I’ve been looking at ONWARD Medical ($ONWD) for quite a while. I’ve always found the technology interesting, but for some reason I never felt comfortable actually taking a position.
After today’s H1 results, I finally did.
The story is starting to look like more than just an interesting technology story.
ARC-EX is actually being commercialised.
159 systems were sold or supplied through paid evaluations in H1 2026, up 430% from H1 last year. ARC-EX revenue was €3.4m, up 240%, and the system is now available in more than 130 US clinics.
I’m not saying this is going to 10x or that there isn’t a lot of risk here. It’s still a small medical technology company, it’s losing money and a big part of the future valuation depends on clinical and commercial execution.
What caught my attention is that they’re already moving beyond clinics into home use, including the Veterans Affairs system.
It’s a pretty important step to get an FDA-cleared product into actual clinics and then start seeing demand for home use.
And then there’s ARC-IM.
This is obviously where the much bigger potential sits, but also where the risk is.
The Empower BP pivotal study now has 22 participants enrolled across 14 actively recruiting sites. They’ve also started EIGER, looking at ARC-IM for restoring standing and walking after spinal cord injury.
On top of that, they are continuing work on Parkinson’s, bladder function and other indications, while ARC-BCI has now been implanted in seven participants.
I’m not valuing all of those indications today. That would be way too speculative.
What I do find interesting is the potential platform here.
ARC-EX gives them a commercial product today.
ARC-IM could potentially address several much larger indications if the clinical results hold up.
And ARC-BCI is basically an entirely different level of optionality if they can eventually combine spinal stimulation with a brain-computer interface.
Financially, H1 wasn’t profitable: €23.3m operating loss. So this is definitely not a “safe” company.
But they finished June with €81.5m cash, raised €40.6m in April and have an additional financing facility of up to €50m from BlackRock. That gives them some room to actually execute rather than immediately having to solve a financing problem.
I honestly don’t know if I’ve found a hidden gem or just convinced myself that I’ve found one.
That’s why I’m posting this here.
I bought a position today and I’m planning to hold it for a while. If you have a bearish view on ONWD, I’d genuinely like to hear tit.