita Lenses. He also served as CEO of Tadbik Pack Ltd. and Erika Carmel Ltd. As CEO of Hanita Lenses, he initiated a strategic cooperation that led to a 150% increase in sales revenues within the local market, making the company a market leader. Shamir has extensive experience in global business development, particularly in China and Japan, and a proven track record of turning around struggling companies into profitable and growing businesses.

Ronen Tsimerman, CFO/COO

Ronen Tsimerman has over 15 years of experience as CFO in public and privately held companies within the medical device and communication infrastructure industries. His previous roles include Chief Financial Officer of Insuline Medical Ltd. from June 2015 to May 2017, Chief Financial Officer of Mer-Group Broadband division from 2005 to 2013, and Vice President of Finance of Mer-Group Telecom Division from 2013 to 2014.

Galit Bar Malik, VP Operations & Service

Galit Bar Malik brings over 16 years of experience in operations and supply chain management within the medical device industry, having held various roles at Mazor Robotics, which was acquired by Medtronic plc.

Shay Levav, VP Quality Assurance, Regulatory Affairs and Clinical Applications

Shay Levav has nearly 20 years of healthcare management experience in quality assurance and regulatory affairs, with prior positions at Applied Spectral Imaging, Carestream, and Orex (which was acquired by Kodak).

Merav Nir Dotan, VP Human Resources

Merav Nir Dotan has over 20 years of experience in human resources and organizational management, having previously served as VP of Human Resources at Hanita Lenses.

Icecure Medical (ICCM) Addressable Markets:

• ProSense for Low-Risk Breast Cancer: The addressable market in the U.S. for Icecure's ProSense® cryoablation system, specifically for treating biologically low-risk breast cancer in women aged 70 and above with tumors ≤1.5 cm, is approximately 46,000 U.S. patients annually.
• Global Fibroadenoma Market: The global market for fibroadenoma, which includes cryoablation as a treatment option, is expected to reach $800 million.
• Global Cryoablation Devices Market: The global market for cryoablation devices, which encompasses various applications including those for Icecure's products, was valued at over $690 million in 2022 and is projected to exceed $1.5 billion by 2032.
• Global Tumor Ablation Market: The broader global tumor ablation market, which includes various technologies for tumor destruction, is anticipated to reach $2.4 billion by 2028.

1. U.S. Market Expansion with ProSense for Breast Cancer: A primary driver is the recent U.S. Food and Drug Administration (FDA) marketing authorization received in October 2025 for IceCure's ProSense cryoablation system. This approval is for the local treatment of early-stage, low-risk breast cancer in women aged 70 and older, as well as for patients unsuitable for breast cancer surgery. This authorization opens up a significant market opportunity, potentially addressing approximately 46,000 women annually in the U.S.. Management expects this regulatory decision to meaningfully accelerate the company's growth trajectory.
2. Increased Adoption and Market Penetration in Europe for Breast Cancer Cryoablation: IceCure is experiencing a positive shift in the adoption of ProSense in Europe, especially for breast cancer cryoablation. This increased usage is driven by the positive results from the ICE3 study and a growing body of independent clinical evidence, which is expected to continue to fuel revenue growth in European markets.
3. Entry into the Japanese Market for ProSense: IceCure's strategic partnership with Terumo Corporation is expected to lead to the filing for regulatory approval of ProSense for breast cancer in Japan before the end of 2025. This represents a significant new market entry for the company's cryoablation technology, anticipated to contribute to future revenue growth.
4. Launch and Approval of the Next-Generation XSense™ System: IceCure is actively working with the Israeli Ministry of Health to finalize the approval for its next-generation XSense™ system. The successful launch and commercialization of this new product offering are expected to provide an additional stream of revenue.

Share Issuance

• IceCure Medical completed a rights offering on August 1, 2025, raising $10.0 million in gross proceeds through the issuance of 10,000,000 units at $1.00 per unit, with each unit comprising one ordinary share and one warrant.
• During the first half of 2025, the company raised $2.65 million in net proceeds from the sale of 2,127,961 ordinary shares under its at-the-market offering facility.
• As of July 1, 2025, the number of ordinary shares outstanding increased from 58,696,960 to an expected 68,696,960 after the full completion of the rights offering.

Inbound Investments

• Epoch Partner Investments, IceCure's largest shareholder, committed to invest up to $5 million in the August 2025 rights offering.
• As of June 30, 2025, IceCure Medical had received a $2 million bridge loan from its major shareholder, Epoch, which was intended to be repaid using proceeds from the rights offering.

Capital Expenditures

• IceCure Medical's capital expenditures growth forecast is expected to average 39.1% over the next five fiscal years.
• The median capital expenditures growth forecast for the next five fiscal years is 25.0%.
• A current forecast for capital expenditures growth shows a decrease of 29.6%.