Onward Medical Preliminary 3Q25 update shows ARC-EX US commercialisation on track

Onward reported a preliminary 3Q25 update, which shows that ARC-EX commercialisation in the US remains on track. With 40 ARC-EX systems sold in the US in 3Q25 (20 systems in 2Q25), we believe FY25 consensus of 150 devices is within reach if this rate of uptake continues for the remainder of the year. Looking ahead, the company previously guided it anticipates home use label expansion for ARC-EX in the US, and plans to initiate the pivotal Empower BP trial of the implantable ARC-IM system in SCI patients with blood pressure instability, both by YE25. Onward will deliver a comprehensive business and financial update during its upcoming quarterly call on 11 November 2025. We reiterate our € 10.4 TP and BUY rating.