SeaStar Medical (ICU)
Market Price (3/31/2026): $3.68 | Market Cap: $9.7 MilSector: Health Care | Industry: Biotechnology
SeaStar Medical (ICU)
Market Price (3/31/2026): $3.68Market Cap: $9.7 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -144% | Weak multi-year price returns2Y Excs Rtn is -120%, 3Y Excs Rtn is -160% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1580% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 1196% | Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 87% | |
| Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Medical Technology Innovation. Themes include Targeted Therapies, Show more. | Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1612%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1612% | |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -147% | ||
| High stock price volatilityVol 12M is 141% | ||
| Key risksICU key risks include [1] insufficient capital to fund its clinical programs, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -144% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 1196% |
| Megatrend and thematic driversMegatrends include Precision Medicine, Aging Population & Chronic Disease, and Medical Technology Innovation. Themes include Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -120%, 3Y Excs Rtn is -160% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -1580% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 87% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1612%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1612% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -147% |
| High stock price volatilityVol 12M is 141% |
| Key risksICU key risks include [1] insufficient capital to fund its clinical programs, Show more. |
Qualitative Assessment
AI Analysis | Feedback
SeaStar Medical (ICU) stock has gained about 15% since 11/30/2025 because of the following key factors:
1. Persistent Net Losses and Modest Revenue Growth. SeaStar Medical reported a net loss of $12.2 million for the full year 2025, reflecting continued unprofitability despite an increase in net revenue to $1.2 million from $135,000 in 2024. While the company did beat analyst estimates for Q4 2025 revenue ($420,000 reported vs. $376,225 estimated) and EPS (loss of $0.80 per share reported vs. $1.07 estimated loss), the overall financial picture of ongoing losses likely contributed to investor caution throughout the specified period.
2. Delayed Revenue Realization from the Larger Adult AKI Market. The company's primary long-term growth opportunity lies in its Selective Cytopheretic Device (SCD) therapy for adult Acute Kidney Injury (AKI), a market estimated to be approximately 50 times larger than the pediatric AKI market. However, the pivotal NEUTRALIZE-AKI clinical trial for this indication, which had exceeded 50% enrollment (181 of 339 patients) by March 2026, is not expected to complete enrollment until around the end of 2026. This extended timeline for potential market entry and significant revenue generation from its most impactful product likely weighed on the stock.
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1. Persistent Net Losses and Modest Revenue Growth. SeaStar Medical reported a net loss of $12.2 million for the full year 2025, reflecting continued unprofitability despite an increase in net revenue to $1.2 million from $135,000 in 2024. While the company did beat analyst estimates for Q4 2025 revenue ($420,000 reported vs. $376,225 estimated) and EPS (loss of $0.80 per share reported vs. $1.07 estimated loss), the overall financial picture of ongoing losses likely contributed to investor caution throughout the specified period.
2. Delayed Revenue Realization from the Larger Adult AKI Market. The company's primary long-term growth opportunity lies in its Selective Cytopheretic Device (SCD) therapy for adult Acute Kidney Injury (AKI), a market estimated to be approximately 50 times larger than the pediatric AKI market. However, the pivotal NEUTRALIZE-AKI clinical trial for this indication, which had exceeded 50% enrollment (181 of 339 patients) by March 2026, is not expected to complete enrollment until around the end of 2026. This extended timeline for potential market entry and significant revenue generation from its most impactful product likely weighed on the stock.
