EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh (AU:EBR)
ASX:EBR
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EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh
(Sydney:EBR)
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Rating:44Neutral
Price Target:
AU$0.60
â–¼(-54.77% Downside)
Action:ReiteratedDate:03/20/26
The score is primarily held down by weak financial performance—large ongoing losses, substantial negative operating/free cash flow, and higher leverage—despite early signs of revenue traction and positive gross margin. Technicals add pressure with a clear downtrend and negative MACD. Valuation provides limited support because the company is loss-making (negative P/E) and no dividend yield is available.
Positive Factors
Positive gross margin / early commercialization
A ~30% gross margin with initial revenue demonstrates product economics and early market acceptance. Over 2-6 months this supports a path to scalable unit economics as volumes grow, reducing incremental cash required per sale and enabling a clearer route to operating leverage if commercialization gains traction.
Negative Factors
Severe cash burn
Very large negative operating and free cash flow implies significant runway pressure and reliance on external funding. In a 2-6 month horizon this elevates dilution and refinancing risk, constrains discretionary R&D/commercial spend, and could force financing on unfavorable terms if revenue ramp does not accelerate materially.
Read all positive and negative factors
Positive Factors
Negative Factors
Positive gross margin / early commercialization
A ~30% gross margin with initial revenue demonstrates product economics and early market acceptance. Over 2-6 months this supports a path to scalable unit economics as volumes grow, reducing incremental cash required per sale and enabling a clearer route to operating leverage if commercialization gains traction.
Read all positive factors
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh (EBR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$328.69M
Dividend YieldN/A
Average Volume (3M)694.25K
Price to Earnings (P/E)―
Beta (1Y)1.14
Revenue GrowthN/A
EPS GrowthN/A
CountryAU
Employees89
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.04
Shares Outstanding449,713,100
10 Day Avg. Volume604,410
30 Day Avg. Volume694,249
Financial Highlights & Ratios
PEG Ratio-0.06
Price to Book (P/B)9.73
Price to Sales (P/S)148.94
P/FCF Ratio-4.23
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
AU$2.30Price Target Upside74.24% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.11
Revenue Forecast (FY)AU$15.97M
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Business Overview & Revenue Model
Company Description
EBR Systems, Inc. develops implantable systems for wireless tissue stimulation. The company offers WiSE cardiac resynchronization therapy system that uses a proprietary wireless technology to deliver pacing stimulation directly to the inside of th...
How the Company Makes Money
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EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
28
Negative
Cash Flow
10
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.67M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 507.09K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -47.28M | -37.73M | -24.66M | -23.62M | ― |
| Net Income | -50.46M | -20.17M | -35.04M | -33.09M | ― |
Balance Sheet | |||||
| Total Assets | 97.29M | 73.56M | 78.90M | 71.68M | 85.42M |
| Cash, Cash Equivalents and Short-Term Investments | 53.22M | 60.66M | 72.32M | 63.53M | 78.24M |
| Total Debt | 58.63M | 41.40M | 41.59M | 21.59M | 4.81M |
| Total Liabilities | 71.69M | 49.20M | 47.84M | 27.73M | 9.53M |
| Stockholders Equity | 25.61M | 24.36M | 31.06M | 43.95M | 75.90M |
Cash Flow | |||||
| Free Cash Flow | -58.86M | -41.50M | -33.05M | -31.09M | -934.16K |
| Operating Cash Flow | -55.05M | -41.23M | -32.70M | -30.36M | -22.15K |
| Investing Cash Flow | 8.11M | 1.11M | -8.64M | -49.35M | -906.81K |
| Financing Cash Flow | 48.46M | 32.48M | 40.47M | 17.01M | 95.76M |
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Technical Analysis
Positive
1.32
Price Trends
0.72
Positive
0.85
Negative
1.05
Negative
Market Momentum
-0.02
Negative
56.91
Neutral
70.01
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EBR, the sentiment is Positive. The current price of 1.32 is above the 20-day moving average (MA) of 0.67, above the 50-day MA of 0.72, and above the 200-day MA of 1.05, indicating a neutral trend. The MACD of -0.02 indicates Negative momentum. The RSI at 56.91 is Neutral, neither overbought nor oversold. The STOCH value of 70.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AU:EBR.
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | AU$24.72M | -1.40 | -98.14% | ― | 14.84% | 39.64% | |
44 Neutral | AU$328.69M | -4.94 | -152.49% | ― | ― | ― | |
44 Neutral | AU$142.20M | -10.00 | -70.29% | ― | ― | -257.32% | |
41 Neutral | AU$10.75M | -0.50 | 459.94% | ― | -2.82% | 32.47% | |
41 Neutral | AU$39.21M | -2.66 | -180.06% | ― | -14.25% | -22.83% | |
40 Underperform | AU$25.23M | -4.09 | -58.40% | ― | -7.20% | 28.70% |
* Healthcare Sector Average
AU:EBR
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh
0.71
-0.71
-50.00%
AU:AT1
Atomo Diagnostics Ltd.
