This article first appeared on GuruFocus .
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Revenue:$1.8 million for the first half of 2026, up approximately 45% year over year from $1.25 million in the same period last year.
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Gross Profit:$548,000 in the first half of 2026, compared to $349,000 in the prior year period.
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Gross Margin:Improved to 30% in the first half of 2026, up from 28% in the prior year period.
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Research and Development Expenses:$4.3 million in the first half of 2026, compared to $3.4 million in the first half of 2025.
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Sales and Marketing Expenses:$2.5 million in the first half of 2026, compared to $2 million in the first half of 2025.
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General and Administrative Expenses:$2.4 million in the first half of 2026, compared to $1.9 million in the first half of 2025.
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Net Loss:$8.8 million, or $3.17 per share, for the first half of 2026, compared to $7 million, or $3.59 per share, in the first half of 2025.
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Cash and Cash Equivalents:Approximately $12 million at the end of the first half of 2026, compared to $8.9 million at year-end 2025.
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US Commercial Installed Base:Achieved approximately 70% growth in the active US commercial installed base.
Release Date: August 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Revenue increased approximately 45% year-over-year to $1.8 million in H1 2026, driven by growth in both ProSense systems and disposable probes.
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Active US commercial installed base grew approximately 70% following FDA clearance for early-stage low-risk breast cancer.
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Increasing disposable probe sales indicate growing physician adoption and routine clinical use of ProSense.
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Positive five-year results from the ICESECRET kidney cancer study were reported, and ProSense was included in the American Society of Breast Surgeons resource guide.
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The CHoICE post-market study is advancing, with more than 10 sites in process and first patient enrollment expected within 3-4 weeks, supporting both clinical evidence and commercial adoption.
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Gross margin improved to 30% from 28% year-over-year, reflecting increased scale and operating leverage.
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Cash position strengthened to approximately $12 million, providing financial flexibility for commercial and clinical initiatives.
Negative Points
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Net loss widened to $8.8 million in H1 2026 from $7 million in H1 2025, reflecting increased operating expenses.
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Gross margin expansion was partially offset by foreign exchange fluctuations, which also impacted overall costs.
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R&D expenses increased to $4.3 million from $3.4 million, driven by CHoICE study initiation and FX impacts.
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Sales and marketing expenses rose to $2.5 million from $2 million due to expansion of the US commercial team.
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General and administrative expenses increased to $2.4 million from $1.9 million, partly due to FX and higher share-based compensation.
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The company remains in the early stages of commercial adoption, with revenue still relatively low at $1.8 million for H1.
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Reimbursement progress is constrained by AMA confidentiality, limiting visibility on CPT code submission and next steps.
Q & A Highlights
Q: Regarding the CHoICE post-market study, based on where you are today, do you remain confident that you will be able to hit the hurdle rates necessary in terms of patients treated as outlined by the FDA? A: Eyal Shamir (CEO): Yes, we believe with high confidence that we will meet the first patient enrollment milestone before September 1-5. The two initial sites, led by Dr. Richard Fine and Dr. Dennis Holmes, are fully ready with patients on their lists. We also believe we will be able to meet the 80-patient target by March 2027, especially with additional sites like Dr. Nathalie Johnson joining.
Q: Can you give us any updates on the CPT1 code reimbursement code that was to be filed in mid-June, and what the next step in that reimbursement expansion would be? A: Eyal Shamir (CEO): Due to strict AMA compliance and confidentiality clauses, I cannot confirm or deny the submission, but we are progressing with our plan. We have heard from a colleague that the AMA's public website shows breast cancer cryoablation on the agenda for their meeting expected in the second or third weekend of September, which is open for everyone to see.
Q: When I look at the growth in systems revenue year over year, how comparable is that revenue in the context of the mix of purchases versus leases since that could impact how the numbers flow through the income statement? A: Meir Peleg (CFO): Compared to the same period last year, we sold about 20% to 25% more systems in H1 2026, while the placement number remained the same. Percentage-wise, placements or leases are less in percentage than sales this year compared to last year. Eyal Shamir (CEO) added that the percentage of disposable probe revenue remained the same with a slight increase in utilization, and they see more consoles being purchased as sites are willing to buy the console as part of their commercialization offering.
Q: What is your active commercial installed base in the US now? A: Eyal Shamir (CEO): The active commercial installed base in the US is above 30 sites. This reflects approximately 70% growth since the FDA clearance in October of last year.
Q: How many clinical sites are involved in the CHoICE study as of now, and what is the timeline for IRB approvals? A: Eyal Shamir (CEO): We have more than 10 sites in process. We have announced the first two with signed contracts and IRB approval, and a third will come extremely soon. We expect the first patients to be enrolled in the next three to four weeks. Shay Levav (COO) added that sites using a central IRB could take three to five weeks, while those using their own IRB could take four to seven weeks.
Q: The gross margin this quarter was a little bit lower than expectation. Was that due to one-time charges or a sales mix between probes and system sales? A: Meir Peleg (CFO): It's a combination of two things. There is a minor mix change, but the main reason for not having a much higher gross margin is mainly due to exchange rate fluctuations between the shekel and US dollar. If we were using the same exchange rate as last year, the gross margin would have been much higher, in the double digits.
Q: How should we think about the revenue trajectory for the second half of 2026? A: Meir Peleg (CFO): We are not giving forward-looking projections, but normally Q3 seasonality is lower due to vacations, while Q4 is traditionally our strongest quarter. With the growth shown in H1, you can project how much we will do in H2.
Q: Regarding the prefunded warrants that went through in July and August, would that be purely additive to shares outstanding? A: Meir Peleg (CFO): Some of them were already counted.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
