2023 Q4 Form 20-F Financial Statement

#000121390024029586 Filed on April 03, 2024

View on sec.gov

Income Statement

Concept 2023 Q4 2023 2022
Revenue $1.255M $3.229M $3.085M
YoY Change 33.65% 4.67% -25.45%
Cost Of Revenue $686.0K $1.929M $1.640M
YoY Change -94.94% 17.62% -15.59%
Gross Profit $569.0K $1.300M $1.445M
YoY Change 23.43% -10.03% -34.17%
Gross Profit Margin 45.34% 40.26% 46.84%
Selling, General & Admin $2.101M $8.603M $735.0K
YoY Change -2.55% 1070.48% -87.84%
% of Gross Profit 369.24% 661.77% 50.87%
Research & Development $1.883M $8.273M $9.123M
YoY Change -15.82% -9.32% 55.23%
% of Gross Profit 330.93% 636.38% 631.35%
Depreciation & Amortization $83.00K $323.0K $248.0K
YoY Change 12.16% 30.24% 95.28%
% of Gross Profit 14.59% 24.85% 17.16%
Operating Expenses $3.984M $16.88M $9.858M
YoY Change -9.31% 71.19% -17.29%
Operating Profit -$3.415M -$15.58M -$16.74M
YoY Change -13.15% -6.95% 72.14%
Interest Expense $420.0K $924.0K -$239.0K
YoY Change -2200.0% -486.61% 39.77%
% of Operating Profit
Other Income/Expense, Net $924.0K -$239.0K
YoY Change -486.61% 39.77%
Pretax Income -$2.995M -$14.65M -$16.98M
YoY Change -24.22% -13.7% 71.58%
Income Tax
% Of Pretax Income
Net Earnings -$2.995M -$14.65M -$16.98M
YoY Change -24.22% -13.7% 71.58%
Net Earnings / Revenue -238.65% -453.76% -550.34%
Basic Earnings Per Share $0.32 $0.46
Diluted Earnings Per Share -$0.07 -$0.32 $0.46
COMMON SHARES
Basic Shares Outstanding 45.73M shares 45.64M shares 37.02M shares
Diluted Shares Outstanding 45.64M shares 37.02M shares

Balance Sheet

Concept 2023 Q4 2023 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.06M $11.06M $23.66M
YoY Change -53.24% -53.24% -7.66%
Cash & Equivalents $11.06M $11.06M $23.66M
Short-Term Investments
Other Short-Term Assets $744.0K $630.0K $1.536M
YoY Change -51.56% -58.98% -32.93%
Inventory $2.275M $2.275M $2.857M
Prepaid Expenses
Receivables $103.0K $103.0K $78.00K
Other Receivables $0.00 $114.0K $0.00
Total Short-Term Assets $14.18M $14.18M $28.13M
YoY Change -49.58% -49.58% -7.23%
LONG-TERM ASSETS
Property, Plant & Equipment $2.192M $2.192M $2.024M
YoY Change 61.65% 8.3% 24.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $34.00K $34.00K $34.00K
YoY Change 0.0% 0.0% -89.79%
Total Long-Term Assets $2.226M $2.226M $2.058M
YoY Change 8.16% 8.16% 5.05%
TOTAL ASSETS
Total Short-Term Assets $14.18M $14.18M $28.13M
Total Long-Term Assets $2.226M $2.226M $2.058M
Total Assets $16.41M $16.41M $30.19M
YoY Change -45.64% -45.64% -6.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $502.0K $502.0K $714.0K
YoY Change -29.69% -29.69% -18.96%
Accrued Expenses $223.0K $2.505M $2.375M
YoY Change 33.53% 5.47% 33.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.871M $3.871M $4.336M
YoY Change -10.72% -10.72% 7.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $376.0K $376.0K $430.0K
YoY Change -12.56% -12.56% -67.0%
Total Long-Term Liabilities $376.0K $376.0K $430.0K
YoY Change -12.56% -12.56% -67.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.871M $3.871M $4.336M
Total Long-Term Liabilities $376.0K $376.0K $430.0K
Total Liabilities $4.247M $4.247M $4.766M
YoY Change -10.89% -10.89% -10.46%
SHAREHOLDERS EQUITY
Retained Earnings -$90.06M
YoY Change 19.43%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.16M $12.16M $25.42M
YoY Change
Total Liabilities & Shareholders Equity $16.41M $16.41M $30.19M
YoY Change -45.64% -45.64% -6.48%

