EBR SYSTEMS INC (EBR)
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13/08/2026

1

Speculative Buy

$0.70

137.29%

Following the recent pre-release of headline revenue and operating metrics, EBR Systems followed up with the formal quarterly result, which showed operating cash outflow of -US$17.2m, slightly better than 1Q26, Bell Potter notes.

Cash costs showed a minor increase to -US$21.3m. Cash receipts are still modest at US$3.6m but doubling in the period, with receipts matching sales.

Considering earnings adjustments, Bell Potter expects EBR will need more funding. In bringing forward an assumption on the next funding round, the broker now assumes EBR will need US$100m in mid-2027. This has a material impact on valuation.

Target falls to 70c from 90c, Speculative Buy retained.

FORECAST
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -11.93 cents.
Bell Potter forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -8.58 cents.

25/08/2026

1

Buy

$1.91

547.46%

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.