Onward Medical gains early commercial traction with ARC-EX

Onward Medical supplied 70 ARC-EX devices during the first quarter of 2026, generating €1.3 million in ARC-EX revenue across 100 clinics. A meaningful portion of these deliveries consisted of home-use devices provided to veterans, estimated by KBC Securities at around 20 to 30 units. These devices are expected to convert into full sales after a two-month evaluation period, potentially supporting additional revenue growth in the coming quarters.

Beyond the commercial rollout of ARC-EX, Onward continues to advance its clinical pipeline. The pivotal Empower BP trial is currently recruiting patients across 12 sites. The study is expected to provide further evidence supporting the use of the company’s technology in blood pressure regulation for patients with spinal cord injuries..

On the financial side, the company reported a cash position of €53.4 million, supplemented by approximately €40 million raised in April. According to KBC Securities, this funding should provide sufficient runway to further expand the commercial adoption of ARC-EX and strengthen market traction..

KBC Securities therefore reiterates its BUY recommendation and €8.1 target price on the stock.