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Stock Movement Drivers
Fundamental Drivers
The 14.3% change in ICU stock from 11/30/2025 to 3/30/2026 was primarily driven by a 14.3% change in the company's P/S Multiple.| (LTM values as of) | 11302025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.17 | 3.62 | 14.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | 0.0% |
| P/S Multiple | 9.5 | 10.8 | 14.3% |
| Shares Outstanding (Mil) | 3 | 3 | 0.0% |
| Cumulative Contribution | 14.3% |
Market Drivers
11/30/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| ICU | 14.3% | |
| Market (SPY) | -5.3% | 5.1% |
| Sector (XLV) | -8.4% | 7.2% |
Fundamental Drivers
The -60.5% change in ICU stock from 8/31/2025 to 3/30/2026 was primarily driven by a -57.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 8312025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.16 | 3.62 | -60.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1 | 1 | 15.0% |
| P/S Multiple | 13.5 | 10.8 | -20.0% |
| Shares Outstanding (Mil) | 1 | 3 | -57.1% |
| Cumulative Contribution | -60.5% |
Market Drivers
8/31/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| ICU | -60.5% | |
| Market (SPY) | 0.6% | 11.5% |
| Sector (XLV) | 5.6% | 17.4% |
Fundamental Drivers
The -79.1% change in ICU stock from 2/28/2025 to 3/30/2026 was primarily driven by a -89.6% change in the company's P/S Multiple.| (LTM values as of) | 2282025 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.30 | 3.62 | -79.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 1 | 1195.6% |
| P/S Multiple | 104.0 | 10.8 | -89.6% |
| Shares Outstanding (Mil) | 0 | 3 | -84.5% |
| Cumulative Contribution | -79.1% |
Market Drivers
2/28/2025 to 3/30/2026| Return | Correlation | |
|---|---|---|
| ICU | -79.1% | |
| Market (SPY) | 9.8% | 5.6% |
| Sector (XLV) | -1.7% | 14.8% |
Fundamental Drivers
The -99.5% change in ICU stock from 2/28/2023 to 3/30/2026 was primarily driven by a -98.1% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 2282023 | 3302026 | Change |
|---|---|---|---|
| Stock Price ($) | 742.50 | 3.62 | -99.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 1 | 0.0% |
| P/S Multiple | � | 10.8 | 0.0% |
| Shares Outstanding (Mil) | 0 | 3 | -98.1% |
| Cumulative Contribution | 0.0% |
Market Drivers
2/28/2023 to 3/30/2026| Return | Correlation | |
|---|---|---|
| ICU | -99.5% | |
| Market (SPY) | 69.4% | 0.4% |
| Sector (XLV) | 18.9% | 3.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ICU Return | 2% | -59% | -89% | -82% | -88% | 14% | -100% |
| Peers Return | -26% | -42% | -28% | -28% | -30% | -14% | -86% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -7% | 70% |
Monthly Win Rates [3] | |||||||
| ICU Win Rate | 60% | 58% | 33% | 25% | 25% | 33% | |
| Peers Win Rate | 37% | 38% | 38% | 38% | 48% | 47% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| ICU Max Drawdown | -0% | -61% | -96% | -83% | -88% | -8% | |
| Peers Max Drawdown | -32% | -49% | -36% | -34% | -39% | -15% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CTSO, NUWE, BAX, MDT, BDX.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/30/2026 (YTD)
How Low Can It Go
| Event | ICU | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -98.6% | -25.4% |
| % Gain to Breakeven | 7164.7% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to CTSO, NUWE, BAX, MDT, BDX
In The Past
SeaStar Medical's stock fell -98.6% during the 2022 Inflation Shock from a high on 10/28/2022. A -98.6% loss requires a 7164.7% gain to breakeven.
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About SeaStar Medical (ICU)
LMF Acquisition Opportunities, Inc. does not have significant operations. It intends to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. The company was incorporated in 2020 and is based in Tampa, Florida.
AI Analysis | Feedback
1. It's like a publicly traded "blank check" company, similar to how Bill Ackman's Pershing Square Tontine Holdings (PSTH) operated, whose entire purpose is to acquire a private business and bring it public.
2. Think of it as a publicly listed investment vehicle that doesn't have its own products or services yet; its sole purpose is to merge with an existing private company, much like a specialized private equity fund searching for an acquisition target.
3. Essentially, it's a publicly traded shell company, akin to a holding company that has raised capital but is still in the process of identifying and acquiring its core operating asset.
AI Analysis | Feedback
- Selective Cytopheretic Device (SCD) for Acute Kidney Injury (AKI): An investigational medical device designed to reduce hyperinflammation in critically ill patients with AKI who require continuous renal replacement therapy.
- Selective Cytopheretic Device (SCD) for Cardiac Surgery Associated-Acute Kidney Injury (CSA-AKI): An investigational medical device being developed to prevent or mitigate acute kidney injury in patients undergoing cardiac surgery.
- Selective Cytopheretic Device (SCD) for Chronic Kidney Disease (CKD): An investigational medical device exploring potential applications in chronic inflammatory conditions associated with chronic kidney disease.