Cashflow Statement

Concept 2023 Q4 2023 2022
OPERATING ACTIVITIES
Net Income -$2.995M -$14.65M -$16.98M
YoY Change -24.22% -13.7% 71.58%
Depreciation, Depletion And Amortization $83.00K $323.0K $248.0K
YoY Change 12.16% 30.24% 95.28%
Cash From Operating Activities -$2.644M -$12.52M -$14.29M
YoY Change -35.95% -12.39% 13.38%
INVESTING ACTIVITIES
Capital Expenditures $81.00K $480.0K $891.0K
YoY Change -19.0% -46.13% -267.17%
Acquisitions
YoY Change
Other Investing Activities $9.136M -$233.0K $0.00
YoY Change 414.41% -100.0%
Cash From Investing Activities $9.055M -$713.0K -$891.0K
YoY Change 440.27% -19.98% -123.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $68.00K $83.00K $13.57M
YoY Change -99.39% -56.07%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 68.00K 83.00K $13.58M
YoY Change -99.5% -99.39% -56.05%
NET CHANGE
Cash From Operating Activities -2.644M -12.52M -$14.29M
Cash From Investing Activities 9.055M -713.0K -$891.0K
Cash From Financing Activities 68.00K 83.00K $13.58M
Net Change In Cash 6.479M -13.15M -$1.606M
YoY Change -41.76% 718.87% -107.27%
FREE CASH FLOW
Cash From Operating Activities -$2.644M -$12.52M -$14.29M
Capital Expenditures $81.00K $480.0K $891.0K
Free Cash Flow -$2.725M -$13.00M -$15.18M
YoY Change -35.55% -14.37% 25.77%

