KBC Securities - ONWARD MEDICAL NV (ONWD) Onward Medical 1H24 update holds no surprises, ARC-EX FDA approval in 4Q24

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KBC Securities

Jacob Mekhael ...

Thomas Vranken

Onward Medical 1H24 update holds no surprises, ARC-EX FDA approval in 4Q24

Onward reported its 1H24 business update, which holds no surprises, and 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 is until spring 2025, and access to tranches from its € 52.5m debt agreement could unlock funding beyond this timeline, and allow the company to show early commercial traction for ARC-EX. All in all, a positive update, and as such, we maintain our € 9.3 TP and Buy rating.

10/09/2024 1 EN

Underlying

ONWARD MEDICAL NV

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NL0015000HT4 Euronext Brussels Netherlands

Provider

KBC Securities

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Analysts

Jacob Mekhael

Thomas Vranken

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Guy Sips ... (+5)

Guy Sips
Hilde Van Boxstael
Jacob Mekhael
Michiel Declercq
Wim Lewi

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: BARb BB, OPTI BB, GIMBb BB, VGP BB, MAAT FP

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