EBR SYSTEMS INC (EBR)
Share Price Analysis and Chart

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EBR - EBR SYSTEMS INC

FNArena Sector : Medical Equipment & Devices

Year End: December

GICS Industry Group : Health Care Equipment & Services

Debt/EBITDA: -1.17

Index: ALL-ORDS

LAST PRICE	CHANGE +/-	CHANGE %	VOLUME
$1.11 12 Sep 2025	0.010 OPEN $1.11	0.91% HIGH $1.12	713,879 LOW $1.08

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$1.11

12 Sep
2025

0.010

OPEN

$1.11

0.91%

HIGH

$1.12

713,879

LOW

$1.08

TARGET

$2.555

130.2% upside

OTHER COMPANIES IN THE SAME SECTOR
4DX . AT1 . AYA . BB1 . BRN . CAT . CBL . CGS . CMP . COH . CSX . CU6 . CVB . CYC . EMV . EYE . FPH . IME . IMR . IPD . LDX . MX1 . NAN . ONE . PCK . PEB . PGC . PME . RMD . SOM . TRJ . UBI .

FNARENA'S MARKET CONSENSUS FORECASTS

12 Month Avg FX Values

Present FX Values

Original Currency

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	- 18.0	xxx
DPS (cps)	0.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	N/A	xxx
Dividend Yield	0.0%	xxx
Div Pay Ratio(%)	N/A	xxx

Title	FY25 Forecast	FY26 Forecast
EPS (cps)	- 17.4	xxx
DPS (cps)	0.0	xxx
EPS Growth	N/A	xxx
DPS Growth	N/A	xxx
PE Ratio	N/A	xxx
Dividend Yield	0.0%	xxx
Div Pay Ratio(%)	N/A	xxx

Title	FY23 Actual	FY24 Actual	FY25 Forecast	FY26 Forecast
EPS (cps)	xxx	N/A	- 11.6	xxx
DPS (cps)	xxx	N/A	0.0	xxx
EPS Growth	xxx	N/A	N/A	xxx
DPS Growth	xxx	N/A	N/A	xxx
Div Pay Ratio(%)	xxx	N/A	N/A	xxx

This company reports in USD.
All estimates have been converted into AUD by FNArena at present FX values.

Dividend yield today if purchased 3 years ago: 0.00%

DIVIDEND YIELD CALCULATOR

Past performance is no guarantee for the future. Investors should take into account that heavy swings in share price or exceptional circumstances (a la 2009) can have a significant impact on short term calculations and averages

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2020	2021	2022	2023
EPS Basic	xxx	xxx	xxx	-19.0
DPS All	xxx	xxx	xxx	0.0
Sales/Revenue	xxx	xxx	xxx	0.0 M
Book Value Per Share	xxx	xxx	xxx	10.6
Net Operating Cash Flow	xxx	xxx	xxx	-62.5 M
Net Profit Margin	xxx	xxx	xxx	-

EPS Basic

DPS All

Sales/Revenue

Book Value Per Share

Net Operating Cash Flow

Net Profit Margin

Title	2020	2021	2022	2023
Return on Capital Employed	xxx	xxx	xxx	-145.79 %
Return on Invested Capital	xxx	xxx	xxx	-58.53 %
Return on Assets	xxx	xxx	xxx	-52.77 %
Return on Equity	xxx	xxx	xxx	-145.79 %
Return on Total Capital	xxx	xxx	xxx	-54.63 %
Free Cash Flow ex dividends	xxx	xxx	xxx	-62.9 M

Return on Capital Employed

Return on Invested Capital

Return on Assets

Return on Equity

Return on Total Capital

Free Cash Flow ex dividends

Title	2020	2021	2022	2023
Short-Term Debt	xxx	xxx	xxx	1 M
Long Term Debt	xxx	xxx	xxx	66 M
Total Debt	xxx	xxx	xxx	67 M
Goodwill - Gross	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	98 M
Price To Book Value	xxx	xxx	xxx	9.67