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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-891000 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3792000 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
13569000 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
14586000 usd
CY2022 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
6000 usd
CY2021 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
15966000 usd
CY2022 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
1000 usd
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
83000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
337000 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
83000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13577000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30889000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-13151000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-1606000 usd
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
22076000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23659000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25621000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
3502000 usd
CY2023 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
25000 usd
CY2022 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-356000 usd
CY2021 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
43000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
10533000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23659000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25621000 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
193000 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 1 - GENERAL</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description of the Company:</b></span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">IceCure Medical Ltd. (“IceCure Medical Ltd.”, the “Company”, “we” or “our”) is a medical device Company incorporated in Israel.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On February 2, 2011, we became a public company in Israel and our ordinary shares were listed for trade on the Tel Aviv Stock Exchange (“TASE”). On August 26, 2021, our ordinary shares were listed for trade on the Nasdaq Capital Market (“Nasdaq”) under the symbol “ICCM.” On July 24, 2023, we delisted our Ordinary Shares from the TASE.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since its establishment, IceCure Medical Ltd., and its wholly-owned subsidiaries, IceCure Medical Inc. in the United States (the “U.S. Subsidiary”), IceCure Medical HK Limited in Hong Kong (the “Hong Kong Subsidiary”) and IceCure (Shanghai) MedTech Co., Ltd. in China (the “Chinese Subsidiary”, and together with the Company, U.S. Subsidiary and Hong Kong Subsidiary, the “Group”), have been engaged in the research, development and commercialization of minimally invasive medical devices for cryoablation (freezing) of tumors in the human body, using its propriety liquid nitrogen Cryoablation technology, as an alternative to surgical intervention to remove the tumor. The Company received regulatory approvals for marketing its products in the United States, Europe and other territories.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The U.S. Subsidiary was established on April 6, 2011 in the State of Delaware and is engaged in business development, marketing, clinical trial management and sale of the Company’s products in the United States. The Hong Kong Subsidiary was established on September 26, 2018 and commenced its activity in 2021. The Chinese Subsidiary was established on July 14, 2020 and is wholly owned by the Hong Kong Subsidiary. The Chinese Subsidiary in China commenced its operation on January 1, 2021 and is engaged in business development, obtaining regulatory approvals and marketing activities for the Company’s products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Group’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to commercialize its technology, obtaining regulatory approvals, and developing and obtaining regulatory approval for its next generation systems. In addition, the Group is subject to risks from, among other things, competition associated with the industry in general, other risks associated with financing, liquidity requirements, rapidly changing customer requirements and limited operating history.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk factors:</b></span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to operate successfully is materially uncertain and our operations are subject to significant risks inherent in a developing business enterprise.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional funding will be required to complete the Company’s research and development and clinical trials, to attain regulatory approvals, to continue our commercialization efforts and to achieve a level of sales adequate to support the Company’s cost structure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will need to raise additional funds to meet our anticipated expenses so that we can execute our business plan. We expect to incur substantial and increasing net losses for the foreseeable future as we increase our spending to execute our development programs.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The amount of financing required will depend on many factors, including our research and development costs, our clinical trials, our commercialization efforts, and other working capital requirements. Our ability to access capital markets or to secure partnerships is mainly dependent on the progress of our research and development, our clinical trials, regulatory approval of our products, and our success in the commercialization of our products.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top"> <td style="width: 0.75in"></td><td style="width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Going Concern:</b></span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of December 31, 2023, the Company has accumulated losses of $90,061. In the year ended December 31, 2023, the Company generated losses of $14,652, and negative cash flows from operating activities of $12,521.</span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">To date, management expects the Company to continue to generate substantial operating losses and fund its operations primarily through utilization of its current financial resources, sales of its products, and additional raises of capital. As of March 31, 2024, the Company’s cash, cash equivalents and short-term deposits were approximately $11 million.</p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such conditions raise substantial doubts about the Company’s ability to continue as a going concern. Management’s plan to continue as a going concern includes raising funds from existing shareholders and/or new investors. However, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to successfully complete the development of, and to commercialize, its products. These financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern.</span></p>
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-90061000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-14652000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12521000 usd
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Use of estimates:</b></span></td> </tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. Actual results could differ from those estimates.</span></p>
CY2023Q4 us-gaap Inventory Net
InventoryNet
2275000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
2857000 usd
CY2023Q4 us-gaap Deferred Revenue
DeferredRevenue
187000 usd
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
646000 usd
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
187000 usd
CY2022Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
646000 usd
CY2023 icm Severance Percentage Of Monthly Salary
SeverancePercentageOfMonthlySalary
0.0833 pure
CY2023 icm Tax Benefit Largest Amount
