This article first appeared on GuruFocus .
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Revenue:EUR2 million in Q1 2026.
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Product Revenue Sales:EUR1.3 million.
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Cash Available at End of Q1:EUR53.4 million.
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Cash Balance at End of April:EUR89.8 million.
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ARC-EX Systems Supplied:70 systems for clinics and homes.
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Clinic Presence:Over 100 clinics across the US and Europe.
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Equity Capital Raised:Over EUR40 million, including EUR25 million from EQT Life Sciences.
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Cash Runway:Extended into Q1 2028.
Release Date: May 26, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Onward Medical NV ( ONWRF ) achieved EUR2 million in revenue in Q1 2026, with ARC-EX systems now available in over 100 clinics across the US and Europe.
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The company successfully raised over EUR40 million in new equity capital, extending its cash runway into Q1 2028.
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Onward Medical NV ( ONWRF ) has made significant progress in its Empower BP pivotal trial for ARC-IM, with the first participant enrolled and implanted and 12 sites activated.
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The company has expanded the availability of ARC-EX technology for home use, particularly focusing on the US Department of Veterans Affairs.
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Onward Medical NV ( ONWRF ) has initiated new feasibility studies, including the IGR mobility study and the EIGER feasibility study, to further advance its pipeline.
Negative Points
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The company did not provide specific numbers on the split of units placed between the US and Europe or between clinic and home use.
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Grant income, which contributed EUR0.7 million to revenue, is expected to be lumpy and not a consistent source of income.
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The VA's purchasing process involves a two-month evaluation period, which could delay revenue recognition from these units.
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Onward Medical NV ( ONWRF ) is facing challenges in the MedTech sector, with its stock price down over the past six months.
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The company is not providing detailed guidance on future sales or specific numbers of units sold in various categories, which may limit transparency for investors.
Q & A Highlights
Q: Can you provide the split of units placed between the US and Europe, and between clinic and home use? A: The majority of units were supplied in the US, with penetration into five European countries. We sold more personal or home units than clinic units for the first time, a trend expected to continue. (Dave Marver, CEO)
Q: What is the current penetration of ARC-EX in VA clinics? A: We are in approximately half of the 25 VA hubs, with many beginning the process of prescriptions for home use. Our goal is to be in all VA hubs by the end of the year. (Sean Sciara, Chief Commercial Officer)
Q: What accounts for the EUR0.7 million in revenue not from ARC-EX sales? A: The EUR0.7 million primarily comes from grants related to Parkinson's and stroke programs. These grants are used to fund pipeline development and can be lumpy throughout the year. (Ali Kiboro, CFO)
Q: How many VA home use units do you expect to convert to sales next quarter? A: We expect a high percentage of VA units to convert to sales after a 90-day cycle, including a two-month evaluation period and additional processing time. (Dave Marver, CEO)
Q: What are the future indications for ARC-EX? A: ARC-EX is approved for hand strength and sensation post-spinal cord injury. Off-label use and investigator-initiated studies will inform future regulatory approval priorities. (Dave Marver, CEO)
Q: Why conduct the EIGER study when there is existing feasibility evidence? A: EIGER is a commercial early feasibility study aimed at identifying viable patient populations for a pivotal study, transitioning from scientific exploration to a commercial pathway. (Dave Marver, CEO)
Q: How do you interpret the recent share price performance, and what milestones might influence it? A: Despite a sector-wide downturn, Onward has held up well due to strong execution and commercial traction. Upcoming milestones include interim data from the Empower BP study and continued commercial growth. (Dave Marver, CEO)
Q: Did you sell more home use than clinic use units? A: Yes, more devices were sold for home use than clinic use in the first quarter, a trend expected to continue. (Dave Marver, CEO)
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
