KBC Securities - ONWARD MEDICAL NV (ONWD) Onward Medical FIRST LOOK: ARC-EX filed for home use in US and CE mark in EU

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KBC Securities

Thomas Vranken

Onward Medical FIRST LOOK: ARC-EX filed for home use in US and CE mark in EU

Onward has submitted two key regulatory applications for its ARC-EX system, a non-invasive neurostimulation device designed to improve hand function after spinal cord injury. Following its US clinic-use approval in December 2024 and initial sales of ten units in Q1 2025, the company has now filed a 510(k) with the FDA to enable home use in the US and a CE mark application under MDR for commercialization in the EU. Onward expects both approvals by YE25. The company remains confident in meeting its commercial targets for 2025, hence we maintain our Buy rating and € 10.4 TP.

01/07/2025 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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ONWARD Medical Adds Entrepreneur and Neurotechnology Thought Leader Tim Denison, PhD to its Board of Directors

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July 7, 2025 July 7, 2025 1 EN

KBC Securities

Morning Notes : ARGX BB, BFIT NA, PNL NA, QFG BB, UMI BB, BTLS BB, ONWD BB, JDEP NA

: ARGX BB, BFIT NA, PNL NA, QFG BB, UMI BB, BTLS BB, ONWD BB, JDEP NA

July 1, 2025 July 1, 2025 1 EN

Morning Notes : AZKA N NA, AUTL US, IIL NA, N4SA NA

: AZKA N NA, AUTL US, IIL NA, N4SA NA

14h / 29m 14h / 29m 1 EN

Michiel Declercq

Michiel Declercq

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Wim Hoste

Wim Hoste

Akzo Nobel FIRST LOOK: 2Q adj EBITDA -2%, FY EBITDA guidance lowered by c. 5%

2Q adjusted EBITDA dropped by 2% y/y and came in about 2% below our and consensus forecasts. Akzo lowered FY25 adj EBITDA guidance by c. 5% (from ‘above € 1.55bn' to ‘above € 1.48bn'), attributing the reduction to FX changes. The new guidance calls for an adj EBITDA that would be at least flat, with performance supported by € 170m targeted gross savings. Taking into account the volatile track record and low structural growth, we maintain our Hold rating and € 65 target price.

14h / 49m 14h / 49m 1 EN

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Onward Medical FIRST LOOK: ARC-EX filed for home use in US and CE mark in EU

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

ONWARD Medical Adds Entrepreneur and Neurotechnology Thought Leader Tim Denison, PhD to its Board of Directors

Morning Notes : ARGX BB, BFIT NA, PNL NA, QFG BB, UMI BB, BTLS BB, ONWD BB, JDEP NA

Morning Notes : AZKA N NA, AUTL US, IIL NA, N4SA NA

Autolus Aucatzyl gains EC approval in r/r adult ALL

Akzo Nobel FIRST LOOK: 2Q adj EBITDA -2%, FY EBITDA guidance lowered by c. 5%

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