KBC Securities - ONWARD MEDICAL NV (ONWD) Onward Medical A long-awaited present underneath the Christmas tree

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KBC Securities

Thomas Vranken

Onward Medical A long-awaited present underneath the Christmas tree

Right in line with its YE24 guidance, Onward has successfully obtained FDA approval for its non-invasive ARC-EX device. We see the approval as an important inflection point and expect a phased, relatively de-risked launch given the concentrated patient population and Onward's partnership with Lovell. Although home use is not yet included in the label, we believe this could be addressed in 2025 without additional clinical study requirements. We adjust our TP from € 8.7 to € 10.4 and reiterate a Buy rating.

20/12/2024 1 EN

Underlying

ONWARD MEDICAL NV

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NL0015000HT4 Euronext Brussels Netherlands

Provider

KBC Securities

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

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Analysts

Thomas Vranken

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Morning Notes : BAR BB, UCB BB, MAAT FP, ONWD BB

: BAR BB, UCB BB, MAAT FP, ONWD BB

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Morning Notes : GIMB BB, SOF BB, MAAT FP

: GIMB BB, SOF BB, MAAT FP

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Onward Medical A long-awaited present underneath the Christmas tree

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

ONWARD Medical to Present at the 43rd Annual J.P. Morgan Healthcare Conference

Onward Medical FIRST LOOK: First commercial sales for ARC-EX

Morning Notes : BAR BB, UCB BB, MAAT FP, ONWD BB

Morning Notes : GIMB BB, SOF BB, MAAT FP

MaaT Pharma FIRST LOOK: DSMB recommends MaaT033 phase 2b continues as planned

Sofina Newsletter 15: NAVps up 12% y/y aided by recovery across PE & VC

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