The German racing great entered the new year in an induced coma and a critical condition, with his family at his bedside in the French Alpine city of Grenoble and doctors unsure of his future.
The 44-year-old's fight for survival after he fell and slammed his head on a rock Sunday has shocked legions of fans used to seeing him brave death on the racing tracks.
"At the moment, he is stable," the seven-time world champion's manager Sabine Kehm told reporters massed outside the hospital in Grenoble on Wednesday, in a brief update before heading back inside.
On Tuesday, they said a slight improvement in his condition had allowed them to perform a second nearly two-hour long procedure to remove bleeding in the brain, but warned he was "not out of danger" yet.
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"We cannot speculate on the future," said Jean-Francois Payen, head of the intensive care unit at the hospital. "We cannot say he is out of danger but we have gained some time."
But they have pointed out that Schumacher, due to turn 45 on January 3, has age and physical fitness on his side.
He has been put in a medically induced coma to spur recovery, and his temperature has been reduced to around 35 degrees Celsius (95 degrees Fahrenheit) to reduce swelling.
Schumacher's accident has prompted an outpouring of sympathy from racing stars and fans alike.
Former Formula One driver Niki Lauda, who himself suffered severe injuries in a 1976 racing crash, has also come out in support of the man known fondly as "Schumi".