TaxBenefitLargestAmount
0.50 pure
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top; text-align: justify"> <td style="width: 0.75in"></td><td style="width: 0.25in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>P.</b></span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Concentrations of credit risk:</b></span></td> </tr></table><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, deposit and trade accounts receivables.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The management believes that the financial institutions that hold the Company’s investments are corporations with high credit standing. Accordingly, management believes that low credit risk exists with respect to these financial investments.</span></p><p style="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s trade receivables are derived from sales to customers located primarily in the Americas, APAC, and Europe. The Company performs ongoing credit evaluations of its customers’ financial condition. Under certain circumstances, the Company may require advance payments.</span></p>
CY2023Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
1391000 usd
CY2022Q4 us-gaap Inventory Raw Materials And Supplies
InventoryRawMaterialsAndSupplies
1566000 usd
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
316000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
356000 usd
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
568000 usd
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
935000 usd
CY2023Q4 us-gaap Area Of Land
AreaOfLand
879 sqm
CY2023 icm Bank Guarantee
BankGuarantee
20000 usd
CY2023 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
679000 usd
CY2022 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
668000 usd
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
599000 usd
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
597000 usd
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
246000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
242000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
247000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
276000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
257000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
145000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
678000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
79000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
599000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M21D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.065 pure
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2732000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2262000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1219000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
906000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1513000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1356000 usd
CY2023 us-gaap Depreciation
Depreciation
323000 usd
CY2022 us-gaap Depreciation
Depreciation
248000 usd
CY2021 us-gaap Depreciation
Depreciation
127000 usd
CY2023Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
187000 usd
CY2022Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
646000 usd
CY2023Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
47000 usd
CY2022Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
47000 usd
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1362000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1580000 usd
CY2023Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
630000 usd
CY2022Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
554000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
920000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
628000 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3146000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3455000 usd
CY2023 us-gaap Royalty Expense
RoyaltyExpense
2084000 usd
CY2023Q4 us-gaap Deposits
Deposits
71000 ils
CY2023Q4 us-gaap Deposits
Deposits
20000 usd
CY2021Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
5000000 ils
CY2021Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1378000 usd
CY2021Q1 icm Total Share Purchase Agreement
TotalSharePurchaseAgreement
7500000 usd
CY2021Q1 us-gaap Investment Income Net
InvestmentIncomeNet
15000000 usd
CY2021Q1 icm Total Ordinary Shares
TotalOrdinaryShares
11485697 shares
CY2021Q1 us-gaap Shares Acquired Weighted Average Discount To Net Assets Percentage
SharesAcquiredWeightedAverageDiscountToNetAssetsPercentage
0.20 pure
CY2021Q1 us-gaap Amount Of Regulatory Assistance Received1
AmountOfRegulatoryAssistanceReceived1
9000000 usd
CY2021Q1 us-gaap Investment Owned Percent Of Net Assets
InvestmentOwnedPercentOfNetAssets
0.60 pure
CY2021Q1 us-gaap Statutory Accounting Practices Dividends Paid With Approval Of Regulatory Agency
StatutoryAccountingPracticesDividendsPaidWithApprovalOfRegulatoryAgency
6000000 usd
CY2021Q2 us-gaap Amount Of Regulatory Assistance Received1
AmountOfRegulatoryAssistanceReceived1
6000000 usd
CY2021Q4 icm Gross Raised Amount
GrossRaisedAmount
16994000 usd
CY2021Q4 icm Ordinary Shares
OrdinaryShares
3892152 shares
CY2021Q4 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
578325 shares
CY2021Q4 icm Proceeds From Fee Received
ProceedsFromFeeReceived
15966000 usd
CY2022Q2 us-gaap Shares Issued
SharesIssued
1034000 shares
CY2022Q2 icm Ordinary Shares
OrdinaryShares
1034000 shares
CY2022Q3 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
21000 shares
CY2022Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14500000 usd
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
8787880 shares
CY2022Q4 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.65
CY2022Q4 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
13569000 usd
CY2023 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
Accordingly, all option numbers, share numbers, share prices, exercise prices and losses per share were adjusted within these consolidated financial statements, on a retroactive basis, to reflect this 8-for-1 reverse stock split.
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M19D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
244926 shares
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
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On June 12 2022, the Chinese Subsidiary signed an exclusive sale and distribution agreement for the Systems and disposables with Shanghai Medtronic Zhikang Medical Devices Co. Ltd. (“Shanghai Medtronic Zhikang”) and Turing for an initial term of 36 months, with a minimum purchase target of $3.5 million within this term.
CY2022Q2 us-gaap Revenue Remaining Performance Obligation
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In addition, milestones have been set, for which, if met, the Company will receive the following amounts (that were identified by the Company as variable consideration): (1)$250 will be paid to the Company upon the submission of an application for regulatory approval for the products in Japan; (2)$250 will be paid to the Company upon the receipt of regulatory approval in Japan; and (3)$500 will be paid to the Company upon the receipt of approval for medical reimbursement for the procedure in Japan
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
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4250000 usd
CY2023 us-gaap Increase Decrease In Contract With Customer Liability
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551000 usd
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CY2023 icm Costof Royalties
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96000 usd
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93000 usd
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123000 usd
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CY2021 us-gaap Cost Of Revenue
CostOfRevenue
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CY2023 icm Researchanddevelopmentpayroll And Related Benefitsincluding Sharebased Compensation
ResearchanddevelopmentpayrollAndRelatedBenefitsincludingSharebasedCompensation
