EBR SYSTEMS INC (EBR)
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26/08/2026

1

Buy

$1.85

704.35%

Morgans believes EBR Systems has reached an important turning point in the US commercial rollout of its WiSE cardiac device, shifting the focus from signing hospitals to increasing implant volumes within its established network.

The company now has 52 hospital purchasing agreements, 30 activated hospitals and 90 trained physicians, with 17 hospitals already completing at least three implants, providing early evidence of repeat utilisation.

EBR completed 46 implants in 2Q26 and 87 in 1H26, while the implied average selling price remained robust at around US$57,000.

The analyst lowers FY26 sales forecasts to reflect a slower near-term ramp as execution capacity constrains implant growth, but leaves FY27-FY28 forecasts unchanged and views the recent $150m capital raising as removing near-term funding concerns.

Buy rating retained. Lower target of $1.85 from $2.47.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -20.19 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -17.60 cents.

25/08/2026

1

Buy

$1.91

730.43%

Canaccord Genuity maintains its Buy recommendation for EBR Systems with its target price reduced to $1.91 from $2.43 following second-quarter results and a capital raise of $150m.

Revenue for the period reached US$2.6m, representing 12% quarter-on-quarter growth driven by 46 WiSE-CRT implants, while the cash position closed at US$89.5m.

The reduction in the price target reflects additional equity dilution associated with the size and pricing of the capital raise.

The analyst notes that despite recent safety events reported at a single hospital, direct clinician feedback indicates no expected impact on commercial adoption as the company builds repeat utilisation across contracted hospitals.