Onward Medical 3Q24 update retains FDA approval timelines & highlights investor support

Onward reported its 3Q24 business update with no major surprises, while we note that the company reiterated the timeline for the key milestone of obtaining FDA clearance to launch its ARC-EX System in the US in 4Q24. Onward's cash runway was recently extended to around 2H26 (KBCSe) through a € 50m equity raise with cornerstone investor Ottobock, a global leader in prosthetics, orthotics and exoskeletons. All in all solid progress in the past few months. We take into account a small timeline shift in the Empower BP trial start and as such, we make a minor adjustment to our TP from € 9.1 to € 8.7, while reiterating a Buy rating.