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ResearchanddevelopmentpayrollAndRelatedBenefitsincludingSharebasedCompensation
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CY2021 icm Researchanddevelopmentpayroll And Related Benefitsincluding Sharebased Compensation
ResearchanddevelopmentpayrollAndRelatedBenefitsincludingSharebasedCompensation
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RawMaterialsSubcontractedWorkAndConsulting
1742000 usd
CY2021 icm Raw Materials Subcontracted Work And Consulting
RawMaterialsSubcontractedWorkAndConsulting
1440000 usd
CY2023 icm Clinical Trials
ClinicalTrials
436000 usd
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495000 usd
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200000 usd
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849000 usd
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OtherResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
9123000 usd
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ResearchAndDevelopmentExpense
5877000 usd
CY2023 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
2239000 usd
CY2022 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1599000 usd
CY2021 us-gaap Employee Benefits And Share Based Compensation
EmployeeBenefitsAndShareBasedCompensation
1036000 usd
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987000 usd
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566000 usd
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215000 usd
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354000 usd
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TravelAndEntertainmentExpense
274000 usd
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TravelAndEntertainmentExpense
126000 usd
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MarketingAndAdvertisingExpense
92000 usd
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MarketingAndAdvertisingExpense
74000 usd
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MarketingAndAdvertisingExpense
60000 usd
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49000 usd
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323000 usd
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301000 usd
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Conferences
93000 usd
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393000 usd
CY2022 us-gaap Other Selling And Marketing Expense
OtherSellingAndMarketingExpense
377000 usd
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OtherSellingAndMarketingExpense
327000 usd
CY2023 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
4437000 usd
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SellingAndMarketingExpense
3204000 usd
CY2021 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1917000 usd
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2262000 usd
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1966000 usd
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3369000 usd
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ProfessionalAndContractServicesExpense
2440000 usd
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GeneralAndAdministrativeExpense
5857000 usd
CY2021 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4125000 usd
CY2023 icm Income Taxes Description
IncomeTaxesDescription
The Chinese subsidiary is subject to a progressive tax rate in China of 2.5% up to taxable income of one million RMB, 5% on taxable income between one million RMB to three million RMB and 25% on taxable income higher than three million RMB, for the year ended December 31, 2023 and 2022.
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
18608000 usd
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
17183000 usd
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
145000 usd
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
127000 usd
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
18753000 usd
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
17310000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
18753000 usd
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
17310000 usd
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
18753000 usd
CY2023 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
14652000 usd
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
16952000 usd
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
10081000 usd
CY2022 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
26000 usd
CY2021 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
-186000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-14652000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-16978000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-9895000 usd
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.23 pure
CY2023 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
3370000 usd
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
3905000 usd
CY2021 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
2276000 usd
CY2023 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-3370000 usd
CY2022 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-3905000 usd
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2161000 usd
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-115000 usd
CY2023 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3229000 usd
CY2022 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3085000 usd
CY2021 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
4138000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1513000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1356000 usd
CY2023 dei Document Accounting Standard
DocumentAccountingStandard
U.S. GAAP
CY2022Q4 us-gaap Short Term Investments
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CY2023Q4 us-gaap Restricted Cash And Investments Current
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CY2023Q4 us-gaap Commitments And Contingencies
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CY2022Q4 us-gaap Commitments And Contingencies
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CY2022Q4 us-gaap Common Stock Value
CommonStockValue
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CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28548676 shares
CY2021 us-gaap Treasury Stock Retired Par Value Method Amount
TreasuryStockRetiredParValueMethodAmount
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CY2023 us-gaap Increase Decrease In Other Noncurrent Liabilities
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CY2022 icm Investment Of Deposits
InvestmentOfDeposits
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CY2022 icm Realization Ofinvestment In Restricted Deposits
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2023 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
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CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
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CY2023 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
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CY2022 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
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CY2023 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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CY2021 us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q4 us-gaap Deferred Tax Assets Net
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CY2022Q4 us-gaap Deferred Tax Assets Net
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IncomeTaxReconciliationOtherAdjustments
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CY2022 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
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CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023 dei Amendment Flag
AmendmentFlag
false
CY2023 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2023 dei Entity Central Index Key
EntityCentralIndexKey
0001584371

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