Short-Term Debt

Long Term Debt

Total Debt

Goodwill - Gross

Cash & Equivalents - Generic

Price To Book Value

Title	2020	2021	2022	2023
Capex	xxx	xxx	xxx	0.4 M
Capex % of Sales	xxx	xxx	xxx	-
Cost of Goods Sold	xxx	xxx	xxx	1 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	57 M
Research & Development	xxx	xxx	xxx	41 M
Investments - Total	xxx	xxx	xxx	9 M

Capex

Capex % of Sales

Cost of Goods Sold

Selling, General & Admin. Exp & Other

Research & Development

Investments - Total

EXPERT VIEWS
EXTRA COVERAGE

EXPERT VIEWS

Display All Commentary

Sentiment Indicator

1.0

No. Of Recommendations

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Morgans	xx/xx/xxxx	1	xxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Bell Potter	13/08/2025	1	Buy	$2.25	102.70%	Upon initial glance over today's released interim financials, Bell Potter comments EBR Systems has ticked all the necessary boxes and is now in its early commercialisation phase. Commentary concludes EBR has overcome the last hurdle to get to the commercialisation starting line with the recent CMS approval for NTAP coverage and recommendation for TPT coverage covering both inpatient and outpatient settings. The broker notes there has been some early adoption, and investors should now see in the December quarter commercial sales starting to come through, setting the business up for sales acceleration in 2026. Speculative Buy. Target $2.25. FORECAST Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -16.75 cents. Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -14.89 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Morgans

xx/xx/xxxx

xxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
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Bell Potter

13/08/2025

Buy

$2.25

102.70%

Upon initial glance over today's released interim financials, Bell Potter comments EBR Systems has ticked all the necessary boxes and is now in its early commercialisation phase.

Commentary concludes EBR has overcome the last hurdle to get to the commercialisation starting line with the recent CMS approval for NTAP coverage and recommendation for TPT coverage covering both inpatient and outpatient settings.

The broker notes there has been some early adoption, and investors should now see in the December quarter commercial sales starting to come through, setting the business up for sales acceleration in 2026.

Speculative Buy. Target $2.25.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -16.75 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -14.89 cents.

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EXTRA COVERAGE

Display All Commentary

No. Of Recommendations

Please note: unlike Broker Call Report, BC Extra is not updated daily. The info you see might not be the latest. FNArena does its best to update ASAP.

BROKER	DATE	RATING	RECOMMENDATION	TARGET PRICE	% TO REACH TARGET	COMMENTARY
Wilsons	xx/xx/xxxx	1	xxxxxxxxxx	$xx.xx	xx.xx%	Broker commentary and detailed analysis is available for Full Members Only. Login above or Get a Free Trial
Canaccord Genuity	18/08/2025	1	Buy	$2.48	123.42%	Canaccord Genuity notes the commercial rollout of EBR Systems' WiSE device is underway after it secured FDA approval in April. The broker is forecasting around 440 implants in FY26, after three were completed in 2Q25 since the launch. The revenue figures point of average selling price of US$48,690, the broker estimates. While near-term margins are impacted by launch costs and accounting noise, the long-term pathway to 70% gross margin and 40% operating margin remains intact. Balance sheet strength supports execution. Buy. Target trimmed to $2.48 from $2.50. FORECAST Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -13.49 cents. Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -15.97 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Wilsons

xx/xx/xxxx

xxxxxxxxxx

$xx.xx

xx.xx%

Broker commentary and detailed analysis is available for Full Members Only.
Login above or Get a Free Trial

Canaccord Genuity

18/08/2025

Buy

$2.48

123.42%

Canaccord Genuity notes the commercial rollout of EBR Systems' WiSE device is underway after it secured FDA approval in April.

The broker is forecasting around 440 implants in FY26, after three were completed in 2Q25 since the launch. The revenue figures point of average selling price of US$48,690, the broker estimates.

While near-term margins are impacted by launch costs and accounting noise, the long-term pathway to 70% gross margin and 40% operating margin remains intact. Balance sheet strength supports execution.

Buy. Target trimmed to $2.48 from $2.50.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -13.49 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -15.97 cents.

Access Extra Coverage Research History >

EBR STOCK CHART

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Amount Invested	$
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EBR SYSTEMS INC (EBR)
Share Price Analysis and Chart