Degroof Petercam - ONWARD MEDICAL NV (ONWD) Onward Medical NV - Q3 update - ARC-EX timeline reconfirmed

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Degroof Petercam

David Seynnaeve, PhD

Onward Medical NV - Q3 update - ARC-EX timeline reconfirmed

*This morning, ONWD provided a Q3 operational and financial update, most notably reconfirming 1/ the ARC-EX commercial timeline – launch foreseen in H2 2024 and 2/ the cash runway until 2024 end. The company indicated that they will look for ways to strengthen their cash position in the months to come.*Also, ONWD slightly revised the Empower-BP study launch timing (H2 vs. mid-2024 before) and UP-Lift trial data release (2024 vs. 2023).*We stick to our Buy rating and will come back shortly with an updated TP following the previously announced delayed commercial timeline for ARC-EX and USD 30k price guidance for

16/11/2023 1 EN

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ONWARD MEDICAL NV

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NL0015000HT4 Euronext Brussels Netherlands

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Degroof Petercam

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Analysts

David Seynnaeve, PhD

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Onward Medical NV - Q3 update - ARC-EX timeline reconfirmed

Morning Notes : AKZA NA, ELI BB, MELE BB, UCB BB, ONWD BB

Onward Medical Announces enrolment of first participant in Empower BP trial

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury

(Sponsored) Cabka - Extracting full value from recent investments

EnergyVision - Profitable green energy with a sunny growth outlook

(Sponsored) Fastned - Gearing up for a growth spurt

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