EBR SYSTEMS INC (EBR)
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14/05/2026

1

Buy

$2.47

379.61%

EBR Systems has secured a purchasing agreement with HCA Healthcare in the US, which Morgans believes should not only support more efficient procurement and contracting but also reinforce management's commentary around increasing engagement with large hospital facilities.

The broker continues to view the stock favourably given several positive developments, including 41 commercial implants completed in the first quarter and 55 physicians now trained to implant WiSE, as the company transitions from early adopter hospitals towards wider institutional penetration. Buy rating and $2.47 target maintained.

FORECAST
Morgans forecasts a full year FY26 dividend of 0.00 cents and EPS of minus -12.79 cents.
Morgans forecasts a full year FY27 dividend of 0.00 cents and EPS of minus -10.71 cents.

21/05/2026

1

Buy

$2.43

371.84%

Canaccord Genuity retains a Buy rating for EBR Systems with an unchanged target price of $2.43 following upbeat feedback from a leading electrophysiologist and recent management commentary.

Early data from the post-approval study indicates a commercial complication rate around 4%, tracking significantly below the 19% observed in prior clinical trials.

The commercial case mix is tilting toward leadless upgrades and septal pacing, commentary highlights, representing a substantial growth driver within a widening patient pool.

While alternative conduction system pacing presents a near-term headwind, the broker foresees a material future opportunity for the WiSE device as durability concerns regarding competing methods emerge.

System-wide purchasing agreements with major hospital networks like HCA and Advocate Health are expected to streamline reimbursement pathways and incentivise further clinical adoption.