AI Analysis | Feedback
The provided background describes LMF Acquisition Opportunities, Inc., which states the company "does not have significant operations" and intends to effect a business combination. Based strictly on this description, the company, in this state, does not sell products or services and therefore does not have major customers. Its stated purpose is to complete a merger or similar business combination with an operating business.AI Analysis | Feedback
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Eric Schlorff Chief Executive Officer Since 2019, Eric Schlorff has served as the Chief Executive Officer of SeaStar Medical, responsible for the management, strategy, and operations of the company. Prior to joining SeaStar Medical in 2016, Mr. Schlorff spent over 20 years at Dow Chemical Company, where he held multiple roles including Global Director of Alternative Investments for the Dow Chemical Pension Plan, Global Finance Leader for Crop Protection & Seeds at Dow AgroSciences, and various other financial and business development positions. He brings extensive experience in financial planning and managing large, complex organizations. Michael Messinger Chief Financial Officer Michael Messinger was appointed Chief Financial Officer of SeaStar Medical on November 17, 2025, bringing over 25 years of experience and leadership in financing and accounting for drug discovery and development organizations. Before joining SeaStar Medical, he served as Chief Financial Officer at ContraFect Corporation, where he led the company through its Nasdaq IPO in 2014 and secured multiple financing rounds, including a $90 million contract with the Biomedical Advanced Research and Development Authority (BARDA). Mr. Messinger has also held senior financial roles at Lexicon Pharmaceuticals and Coelacanth Corporation. Col. (Ret) Kevin Chung, MD, FCCM, FACP Chief Medical Officer Dr. Kevin Chung is the Chief Medical Officer of SeaStar Medical, overseeing the strategy, direction, and execution of the company's clinical development plans. He is an expert in burns, multi-organ support, and extracorporeal therapies. Previously, Dr. Chung served as a professor and Chair of the Department of Medicine, and professor of Surgery, at the F. Edward Hebert School of Medicine at the Uniformed Services University of the Health Sciences. His career also includes serving as Chief of the Department of Medicine at Brooke Army Medical Center and deployments as Chief, Intensive Care Unit, in Baghdad, Iraq, and Director, Joint Combat Casualty Research Team, in Bagram, Afghanistan. Sai P. Iyer, Ph.D. Senior Vice President, Medical Affairs & Research Dr. Sai P. Iyer brings expertise in clinical trial development and execution, first-in-class drug launches, medical affairs, and evidence generation to his role as Senior Vice President, Medical Affairs & Research at SeaStar Medical. Tom Mullen Vice President, Operations & Product Development Tom Mullen has experience leading business operations, manufacturing, engineering, product development, and regulatory remediation as the Vice President, Operations & Product Development for SeaStar Medical.AI Analysis | Feedback
```htmlKey Risks to SeaStar Medical (ICU)
- Financial Health and Need for Additional Funding: SeaStar Medical has a precarious financial position, characterized by significant accumulated net losses, negative working capital, and insufficient current capital to fund its operations and planned regulatory processes. The company reported an accumulated deficit of $106.1 million as of December 31, 2023, and negative working capital of $3.0 million as of September 30, 2024. There is a critical need to secure additional financing, which may not be available on acceptable terms or at all, posing a risk that could lead to delays, reductions, or even the cessation of product development programs and operations. Its Altman Z-Score of -14.05 indicates a high risk of bankruptcy.
- Regulatory Approval and Commercialization of Products: While SeaStar Medical's QUELIMMUNE (SCD-PED) therapy received FDA approval in February 2024 for pediatric Acute Kidney Injury (AKI) under a Humanitarian Device Exemption (HDE), this approval requires ongoing participation in a surveillance registry and Institutional Review Board (IRB) approvals, which has prolonged its market adoption. Furthermore, the pivotal NEUTRALIZE-AKI trial for the larger adult AKI indication has seen an increase in its enrollment target, extending the trial timeline, with completion now estimated for late 2026. Delays in clinical trials, failure to demonstrate safety or effectiveness, or inability to obtain full regulatory approvals for its product candidates would severely impact the company's financial results and commercial prospects.
- Limited Operating History and Inability to Achieve Profitability: As an early-stage company, SeaStar Medical has a limited operating history, which makes it challenging to forecast future operational results accurately. The company has consistently incurred significant net losses since its inception and anticipates continued losses for the foreseeable future. Despite some revenue generation from QUELIMMUNE, there is a risk that the company may not achieve or sustain profitability and will likely require further funding to maintain operations.
