ONWARD Medical NV
F:63E
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ONWARD Medical NV
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ONWARD Medical NV
ONWARD Medical develops implantable and external neurostimulation devices that are designed to help people with spinal cord injury and related movement disorders recover motion and function. Its main products are built around electrical stimulation of the spinal cord, which aims to activate nerve pathways that still exist but no longer work properly after injury. The company focuses on therapies that can support walking, hand use, blood pressure control, and other functions affected by spinal cord damage. The company sells its technology to hospitals, doctors, rehabilitation centers, and research partners, and it also works through clinical programs that support future adoption of its devices. It makes money by selling medical devices and related systems, and by moving its therapies through clinical development toward broader medical use. Its business sits between medical device engineering and neurorehabilitation, which means it is not just making hardware but building a treatment approach around that hardware. What makes ONWARD’s business different is that it is trying to turn spinal cord stimulation into a practical therapy for daily life, not just a research tool. Instead of treating symptoms with drugs, it uses targeted electrical signals to help the nervous system regain lost function. That puts the company in a specialized corner of the medtech industry where success depends on clinical evidence, physician adoption, and the ability to make complex neurotechnology usable in real care settings.
ONWARD Medical develops implantable and external neurostimulation devices that are designed to help people with spinal cord injury and related movement disorders recover motion and function. Its main products are built around electrical stimulation of the spinal cord, which aims to activate nerve pathways that still exist but no longer work properly after injury. The company focuses on therapies that can support walking, hand use, blood pressure control, and other functions affected by spinal cord damage.
The company sells its technology to hospitals, doctors, rehabilitation centers, and research partners, and it also works through clinical programs that support future adoption of its devices. It makes money by selling medical devices and related systems, and by moving its therapies through clinical development toward broader medical use. Its business sits between medical device engineering and neurorehabilitation, which means it is not just making hardware but building a treatment approach around that hardware.
What makes ONWARD’s business different is that it is trying to turn spinal cord stimulation into a practical therapy for daily life, not just a research tool. Instead of treating symptoms with drugs, it uses targeted electrical signals to help the nervous system regain lost function. That puts the company in a specialized corner of the medtech industry where success depends on clinical evidence, physician adoption, and the ability to make complex neurotechnology usable in real care settings.
Commercial growth: Onward sold or supplied 159 ARC-EX systems in the first half, more than 5x last year, with 89 units delivered in the second quarter alone.
Revenue: First-half revenue reached EUR 4.2 million, up 250% year over year, while the company continued to invest heavily in commercialization and clinical development.
Clinical progress: The EMPOWER-BP pivotal study had 22 participants enrolled and 14 active sites; management expects to complete enrollment for the interim analysis by year-end and report results in early 2027.
Financial position: Onward ended June with EUR 81.5 million in cash, supported by EUR 40.6 million of new equity and an up to EUR 50 million BlackRock debt facility; cash runway extends into Q1 2028.
Market access: ARC-EX was available in more than 150 clinics globally, including over 130 in the U.S.; more than 90% of VA paid evaluations have converted to purchases.
Outlook: Management did not provide revenue or break-even guidance, citing the early stage of commercialization and continued investment needs.
Pipeline: The company began the EIGER feasibility study for ARC-IM mobility, continued Parkinson’s disease and brain-computer-interface studies, and expects a first-in-human ARC-IM urinary-incontinence procedure.