Report
Onward Medical NV - H1 update: ARC-EX launch pushed to H2 24
ONWD issued an H1 update, most importantly announcing 1/ a 6-12 months delay in ARC-EX launch in the US and 2/ departure of CFO Lara Smith Weber.Required pre-launch electronic safety testing revealed a need to update the ARC-EX's printed circuit board assembly. Regulatory submission now expected in H1 24 with approval in both US and EU in H2 24.Following this rather disappointing update, we stick to our BUY rating but will have to adjust out TP slightly based on delayed launch of ARC-EX and the new price guidance of about USD 30k (vs. USD 11k in our model).
Underlying
ONWARD MEDICAL NV
Provider
Degroof Petercam
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