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Threats for SeaStar Medical (symbol: ICU), based on the provided company description as a Special Purpose Acquisition Company (SPAC):
- Declining investor interest in Special Purpose Acquisition Companies (SPACs). The broader market sentiment has shifted away from SPACs due to factors such as poor post-merger performance of many SPAC-acquired companies and increased skepticism from institutional investors. This trend threatens the ability of a SPAC like ICU to secure investor funding for its intended merger or to attract a desirable private company as a target, as the appeal of going public via a SPAC diminishes.
- Increasing regulatory scrutiny and potential changes in SPAC regulations. Regulatory bodies, particularly the U.S. Securities and Exchange Commission (SEC), have indicated a focus on tightening oversight and potentially implementing new rules for SPACs. This emerging regulatory environment could make the process of identifying a target and completing a SPAC merger significantly more complex, costly, and time-consuming, thereby reducing the viability and attractiveness of the SPAC business model.
AI Analysis | Feedback
SeaStar Medical (NASDAQ: ICU) is developing its Selective Cytopheretic Device (SCD) to address significant unmet medical needs across various indications, primarily focusing on conditions characterized by hyperinflammation. The company estimates a substantial total addressable market in the U.S. for its main products and services. Here are the addressable markets for SeaStar Medical's key products and pipeline:- QUELIMMUNE (SCD-Pediatric) for Pediatric Acute Kidney Injury (AKI) with Sepsis: The estimated annual addressable market in the U.S. is approximately $100 million, targeting about 4,000 patients.
- NEUTRALIZE-AKI (SCD for Adult AKI): The estimated annual addressable market in the U.S. is between $4.5 billion and $6.3 billion, impacting approximately 210,000 adult patients annually.
- Cardiorenal Syndrome (without Left Ventricular Assist Device - LVAD): This represents a U.S. market opportunity estimated at $13.1 billion to $17.4 billion, with an annual patient population of 580,000.
- Adult Acute Respiratory Distress Syndrome (ARDS): The U.S. market size for this indication is projected to be $4.5 billion to $6.0 billion, targeting 200,000 patients.
- Adult Hepatorenal Syndrome: The estimated U.S. market size is $1.1 billion to $1.5 billion, with 50,000 patients.
- Cardiorenal Syndrome with LVAD: This indication has an estimated U.S. market size of $1.4 billion to $1.8 billion, involving 60,000 patients.
- Systemic Inflammatory Response in Adult and Pediatric Cardiac Surgery Patients: This potential market includes approximately 45,000 patients annually, comprising 15% of 300,000 adult cardiac surgery patients and one-third of 40,000 pediatric congenital heart surgery patients.
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SeaStar Medical (symbol: ICU) anticipates several key drivers of future revenue growth over the next 2-3 years, primarily centered on the expansion of its existing product, the advancement of its pipeline for larger markets, and the exploration of new indications for its core technology.
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Expansion of QUELIMMUNE Commercialization in Pediatric AKI: SeaStar Medical is focused on broadening the adoption of its FDA-approved QUELIMMUNE therapy for life-threatening acute kidney injury (AKI) in critically ill pediatric patients. The company aims to expand its customer base by adding new top-ranked children's medical centers, with a goal to include 15 additional centers in 2026, effectively doubling its total number of sites and increasing order depth. This strategy is expected to drive significant revenue growth, with approximately $2 million in net product revenue anticipated from QUELIMMUNE in 2026. Recent financial results have shown a fourfold sequential increase in QUELIMMUNE revenue, driven by increased adoption and repeat orders from existing customers, alongside the acquisition of new nationally recognized children's hospitals.
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Advancement and Potential Approval in the Adult AKI Market (NEUTRALIZE-AKI Trial): A major driver of future revenue growth is the progress and eventual approval of the NEUTRALIZE-AKI pivotal trial, which evaluates the company's Selective Cytopheretic Device (SCD) therapy in adult AKI patients. This market is significantly larger than the pediatric AKI market, with an estimated annual U.S. market opportunity of $4.5 billion. SeaStar Medical aims to complete enrollment in the NEUTRALIZE-AKI trial by the end of 2026 and plans to initiate a modular Premarket Approval (PMA) process. The therapy has received Breakthrough Device Designation from the FDA, which is intended to expedite the approval process for life-saving novel devices. Successful trial results and subsequent FDA approval could be a transformative event for the company.
