KBC Securities - ONWARD MEDICAL NV (ONWD) Onward Medical FIRST LOOK: 1Q25 confirms ARC-EX initial sales traction

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KBC Securities

Thomas Vranken

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.

17/06/2025 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 : BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

: BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

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Morning Notes : BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

: BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

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Onward Medical FIRST LOOK: 1Q25 confirms ARC-EX' initial sales traction

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

Morning Notes : BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

ONWARD Medical Builds Commercial Momentum for the ARC-EX System and Reinforces its Brain-Computer Interface Leadership in Q1 2025

Colruyt FY24/25 results in line, reaches agreement for most of its French stores

Barco Beam Me Up, Barco – But Not Too Fast

Morning Notes : BARb BB, CRBN NA, EXMb BB, QFG BB, ONWD BB

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