Onward Medical (ONWD) Q3 2026 TU earnings summary

Executive summary

• Q3 revenue was €2.5M, including €2.0M from ARC-EX; 88 systems were sold or supplied via paid evaluation, up 120% YoY; quarter-end cash was €73.4M.

• Clinical programs advanced: Empower BP enrolled 31 participants; EIGER reported first chronic and subacute SCI implants; ReeVoid completed first-in-human ARC-IM bladder-control use; two additional PD-HemON participants were treated.

Financial highlights

• Q3 revenue was €2.5M, including €2.0M of ARC-EX product revenue.

• €8.1M was used during Q3; the cash-burn figure included the senior secured note refinancing effect.

• Net cash was €73.4M as of September 30, 2026, including cash, cash equivalents, and current fixed-term deposits.

Outlook and guidance

• Empower BP interim analysis remains on track for spring 2027 and will determine whether the study can stop at 60 participants or continue to 112.

• Regulatory approval for Empower BP is anticipated by end-2028, followed by commercial launch.

• No 2027 financial guidance was provided; H1 spending was described as a more representative reference than Q3, with some pivotal-study costs expected to tail off in 2027.

• ARC-IM mobility pivotal study could begin around 2028–2029, depending on EIGER data, patient-response insights, endpoint design, and follow-up evidence.