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 17 Nov 2025	-0.010 OPEN $1.12	-0.89% HIGH $1.12	490,964 LOW $1.07

LAST PRICE

CHANGE +/-

CHANGE %

VOLUME

$1.11

17 Nov
2025

-0.010

OPEN

$1.12

-0.89%

HIGH

$1.12

490,964

LOW

$1.07

TARGET

$2.645

138.3% 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)	- 19.0	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)	- 18.7	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	- 12.2	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%

HISTORICAL DATA ARE ALL IN AUD

Copyright © 2025 FactSet UK Limited. All rights reserved

Title	2020	2021	2022	2023	2024
EPS Basic	xxx	xxx	xxx	xxx	-19.0
DPS All	xxx	xxx	xxx	xxx	0.0
Sales/Revenue	xxx	xxx	xxx	xxx	0.0 M
Book Value Per Share	xxx	xxx	xxx	xxx	10.6
Net Operating Cash Flow	xxx	xxx	xxx	xxx	-62.5 M
Net Profit Margin	xxx	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	2024
Return on Capital Employed	xxx	xxx	xxx	xxx	-145.79 %
Return on Invested Capital	xxx	xxx	xxx	xxx	-58.53 %
Return on Assets	xxx	xxx	xxx	xxx	-52.77 %
Return on Equity	xxx	xxx	xxx	xxx	-145.79 %
Return on Total Capital	xxx	xxx	xxx	xxx	-54.63 %
Free Cash Flow ex dividends	xxx	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	2024
Short-Term Debt	xxx	xxx	xxx	xxx	1 M
Long Term Debt	xxx	xxx	xxx	xxx	66 M
Total Debt	xxx	xxx	xxx	xxx	67 M
Goodwill - Gross	xxx	xxx	xxx	xxx	-
Cash & Equivalents - Generic	xxx	xxx	xxx	xxx	98 M
Price To Book Value	xxx	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	2024
Capex	xxx	xxx	xxx	xxx	0.4 M
Capex % of Sales	xxx	xxx	xxx	xxx	-
Cost of Goods Sold	xxx	xxx	xxx	xxx	1 M
Selling, General & Admin. Exp & Other	xxx	xxx	xxx	xxx	57 M
Research & Development	xxx	xxx	xxx	xxx	41 M
Investments - Total	xxx	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

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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	14/11/2025	1	Buy	$2.43	118.92%	EBR Systems' September quarter (3Q25) revenue and gross profit roughly tripled to US$0.51m and US$0.22m, with cash receipts of US$0.47m, Bell Potter notes Gross margin year-to-date was strong at 45% but is expected to dip in FY26 as inventory from the Solve trial is utilised and replaced with current inventory, before improving from FY27. The broker highlights early commercial traction has been strong, with implants tripling to 12 across nine states. Average selling price rose 10% to US$53,500, and CMS reimbursement is seen supporting further price uplift. Utilisation per physician grew 71%, and with only 8 implants needed in 4Q25 to meet forecasts, the broker reckons the consensus FY26 revenue estimate of US$15.7m appears too low. The analyst is estimating US$19.8m. Buy. Target lifted to $2.43 from $2.25 on a lower risk-free rate in the valuation. FORECAST Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -16.66 cents. Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -14.95 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.
Login above or Get a Free Trial

Bell Potter

14/11/2025

Buy

$2.43

118.92%

EBR Systems' September quarter (3Q25) revenue and gross profit roughly tripled to US$0.51m and US$0.22m, with cash receipts of US$0.47m, Bell Potter notes

Gross margin year-to-date was strong at 45% but is expected to dip in FY26 as inventory from the Solve trial is utilised and replaced with current inventory, before improving from FY27.

The broker highlights early commercial traction has been strong, with implants tripling to 12 across nine states. Average selling price rose 10% to US$53,500, and CMS reimbursement is seen supporting further price uplift.

Utilisation per physician grew 71%, and with only 8 implants needed in 4Q25 to meet forecasts, the broker reckons the consensus FY26 revenue estimate of US$15.7m appears too low. The analyst is estimating US$19.8m.

Buy. Target lifted to $2.43 from $2.25 on a lower risk-free rate in the valuation.

FORECAST
Bell Potter forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -16.66 cents.
Bell Potter forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -14.95 cents.

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EXTRA COVERAGE

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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
Canaccord Genuity	19/11/2025	1	Buy	$2.48	123.42%	Canaccord Genuity makes minor adjustments to its forecasts following the third quarter results from EBR Systems. The gross margin is the main issue for investors, the broker notes, with stabilisation expected in the third quarter and incremental improvements expected thereafter. The new Santa Clara facility should facilitate vertical integration and support long-term gross margin expansion to more than 70%. The business has established an "enviable commercial launch" and the focus on costs is, in the broker's opinion, "somewhat misplaced". Buy. Target unchanged at $2.48. FORECAST Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.16 cents. Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.16 cents.

BROKER

DATE

RATING

RECOMMENDATION

TARGET PRICE

% TO REACH TARGET

COMMENTARY

Canaccord Genuity

19/11/2025

Buy

$2.48

123.42%

Canaccord Genuity makes minor adjustments to its forecasts following the third quarter results from EBR Systems. The gross margin is the main issue for investors, the broker notes, with stabilisation expected in the third quarter and incremental improvements expected thereafter.

The new Santa Clara facility should facilitate vertical integration and support long-term gross margin expansion to more than 70%. The business has established an "enviable commercial launch" and the focus on costs is, in the broker's opinion, "somewhat misplaced".

Buy. Target unchanged at $2.48.

FORECAST
Canaccord Genuity forecasts a full year FY25 dividend of 0.00 cents and EPS of minus -0.16 cents.
Canaccord Genuity forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -0.16 cents.

Access Extra Coverage Research History >

EBR STOCK CHART

FNArena News on EBR

1	Australian Broker Call Extra Edition – Nov 19, 2025 10:30 AM - Daily Market Reports

2	FNArena Corporate Results Monitor – 14-11-2025 Nov 14 2025 - Australia

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5	Australian Broker Call Extra Edition – Sep 23, 2025 Sep 23 2025 - Daily Market Reports

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