ONWARD Medical Reports Strong Revenue Growth and Pipeline Advancements
News related to:ONWARD Medical · 2 min read
ONWARD Medical, a leading neurotechnology company, announced strong financial and operational results for the first half of 2026. The company’s revenue grew significantly, driven by robust sales of its ARC-EX System, an FDA-cleared technology designed to improve hand strength and sensation after spinal cord injuries (SCI).
In the first half of the year, ONWARD Medical sold 159 ARC-EX Systems, marking a 430% year-over-year increase. The product is now available in over 130 clinics in the United States, with expanded home-use access through the US Veterans Affairs Healthcare System. Additionally, the company has seen the ARC-EX System introduced in multiple international clinics, including those in the Netherlands, Switzerland, Germany, UK, France, Italy, Israel, and Spain.
The company also made significant progress in its investigational ARC-IM System. The Empower BP global pivotal study, designed to assess the safety and effectiveness of the implantable ARC-IM System for managing blood pressure instability in people with SCI, achieved its first participant enrollment and first implant at Craig Hospital in Denver, Colorado. To date, 22 participants have been enrolled, with 14 clinical sites actively recruiting in the United States and Canada.
ONWARD Medical initiated the EIGER clinical feasibility study, evaluating the investigational ARC-IM System for restoring mobility in people with subacute or chronic SCI. This study is being conducted in Switzerland at the Schweizer Paraplegiker-Zentrum (SPZ) in Nottwil and the Centre Hospitalier Universitaire Vaudois (CHUV) in Lausanne. The company also advanced its pipeline by adding two additional ARC-BCI implants, bringing the total number of study participants to seven.
Financially, the company reported a revenue of €4.2 million, with a 240% increase in ARC-EX System sales compared to the same period last year. Despite the growth, the company reported an operating loss of €23.3 million. However, the company ended the first half of 2026 with a positive cash balance of €81.5 million, having successfully raised €40.6 million in equity capital and securing a financing agreement for up to €50 million with funds and accounts managed by BlackRock.
CEO Dave Marver stated, "The first half of 2026 marked another period of strong execution for ONWARD. The commercial launch of the ARC-EX System continues to be a resounding success, with expanding access across clinics and homes driving strong product revenue growth. We are also making excellent progress in the development and clinical exploration of our investigational ARC-IM and ARC-BCI platforms."
Looking ahead, ONWARD Medical plans to continue expanding marketing of the ARC-EX System in the home setting, accelerate commercialization across key European countries, and prepare for the expansion of ARC-EX availability into additional countries and regions. The company also aims to continue executing the Empower BP global pivotal study for ARC-IM Therapy and pursue additional implants within early feasibility studies to explore further indications, including Parkinson's disease and stroke.
The company will hold a webcast today at 2:00 p.m. CEST / 8:00 a.m. ET, hosted by CEO Dave Marver, to discuss these updates and answer any questions from the media.