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EBR Systems (EBR) investor relations material
EBR Systems Q3 2025 TU earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 TU earnings summary11 Nov, 2025
Executive summary
Achieved CMS approval for both NTAP (inpatient) and TPT (outpatient) Medicare reimbursement for the WISE CRT System, effective October 1, 2025, establishing a comprehensive reimbursement pathway in the U.S.
Commercial case volume tripled quarter-over-quarter, with 12 commercial implants during the pilot launch phase post-FDA approval.
Limited Market Release (LMR) preparations advanced, with 8 new purchasing agreements and 14 physicians trained in Q3 2025.
Manufacturing expansion in Santa Clara remains on track for completion in 2026.
Financial highlights
Q3 2025 revenue was $0.512 million, up 201% from Q2 2025.
Gross margin for Q3 2025 was 43.8%, positively impacted by use of previously expensed inventory; excluding this, gross margin would have been -25.3%.
Net loss for Q3 2025 was $12.2 million, a 21.2% increase year-over-year; net loss for the nine months ended September 30, 2025, was $34.7 million, up 13.1% year-over-year.
Operating expenses for Q3 2025 were $12.1 million, up 31.9% year-over-year, driven by a 103.6% increase in selling, general, and administrative expenses.
Cash, cash equivalents, restricted cash, and marketable securities totaled $73.0 million as of September 30, 2025.
Outlook and guidance
Management expects acceleration in site onboarding and procedure cadence in Q4 2025 as hospitals gain reimbursement certainty.
Existing liquidity is expected to fund projected operating requirements for at least the next 12 months.
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Next EBR Systems earnings date
Q4 202526 Feb, 2026
Next EBR Systems earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
EBR Systems Inc is a U.S.-based medical device company focused on developing innovative wireless cardiac pacing systems. Its primary product, the WiSE (Wireless Stimulation Endocardially) Technology, is designed to treat heart failure by providing leadless pacing to stimulate the heart's left ventricle, addressing limitations of traditional pacemakers that require leads. EBR’s technology aims to improve patient outcomes in cardiac resynchronization therapy (CRT), offering a minimally invasive alternative for patients with specific heart conditions. The company is headquartered in Sunnyvale, California, and its shares are listed on the Australian Securities Exchange.
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