Onward Medical ARX-EX launch broadens, key ARC-IM data due 2H26 (model update)

Onward enters 2026 with increased commercial momentum following FDA clearance for ARC-EX home use in SCI patients in November 2025, which expands access beyond clinics and is expected to accelerate adoption. Meanwhile, the company is advancing its implantable program, with ARC-IM interim data from the pivotal Empower BP trial in SCI patients with blood pressure instability expected in 2H26—an important catalyst that could accelerate development timelines. We roll over our model to 2026, adjusting our assumptions for ARC-EX and for the implantable ARC-IM device in blood pressure instability after the company outlined its pivotal development pathway in this setting. All in all, this brings us to a new TP of € 8.4 (from € 9.3). BUY rating maintained.