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Expansion into New Indications and Pipeline Development: SeaStar Medical is leveraging its proprietary SCD technology platform for applications beyond AKI. The company is exploring further indications for its SCD technology. Notably, it has initiated the NEUTRALIZE-CRS clinical trial to treat patients with acute Chronic Heart Failure (CHF) suffering from cardiorenal syndrome (CRS) who are awaiting Left Ventricular Assist Device (LVAD) implantation. Additionally, SeaStar Medical has secured multiple FDA Breakthrough Device Designations, including for chronic dialysis, further broadening the long-term growth potential and market opportunities for its SCD technology. The company plans to seek additional Humanitarian Use and Breakthrough Device Designations to support patients with various life-threatening conditions.
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Share Issuance
- SeaStar Medical became publicly listed on Nasdaq in October 2022 through a business combination with LMF Acquisition Opportunities, Inc., a transaction that provided access to capital markets.
- On June 20, 2025, the company announced a public offering of common stock and warrants, which was expected to raise approximately $3.39 million for corporate expenses.
- A registered direct offering on July 10, 2025, for 5,242,464 shares of common stock, alongside warrants, was expected to generate gross proceeds of approximately $4 million.
Inbound Investments
- SeaStar Medical completed a business combination with LMF Acquisition Opportunities, Inc., a special purpose acquisition company, in October 2022, a transaction that implied an enterprise value of approximately $85 million for SeaStar Medical.
- The Dow Chemical Company Pension Plans, as existing investors of SeaStar Medical, committed to further participate in the business combination transaction through a PIPE (Private Investment in Public Equity) investment.
Capital Expenditures
- Net proceeds from a registered direct offering of approximately $4 million in July 2025 were intended for general corporate purposes, including potential additions to working capital and capital expenditures.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| SeaStar Medical Earnings Notes | 12/16/2025 | |
| Is SeaStar Medical Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
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| 02282026 | QDEL | QuidelOrtho | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
| 02272026 | CHE | Chemed | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 02272026 | LLY | Eli Lilly | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | 0.0% |
| 02202026 | HAE | Haemonetics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.5% | 3.5% | 0.0% |
| 02132026 | IQV | IQVIA | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 7.1% | 7.1% | -3.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 9.71 |
| Mkt Cap | 4.1 |
| Rev LTM | 5,641 |
| Op Inc LTM | 83 |
| FCF LTM | 156 |
| FCF 3Y Avg | 356 |
| CFO LTM | 417 |
| CFO 3Y Avg | 592 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.0% |
| Rev Chg 3Y Avg | 4.9% |
| Rev Chg Q | 6.2% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Mgn LTM | -18.4% |
| Op Mgn 3Y Avg | 3.5% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | -12.9% |
| CFO/Rev 3Y Avg | 10.3% |
| FCF/Rev LTM | -16.0% |
| FCF/Rev 3Y Avg | 6.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 4.1 |
| P/S | 1.5 |
| P/EBIT | -0.5 |
| P/E | -0.4 |
| P/CFO | 4.7 |
| Total Yield | -15.4% |
| Dividend Yield | 1.4% |
| FCF Yield 3Y Avg | -15.7% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -17.1% |
| 3M Rtn | -12.6% |
| 6M Rtn | -34.4% |
| 12M Rtn | -48.3% |
| 3Y Rtn | -70.8% |
| 1M Excs Rtn | -9.3% |
| 3M Excs Rtn | -5.6% |
| 6M Excs Rtn | -29.4% |
| 12M Excs Rtn | -59.7% |
| 3Y Excs Rtn | -130.0% |
Price Behavior
Price Behavior
| Market Price | $3.62 | |
