SeaStar Medical (NASDAQ:ICU) Announces Earnings Results

SeaStar Medical (NASDAQ:ICU) issued its quarterly earnings data on Wednesday. The company reported ($1.03) EPS for the quarter, missing the consensus estimate of ($0.95) by ($0.08), Zacks reports. The business had revenue of $0.64 million during the quarter, compared to analyst estimates of $0.50 million. SeaStar Medical had a negative net margin of 678.24% and a negative return on equity of 199.99%.

Here are the key takeaways from SeaStar Medical’s conference call:

• QUELIMMUNE revenue rose 247% year over year to approximately $635,000 in Q3, with nine-month revenue reaching $1.7 million; management expects to exceed its $2 million full-year guidance. The company has 20 hospital customers, added 10 in 2026, and says completion of the mandatory SAVE Registry and new billing codes may ease adoption.
• NEUTRALIZE-AKI has enrolled 251 of its planned 339 patients, but the company pushed its enrollment-completion outlook to mid-2027, citing restrictive eligibility criteria. Management estimates the final PMA module would follow about nine months after enrollment is complete.
• In the SAVE Registry, 90-day survival was 65% among QUELIMMUNE-treated children versus 47% in a matched database cohort, a statistically significant difference; no device-related adverse events were reported among 50 treated patients. The comparison was against an external cohort, rather than a randomized control group.
• The FDA granted the SCD therapy Breakthrough Device Designation for adult sepsis, its seventh such designation across indications. The ongoing NEUTRALIZE-AKI trial includes a prespecified sepsis-patient analysis, which could inform future FDA discussions if results are positive.
• Cash was approximately $4 million at September 30, down from $12 million at year-end 2025, before $3.3 million of gross warrant-exercise proceeds in October. Q3 operating expenses increased to $5.2 million from $3.7 million, and net loss was approximately $4.5 million.

SeaStar Medical Price Performance

SeaStar Medical stock traded down $0.23 during midday trading on Friday, reaching $0.82. The company had a trading volume of 481,363 shares, compared to its average volume of 135,329. SeaStar Medical has a 12-month low of $0.81 and a 12-month high of $5.38. The company has a market capitalization of $4.39 million, a P/E ratio of -0.23 and a beta of -1.07. The firm’s fifty day simple moving average is $2.97 and its 200-day simple moving average is $3.28.

Analyst Upgrades and Downgrades

ICU has been the subject of several research analyst reports. Wall Street Zen raised SeaStar Medical from a “sell” rating to a “hold” rating in a research note on Saturday, September 19th. Weiss Ratings reissued a “sell (e+)” rating on shares of SeaStar Medical in a report on Thursday, October 15th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $8.00.

About SeaStar Medical

SeaStar Medical Holding Corporation (NASDAQ: ICU) is a medical technology company developing therapies designed to address hyperinflammation, an excessive immune response that can contribute to organ damage in critically ill patients. The company’s platform is intended to selectively target and modulate pro-inflammatory immune cells while preserving the body’s broader immune function. Its lead product is the Selective Cytopheretic Device (SCD), an extracorporeal blood-purification device used alongside continuous kidney replacement therapy.