KBC Securities - ONWARD MEDICAL NV (ONWD) Onward Medical FIRST LOOK: FY23 results as expected, 2024 outlook confirmed

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KBC Securities

Thomas Vranken

Onward Medical FIRST LOOK: FY23 results as expected, 2024 outlook confirmed

Onward reported its FY23 results, and confirmed its FY24 outlook and key milestones. 2024 is set to become the year of its first launch, with ARCEX approval expected 2H24. Meanwhile, the pivotal trial in blood pressure control with ARCIM remains planned to start 2H24. YE23 cash landed at € 29.8m and was complemented with a € 20m equity raise to deliver cash runway into mid-2025. We reiterate our Buy rating and € 9.3 TP.

25/04/2024 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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Ontex Conference call feedback

Below are the highlights from the conference call. Ontex posted stronger than expected 1Q results, with 4% LFL revenue growth and adjusted EBITDA that increased by 30% y/y, beating our and consensus forecasts by respectively 9% and 8%. FY guidance of an adjusted EBITDA range of 11-12% is maintained, with 1Q margin already firmly within the range (11.5%). The balance sheet is gradually strengthening with net debt/EBITDA down 0.5x sequentially to 2.8x. On the back of the much improved earnings momentum, solid growth prospects/ambitions in North America and the attractive intrinsic forward valuat...

20h / 14m 20h / 14m 1 EN

Michiel Declercq

Michiel Declercq

bpost 1Q24 Conference call feedback

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20h / 50m 20h / 50m 1 EN

Hilde Van Boxstael ... (+6)

Hilde Van Boxstael
Jacob Mekhael
Michiel Declercq
Sharad Kumar S.P
Wim Hoste
Wim Lewi

Morning Notes : BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

: BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

23h / 53m 23h / 53m 1 EN

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Onward Medical FIRST LOOK: FY23 results as expected, 2024 outlook confirmed

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

Avis de convocation à l’assemblée générale 2024 des actionnaires ONWARD® et propositions de résolutions

ONWARD® Medical Convocation of the 2024 Annual General Meeting of Shareholders and Proposed Resolutions

ONWARD® Medical annonce ses résultats financiers et opérationnels pour l’exercice 2023 et partage les faits qui ont marqué l’exercice 2024 à ce jour

Ontex Conference call feedback

bpost 1Q24 Conference call feedback

Morning Notes : BPOST BB, GLPG NA, GBLB BB, ONTEX BB, TUB BB, SHUR BB

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