EBR SYSTEMS INC (EBR)
Share Price Analysis and Chart

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13/08/2025

1

Buy

$2.25

69.17%

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 -16.71 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -14.85 cents.

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02/06/2025

1

Overweight

$3.00

125.56%

EBR Systems has raised $56m to support the US launch of its Wise-CRT device, with a further $6m share purchase plan, ensuring funding through to end-2026, suggests Wilsons.

The analysts expect the launch to begin cautiously, with electrophysiologist training already underway and first implants imminent at centres from the Solve-CRT study.

According to the broker, Wise-CRT should gain traction among the around 40,000 annual patients who cannot receive conventional CRT, with interest also growing in using the system for septal pacing.

Wilsons maintains an Overweight rating. The target falls to $3.00 from $3.50 largely due to new shares on issue.

FORECAST
Wilsons forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -18.10 cents.
Wilsons forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -17.64 cents.