| Market Cap ($ Bil) | 0.0 | |
| First Trading Date | 03/18/2021 | |
| Distance from 52W High | -78.7% | |
| 50 Days | 200 Days | |
| DMA Price | $2.50 | $5.04 |
| DMA Trend | down | down |
| Distance from DMA | 45.0% | -28.2% |
| 3M | 1YR | |
| Volatility | 114.9% | 140.1% |
| Downside Capture | -0.75 | 1.80 |
| Upside Capture | 117.63 | 51.35 |
| Correlation (SPY) | 6.9% | 6.5% |
ICU Betas & Captures as of 2/28/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.60 | 1.56 | 1.55 | 1.84 | 0.51 | 0.07 |
| Up Beta | 0.41 | -0.11 | -1.51 | -2.70 | -0.26 | -0.32 |
| Down Beta | 2.41 | 3.88 | 4.35 | 2.77 | 0.32 | 0.57 |
| Up Capture | 312% | 187% | 61% | 97% | 66% | -6% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 16 | 26 | 52 | 108 | 311 |
| Down Capture | 42% | 23% | 149% | 297% | 163% | 110% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 9 | 24 | 33 | 70 | 131 | 420 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICU | |
|---|---|---|---|---|
| ICU | -83.7% | 141.3% | -0.45 | - |
| Sector ETF (XLV) | 0.6% | 17.6% | -0.12 | 15.1% |
| Equity (SPY) | 14.8% | 19.0% | 0.60 | 6.5% |
| Gold (GLD) | 48.2% | 27.7% | 1.42 | 0.8% |
| Commodities (DBC) | 17.5% | 17.6% | 0.83 | 0.5% |
| Real Estate (VNQ) | 1.1% | 16.4% | -0.11 | 5.1% |
| Bitcoin (BTCUSD) | -24.0% | 44.3% | -0.49 | 15.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICU | |
|---|---|---|---|---|
| ICU | -72.5% | 135.8% | -0.40 | - |
| Sector ETF (XLV) | 6.3% | 14.5% | 0.25 | 3.3% |
| Equity (SPY) | 12.0% | 17.0% | 0.55 | 1.8% |
| Gold (GLD) | 20.9% | 17.7% | 0.97 | -1.2% |
| Commodities (DBC) | 12.2% | 18.8% | 0.53 | 0.9% |
| Real Estate (VNQ) | 3.2% | 18.8% | 0.07 | 1.0% |
| Bitcoin (BTCUSD) | 3.9% | 56.6% | 0.29 | 3.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ICU | |
|---|---|---|---|---|
| ICU | -47.5% | 135.6% | -0.40 | - |
| Sector ETF (XLV) | 9.7% | 16.5% | 0.48 | 3.3% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 1.8% |
| Gold (GLD) | 13.4% | 15.8% | 0.70 | -1.2% |
| Commodities (DBC) | 8.2% | 17.6% | 0.38 | 0.9% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.20 | 1.0% |
| Bitcoin (BTCUSD) | 66.2% | 66.9% | 1.06 | 3.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/25/2026 | 22.4% | ||
| 11/13/2025 | -17.4% | -32.6% | -31.9% |
| 3/27/2025 | -22.7% | -36.8% | -42.3% |
| 11/13/2024 | -22.2% | -14.7% | -21.0% |
| 4/17/2024 | -22.8% | -27.3% | -42.5% |
| 11/22/2023 | -4.9% | 30.5% | 14.9% |
| 8/15/2023 | -9.7% | -19.7% | -30.4% |
| 3/31/2023 | -7.5% | -8.5% | 7.2% |
| SUMMARY STATS | |||
| # Positive | 1 | 1 | 2 |
| # Negative | 7 | 6 | 5 |
| Median Positive | 22.4% | 30.5% | 11.0% |
| Median Negative | -17.4% | -23.5% | -31.9% |
| Max Positive | 22.4% | 30.5% | 14.9% |
| Max Negative | -22.8% | -36.8% | -42.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/13/2025 | 10-Q |
| 06/30/2025 | 08/13/2025 | 10-Q |
| 03/31/2025 | 05/14/2025 | 10-Q |
| 12/31/2024 | 03/27/2025 | 10-K |
| 09/30/2024 | 11/13/2024 | 10-Q |
| 06/30/2024 | 08/13/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 04/16/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 06/30/2022 | 09/28/2022 | 424B3 |
| 03/31/2022 | 07/11/2022 | S-4/A |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 3/25/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Product Revenue | 2.00 Mil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Baird, Jennifer A | Direct | Buy | 12222025 | 0.24 | 4,200 | 987 | 8,511 | Form | |
| 2 | Messinger, Michael | Chief Financial Officer | Direct | Buy | 12112025 | 0.35 | 14,500 | 5,098 | 6,153 | Form |
| 3 | Van, Heel Kenneth | Direct | Buy | 8282025 | 0.89 | 25,000 | 22,248 | 35,062 | Form | |
| 4 | Van, Heel Kenneth | Direct | Buy | 8282025 | 0.86 | 10,000 | 8,565 | 42,311 | Form | |
| 5 | Chung, Kevin | Chief Medical Officer | Direct | Buy | 8252025 | 0.80 | 10,000 | 8,000 | 46,547 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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