SeaStar Medical Holding Corporation (ICU) Earnings
SeaStar Medical Holding Corporation is expected to report next earnings on November 12, 2026 (in NaN days), with a consensus EPS estimate of $-0.95. ICU has beaten EPS estimates in 4 of its last 10 reported quarters (average surprise +3.4% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 12, 2026 | $-0.97 | $-0.91 | +6.2% | $615000 | +26.4% |
| May 13, 2026 | $-0.73 | $-0.90 | -23.3% | $495000 | +13.1% |
| Mar 25, 2026 | $-0.97 | $-0.80 | +17.5% | $420000 | +88.8% |
| Nov 13, 2025 | $-1.50 | $-1.30 | +13.3% | $183000 | -26.8% |
| Aug 13, 2025 | $-0.43 | $-0.18 | +58.1% | $338000 | +38.0% |
| Mar 27, 2025 | $-0.89 | $-0.90 | -1.1% | $67000 | -55.3% |
| Mar 13, 2024 | $-0.13 | $-0.22 | -69.2% | — | — |
| Nov 14, 2023 | $-0.25 | $-3.00 | -1100.0% | — | — |
| Aug 14, 2023 | $-0.25 | $-6.25 | -2400.0% | — | — |
| May 15, 2023 | $-5.00 | $-10.00 | -100.0% | — | — |
| Sep 30, 2022 | — | $-36.29 | — | — | — |
| Mar 31, 2022 | — | $-19.26 | — | — | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 13, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- Commercial Progress for Quell Immune • Added 7 new hospital customers in Q1 2026, bringing the total customer base to 17, up from 3-4 at the same point in 2025. The full-year 2026 target is 15 new customers, and management reports it is on track to meet this goal. • Full-year 2026 net revenue for Quell Immune is targeted at ~$2 million, supported by growing adoption. Repeat orders are confirmed from existing customers, with ordering frequency dependent on the presentation of eligible pediatric AKI patients at each hospital. • The company has invested heavily in educational outreach, including hosting an educational symposium at the AKI and CRRT meeting, forming an advanced practice provider advisory board to drive institutional adoption, holding monthly virtual clinical user calls to share case experiences, and presenting at leading specialty conferences. - Clinical Pipeline Progress • The pivotal neutralized AKI trial for adult AKI has enrolled 198 of the planned 339 total patients, with new top-tier clinical sites (including UCLA) continuing to join the trial. • The SAVE registry, which tracks commercial Quell Immune use in critically ill children, completed enrollment of 50 patients in March 2026. A 28-day safety analysis is complete, and top-line safety data will be submitted to the FDA shortly, alongside a request to transition the registry from mandatory to voluntary post-marketing status. • The company received favorable editorial recognition: the American Society of Nephrology's Kidney News published two articles highlighting Seastar's Selective Dialysis Therapy (STD) platform as an exciting frontier in active immune modulation for kidney disease. - Financial Performance • Q1 2026 operating expenses held steady at ~$4.1 million, matching Q1 2025 levels, reflecting ongoing financial discipline. Net loss for the quarter was ~$3.5 million ($0.90 per share), down from $3.8 million ($4.38 per share) in Q1 2025. As of March 31, 2026, the company held $9.3 million in cash on its balance sheet.
Guidance
- Full-year 2026 Quell Immune net revenue is targeted at ~$2 million, and management reaffirmed it is on track to meet this target after a strong Q1 2026 performance. • Completion of enrollment for the adult AKI pivotal trial is maintained at the end of 2026, with top-line results expected in mid-2027. • Research and development expenses are expected to increase modestly (~5% per quarter) for the remainder of 2026 to support ongoing trial enrollment and new clinical site onboarding, while general and administrative spending is expected to remain steady quarter-over-quarter. • Full-year 2026 new customer acquisition target of 15 new hospital sites for Quell Immune is maintained, with Q1 2026 results putting the company well on track to hit this goal.
Segment performance
Seastar Medical has only one commercial product segment, Quell Immune, for pediatric acute kidney injury (AKI). Q1 2026 net revenue for Quell Immune was $495,000, representing a 69% increase from $293,000 in Q1 2025. The segment delivered a gross profit margin of over 90%, consistent with the prior three quarters. Quell Immune accounts for 100% of the company's current commercial net revenue. All other pipeline programs are in clinical development and do not generate revenue.
Risks & headwinds
- The company's only commercial product is for an ultra-rare pediatric indication, so revenue is heavily dependent on unpredictable patient presentation at adopting hospitals, leading to variable ordering cadence and uncertainty around near-term revenue growth. • The adult AKI indication, the company's largest potential near-term market opportunity, remains in late-stage clinical development, with approval and commercial launch contingent on positive pivotal trial results and successful FDA review. • All forward-looking statements around revenue, trial timelines, and regulatory outcomes are subject to risks and uncertainties that could cause actual results to differ materially, as detailed in the company's SEC filings.
Analyst Q&A
Q: Do existing pediatric customer sites place repeat orders for Quell Immune, and how quickly do repeat orders occur after initial adoption?
A: Management confirmed that repeat orders are consistently received from the existing customer base. Order timing is entirely driven by the arrival of eligible patients at each hospital, so the cadence is unpredictable—some sites see back-to-back use, while others may go weeks or months between cases. Overall, repeat ordering is well established after initial adoption.
Q: When could Quell Immune and STD therapy be added to clinical practice guidelines as a recommended treatment for AKI?
A: Management noted that formal guideline inclusion typically requires multiple randomized controlled trials and broad adoption, but immune modulation (including extracorporeal options like STD) is already mentioned in the 2025 pediatric AKI consensus document. Positive results from the adult pivotal trial are expected to accelerate the inclusion of STD therapy as a recommended option in future guideline updates.
Q: How difficult is it to integrate STD therapy into existing ICU clinical workflows at hospitals, as referenced in recent ASN Kidney News coverage?
A: Management explained that clinical integration is very straightforward. The STD cartridge connects serially to existing continuous renal replacement therapy (CRRT) circuits in minutes, and can be done by any existing CRRT technician, dialysis technician, or ICU nurse. 99% of U.S. ICUs already use the citrate anticoagulation required for STD therapy, so no major new protocols are needed for implementation.
Q: Can you share additional color on ordering patterns, total treated patients, and average revenue per current center?
A: 50 patients have been enrolled in the SAVE registry to date, giving a baseline for total treated patients. As adoption is still scaling (from 3-4 customers to 17 in one year), many new centers are still establishing their optimal inventory (par) levels based on local patient volume. Average revenue per center is not reported, as this is an ultra-rare indication, so revenue per center is entirely dependent on the unpredictable arrival of eligible patients.