Onward Medical: Revenue of €4.2 Million in First Half Against €1.2 Million a Year Earlier
Neurotechnology manufacturer Onward Medical published its first-half results on September 9, 2026, marked by accelerated commercial uptake of its ARC-EX system and strengthened cash position.
ARC-EX Product Revenue Rises from €1.0 to €3.4 Million in One Year
In the first half of 2026, Onward Medical reported total revenue of €4.2 million, compared with €1.2 million a year earlier. Revenue from ARC-EX system sales grew from €1.0 million in the first half of 2025 to €3.4 million in the first half of 2026, representing a 240% increase. In volume, 159 ARC-EX systems were sold or provided through paid evaluations during the period, a 430% year-on-year progression. The system is now available in more than 130 clinics in the United States, as well as in several European countries (Netherlands, Switzerland, Germany, United Kingdom, France, Italy, Spain) and Israel. ARC-EX has also been commercialized for the first time for individuals for home use, notably within the United States Veterans Affairs healthcare system.
Operating Loss Reaches €23.3 Million, Driven by Investments
The group recorded an operating loss of €23.3 million in the first six months of 2026, compared with €20.0 million a year earlier, a level the company presents as in line with its expectations. Total operating expenses rose from €20.9 million to €26.3 million, an increase the company attributes to continued investments in commercialization, geographic expansion, regulatory and clinical affairs, and research and development. The net loss for the period stood at €24.7 million, compared with €21.2 million in the first half of 2025. Net financial result came in at -€1.0 million, at the same level as in the first half of 2025, while the tax charge stood at €0.3 million, compared with €0.2 million. Gross margin came to €2.9 million over the half-year, compared with €1.0 million a year earlier.
Cash Position of €81.5 Million Following €40.6 Million Fundraising and BlackRock Financing
Onward Medical closed the half-year with cash of €81.5 million, compared with €68.1 million as of December 31, 2025. Equity stands at €71.9 million, compared with €55.3 million at end of 2025. In April, the company raised €40.6 million in equity, an operation supported by a €25 million investment from EQT Life Sciences. The group also concluded a debt financing agreement potentially reaching €50 million with funds and accounts managed by BlackRock, structured in multiple tranches subject to conditions and the achievement of operational milestones. A first tranche of €20 million was drawn at closing of the transaction. The company fully repaid amounts due under its previous financing with Runway Growth Capital LLC, which has been terminated. On the clinical front, the group announced the first enrollment and first implant in the global Empower BP pivotal study, dedicated to the ARC-IM system currently undergoing clinical evaluation, with 22 participants enrolled to date and 14 clinical sites in recruitment phase in the United States and Canada. For the second half of 2026, the company indicates it intends to pursue expansion of ARC-EX home and European commercialization, and launch an initial clinical feasibility study of the ARC-IM system aimed at restoring bladder function following spinal cord injury.
