Onward Medical 1H25 update shows ARC-EX launch on track, home use label by YE25

Onward reported 1H25 results demonstrating positive execution with the company achieving its internal target of selling 30 devices as part of the planned phased launch of the ARC-EX device in the US. We are encouraged to learn that the company expects continued demand for the remainder of the year to meet its FY25 targets (KBCSe: 193 devices). Timelines were reiterated, and we look forward to the home use label expected by YE25, which we view as an important driver for broader commercial uptake of ARC-EX, while the pivotal Empower BP trial of the implantable ARC-IM system continues to expect the first patient enrolment by YE25. With a cash position of € 40.9m, we expect Onward to have a cash runway into 2H26 (KBCSe), and reiterate our € 10.4 TP and BUY rating.