KBC Securities - ONWARD MEDICAL NV (ONWD) Onward Medical € 52.5m debt financing through Runway Growth Capital

Report

KBC Securities

Thomas Vranken

Onward Medical € 52.5m debt financing through Runway Growth Capital

Onward obtained access to up to € 52.5m in secured venture debt through Runway Growth Capital, a leading US-based specialty finance lender with a solid track record in supporting life sciences companies. The loan will bear an interest rate of approx. 12.5%, and will be split across 5 tranches, up to Onward's discretion and subject to certain covenants. The first tranche will likely serve to repay Onward's existing RVO loan, hence no immediate impact on cash runway (mid-2025) expected. We reiterate our € 9.3 TP and Buy rating.

01/07/2024 1 EN

Underlying

ONWARD MEDICAL NV

See profile

NL0015000HT4 Euronext Brussels Netherlands

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

See profile

Analysts

Thomas Vranken

Other Reports on these Companies

KBC Securities

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

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

February 4, 2026 February 4, 2026 1 EN

KBC Securities

Onward Medical Announces enrolment of first participant in Empower BP trial

Onward announces enrolment of the first participant in the Empower BP trial. The trial evaluates the ARC-IM system to address blood pressure instability in SCI patients. We note that Onward plans an interim analysis of the efficacy results in 2H26, which could accelerate timelines if fewer total patients are required. Short-term, we look forward to the FY25 results to gain a view on the ARC-EX commercial launch (9M25: 70 devices sold). We reiterate our € 8.9 TP and BUY rating.

February 4, 2026 February 4, 2026 1 EN

GlobeNewsWire

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

ONWARD Medical Announces First Participant Enrolled in Global Pivotal Study Evaluating ARC-IM System to Address Blood Pressure Instability After Spinal Cord Injury Empower BP is a landmark global pivotal study evaluating the safety and effectiveness of the implantable ARC-IM® System to address blood pressure instability after spinal cord injury (SCI)Blood pressure instability is a key unmet need after SCI, with a significant impact on cardiovascular health and quality of lifeThe first participant was enrolled at Craig Hospital in Denver, Colorado, USA EINDHOVEN, the Netherlands, Feb. 04, ...

February 4, 2026 February 4, 2026 1 EN

Qrf Model update: rental income above expectations, TP increase

QRF reports results above our estimates on higher than expected rental growth, +2,4% like-for-like, + 5,1% YoY. The negative earnings growth (- 6,96%) from the CASA bankruptcy had a € 0,09 EPRA EPS impact. Excluding this impact, EPRA EPS would have grown by 2,2%. The outlook of € 0,84 DPS remains unchanged in line with our expectations. Most impressive are the fair value gains on the recently acquired assets: + €8,4m on Feest and Cultuur Paleis and +€ 4,01 on the City 25 portfolio coming from development gains, ERV growth and even cap rate compression. With these figures QRF demonstrates its e...

21h / 17m 21h / 17m 1 EN

Wim Hoste

Wim Hoste

Recticel Feedback conference call

Below are the highlights of the conference call. FY25 adjusted EBITDA increased by 12.5% and was in line with our forecasts while being 4% above consensus. Although expecting continued volume growth in 2026, Recticel does not provide a guidance at this stage, citing ao input cost volatility. CEO Jan Vergote will become Executive Chairman, while the current CEO of Recticel's Insulation Boards division, Stefaan Debusschere, will become new group CEO. Recticel still has significant firepower for additional acquisitions and we would expect the company to continue to hunt for mid-sized acquisitions...

23h / 57m 23h / 57m 1 EN

Wim Hoste

Wim Hoste

Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped  /

FY Adj.EBIT landed at €90.9m, below our estimate (€96m) and above consensus (€84m). Resulting margin is at 4.9% (vs. our 5.2% E). Backlog for the next 12m stands at € 1396m (-5.7% comp y/y). Full year revenues were mainly derived from Oil&Gas (45%, -2% y/y) and Renewables (26%, -40% y/y). Leverage remains under control at 1.4x. As foreseen no quantitative guidance on 2026 was issued. Positive is that the savings ambition is revised to the upper end of the previous € 100-120m guidance whilst we also welcome the positive outlook comments on Offshore wind, although this is not yet reflected in th...

February 27, 2026 February 27, 2026 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Onward Medical € 52.5m debt financing through Runway Growth Capital

We are a financial services provider for several types of professional clients, each with distinct needs.

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

Qrf Model update: rental income above expectations, TP increase

Recticel Feedback conference call

Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped &#x07; &#x07;/

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe

Fugro FIRST LOOK: weak 4Q, comforting offshore wind comments, savings upped /