Report
Onward Medical FIRST LOOK: 1Q25 confirms ARC-EX' initial sales traction
Onward's 1Q25 update highlights steady progress across commercial and clinical fronts. The company sold ten ARC-EX systems in its limited US launch, with positive feedback and a target of 30 units for 1H25. It reported € 0.4m revenue and held € 50.5m net cash at the end of the quarter, in line with our expectations. Upcoming regulatory milestones continue to be the anticipated FDA home use label expansion and CE mark approval, as well as IDE approval for the pivotal Empower BP study. €10.4 TP/Buy reiterated.
Underlying
ONWARD MEDICAL NV
Provider
KBC Securities
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Thomas Vranken
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