NEW YORK ( TheStreet -- It's never made a profit and possibly never will but that's not stopping fat freezer company Zeltiq Aesthetics ( ZLTQ) from going public.

The company's FDA-approved fat reduction machines are based on a process created by the Massachusetts General Hospital, and Zeltiq owes money to that institution upon reaching predetermined sales milestones.

The procedure performed by the machines is called "CoolSculpting," and it's based on fat cells being more sensitive to cold than the overlying skin and surrounding tissues. Patients pay upwards of $1,600 a treatment for spot fat reduction and sometimes need repeated treatments. The procedure is not intended for obese patients but fit patients that are looking to reduce love handles, muffin tops or back fat.

Zeltiq is seeking to sell 7 million shares in a range of $14 to $16 each, looking to raise $105 million at the midpoint of its range. Founded in 2005, the company would be the second IPO this month following Ubiquiti Networks ( UBNT) successful debut last week, which broke a drought of new offerings that stretched back to Aug. 17.

Potential liposuction patients are being targeted for CoolSculpting with Zeltiq touting the procedure is non-invasive, much cheaper and relatively painless. Zeltiq makes its money by selling the machines to dermatologists, plastic surgeons and aesthetic specialists. It has increased its units sold by 82% to 629 in June 2011 from 346 in December 2010.

The goal is to have 4,000 to 5,000 units sold, which is part of the reason behind the offering. The company wants to expand its sales force to approximately 50-70 from its current total of 31. It has its sights set on the 70,000 doctors that perform similar procedures.

The company does have some positives going for it, like the increased sales. It also has exclusively licensed the technique, making the intellectual property proprietary. Competing processes use heat or ultrasound waves and don't eliminate fat cells.

Still, it's almost impossible to measure the effectiveness of CoolSculpting, although the company touts a clinical trial which only involved 60 patients and showing before and after pictures of the patients to doctors. 88% say they saw a difference. Another trial was merely asking the patients (over 100) whether they noticed a difference.

Zeltiq is clear in its filing that it has never made a profit and has the potential of never making a profit. However, the company has managed to sell many units during a recession when people supposedly don't have the money for non-essentials. Maybe some patients justify spending the money since it's not as expensive as liposuction.

If the company makes a big marketing push and the economy's recovery starts to show some vigor, Zeltiq could end up in the black but those are big question marks to assume affirmatives for under current market conditions.

-- Written by Debra Borchardt in New York.

>To contact the writer of this article, click here: Debra Borchardt.

>To follow the writer on Twitter, go to http://twitter.com/wallandbroad.

Follow TheStreet on Twitter and become a fan on Facebook.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.