Onward Medical 2024 was a transformational year, 2025 to scale commercialization

Onward reported its FY24 business update, which underlined a lot of progress yet no major new surprises, and it reaffirms its outlook of main catalysts. Mgmt. confirmed demand is strong, but no commercial outlook was given yet. We look forward to an FDA label expansion for home use in 2025, while we also expect the pivotal Empower BP trial in blood pressure control to kick off. FY24 topline (€ 1.7m) and net result (€ -35.7m) came in line with our expectations, and with a € 60m cash position we believe the company is capitalized with runway into 2H26 (KBCSe). Altogether solid progress in 2024, hence we reiterate our € 10.4 TP and Buy rating.