EBR SYSTEMS INC (EBR)
Share Price Analysis and Chart

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01/10/2024

1

Speculative Buy

$2.01

120.88%

Bell Potter notes EBR Systems has raised $50m for initial commercialisation for its WiSE-CRT cardiac pacing system with FDA approval expected in 1Q2025.

The funding is highlighted as pre-emptive the broker believes, providing sufficient cash for the next 18-months to cover a sales and marketing team, building up the manufacturing system, with more R&D into rechargeable battery capabilties.

Bell Potter still views a second funding raising as necessary to reach cashflow positive with the next raising possibly post the 2Q2026 results. The estimated amount is circa $66m at $1 per share.

Speculative Buy rating unchanged. Target rises to $2.01 from $1.96.

FORECAST
Bell Potter forecasts a full year FY24 dividend of 0.00 cents and EPS of minus -17.04 cents.
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -18.09 cents.

22/10/2024

1

Overweight

$1.62

78.02%

Wilsons notes EBR Systems raised $50m to help fund activities for the FDA approval which is expected in March 2025.

The analyst maintains an Overweight rating and stresses the current target price of $1.62 can increase to $3 on the back of immediate "PMA-enabled indications" developing over the next 12-18 months.

Wilsons states WiSE tecnhology has the scope to move into the growing population of pacemaker patients who required left ventricular pacing.

FORECAST
Wilsons forecasts a full year FY24 dividend of 0.00 cents and EPS of minus -23.52 cents.
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -14.78 cents.