Report
Onward Medical NV - FY23 results bring no surprises
• Onward published FY23 results. No surprises in our view, especially given that the company already published preliminary figures in March '24. 2023 has been a busy year with numerous clinical, IP, commercial and corporate milestones achieved. Several key catalysts are expected in 2024• The company reiterated the timelines previously communicated with the US approval of ARC-EX and the start of the global pivotal study for ARC-IM - Empower-BP - both expected in H2. Cash runway through mid-25 reiterated as wel• No impact on estimates and investment case. Buy rating reiterated as we believe that the commercial potential of ONWD's
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ONWARD MEDICAL NV
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Degroof Petercam
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David Seynnaeve, PhD
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