Onward Medical: €2.5M in Q3 Revenue, ARC-EX Units Up 120% Year-on-Year
Onward Medical reported third-quarter revenue of €2.5 million on November 3, 2026, of which €2.0 million came from the sale and provision of its ARC-EX external stimulation system. During the period, 88 systems were sold or supplied under paid evaluations, a volume up 120% year-on-year. The majority of these units were intended for home use, which extends the deployment of the device beyond clinics alone. In parallel, the company increased the number of participants enrolled in Empower BP, its global pivotal study, to 31, and closed the quarter with cash of €73.4 million.
ARC-EX Unit Volumes More Than Doubled, with a Majority of Systems Intended for Home Use
Volumes of ARC-EX systems sold or supplied under paid evaluation rose 120% year-on-year, and the majority of units in the quarter were intended for home use. In the United States, this adoption was supported by direct patient payment, 90-day paid evaluations and purchases by the Veterans Affairs network, as well as reimbursement efforts undertaken on a case-by-case basis with private insurers. This development extends the direction outlined in the half-year results published on September 9, 2026, when the group cited among its opportunities the extension of home use of ARC-EX within the Veterans Affairs and in new countries in the second half of the year. ARC-EX-related revenue, at €2.0 million, accounts for the bulk of quarterly revenue. The published volumes include systems supplied under paid evaluation, not only firm sales.
A Network of More Than 170 Clinics, Concentrated in the United States
The clinical network is the second pillar of the business. At the end of the quarter, ARC-EX was available in more than 170 clinics worldwide, including 150 rehabilitation centers and Veterans Affairs facilities in the United States, which thus account for the bulk of the commercial presence. Outside the United States, a growing number of rehabilitation centers also offer the device, notably in the Netherlands, Switzerland, Germany, the United Kingdom, France, Israel, Italy and Spain. The system, authorized for sale in the United States and Europe, is indicated to improve hand strength and sensitivity following an incomplete spinal cord injury.
Empower BP Rises to 31 Participants, Cash Stands at €73.4 Million
Clinically, the pivotal Empower BP study, which is randomized and double-blind, is evaluating the investigational ARC-IM implant in blood pressure instability following spinal cord injury. It now has 31 participants and 16 active sites in the United States, Canada and Germany, compared with 22 participants and 14 sites at the time of the half-year results published on September 9, 2026. Three feasibility studies also reached a milestone. The EIGER study, focused on mobility, performed its first implant in a patient in the subacute phase; the ReeVoid study carried out a first-in-human use aimed at bladder control; and two additional implants were performed in a study on blood pressure instability linked to Parkinson's disease. Cash stood at €73.4 million as of September 30, 2026, a level in line with the company's expectations. During the quarter, the company signed a financing agreement of up to €50 million with funds managed by BlackRock, including an initial tranche of €20 million, drawn at closing, which fully repaid the previous financing agreed with Runway Growth Capital. The quarter thus combines the extension of ARC-EX deployment toward home use with progress in the ARC-IM pivotal study, supported by a renewed financing structure. Chief Executive Officer Dave Marver considers the company "well positioned" to pursue its strategic priorities through the end of the year.