0.03
<0.01
35.00%
AU:ADR
Adherium Ltd.
―
―
―
AU:MX1
Micro-X Ltd.
0.05
>-0.01
-11.67%
AU:EMV
EMvision Medical Devices Ltd.
1.59
-0.26
-13.86%
AU:CBL
Control Bionics Ltd.
0.06
0.02
40.00%
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Corporate Events
EBR Systems Posts Strong Q1 Growth as Wireless Cardiac Pacing Rollout Accelerates
Apr 8, 2026
EBR Systems reported strong commercial momentum in the first quarter of 2026, with WiSE System implants in 41 commercial patients, more than double the previous quarter, bringing total implants in the pilot and Limited Market Release phases to 71....
EBR Systems Corrects Cash Flow and CDI Data in 2025 Annual Report
Mar 31, 2026
EBR Systems has issued a correction to its 2025 Annual Report, clarifying that net cash used in operating activities was US$53.2 million rather than the previously stated US$53.7 million. The company also revised an inaccurate table detailing the ...
EBR Systems Files Delaware Charter Amendment to Activate Reverse Stock Split
Mar 26, 2026
EBR Systems has lodged an amended charter in Delaware to implement a previously approved reverse stock split, and has filed the associated disclosure with the U.S. securities regulator. The move marks a key corporate action for the ASX-listed card...
EBR Systems Details Remuneration Report Practices in 2025 Annual Report
Mar 26, 2026
EBR Systems, Inc., a Delaware-incorporated company listed in Australia via CHESS Depositary Interests, remains subject primarily to U.S. corporate law rather than Australian corporate law requirements. This structure shapes how the company manages...
EBR Systems Sets 2026 Virtual AGM and Releases 2025 Annual Report
Mar 26, 2026
EBR Systems has convened its 2026 annual meeting of stockholders for 7 May 2026 AEST, to be held virtually from its Sunnyvale headquarters, and has dispatched meeting materials and voting instructions to common stock and CDI holders. Alongside the...
EBR Systems Director John McCutcheon Exercises 109,100 Options Into CDIs
Mar 25, 2026
EBR Systems has reported a change in director John McCutcheon’s interests, following the exercise of stock options into CHESS Depositary Interests in the company. McCutcheon converted 109,100 unquoted options into an equal number of quoted C...
EBR Systems Seeks ASX Quotation for Additional CDIs
Mar 25, 2026
EBR Systems, Inc., a medical technology company specializing in cardiac pacing solutions for heart rhythm disorders, continues to build out its capital structure as it advances its product and market strategy within the cardiac device sector. The ...
EBR Systems sets one-for-10 reverse stock split and adjusts CDI conversion ratio
Mar 25, 2026
EBR Systems, developer of the WiSE wireless cardiac pacing technology for heart failure patients, will implement a one-for-10 reverse stock split of its common shares following stockholder approval. The company’s ASX-traded CHESS Depositary ...
EBR Systems Ramps Spending as WiSE Heart-Failure Device Commercialisation Advances
Mar 18, 2026
EBR Systems, Inc., developer of the WiSE wireless cardiac pacing system for heart failure patients, reported its quarterly cash flow for the period ended 31 December 2025, showing continued investment in research and development as it began enrolm...
EBR Systems Reports Lapse of 293,697 Options, Trimming Potential Dilution
Mar 16, 2026
EBR Systems has notified the ASX of the cessation of 293,697 options, with various expiry dates and exercise prices, after the conditional rights attached to these securities lapsed because the required conditions were not or could not be satisfie...
EBR Systems files proxy ahead virtual AGM to vote on board and equity plans
Mar 16, 2026
EBR Systems, developer of the WiSE wireless cardiac pacing system, has filed a preliminary proxy statement with U.S. and Australian regulators ahead of its virtual Annual Meeting of Stockholders, scheduled for 7 May 2026 AEST. The meeting will add...
EBR Systems names Philip Oettinger as new U.S. Corporate Secretary
Mar 16, 2026
EBR Systems has appointed Philip Oettinger as its U.S. Corporate Secretary, succeeding John Sellers, who has served in the role since the company’s ASX listing. The board acknowledged Sellers’ contributions while signalling a governanc...
EBR Systems Issues 1.37 Million Unquoted Options Under Employee Incentive Plan
Mar 15, 2026
EBR Systems, Inc. has notified the market of the issue of 1,365,500 unquoted options under its employee incentive scheme, with various expiry dates and exercise prices. The options, which will not be quoted on the ASX, were issued on 2 March 2026 ...
EBR Systems Director Increases Equity Stake Through Option Exercise
Mar 12, 2026
EBR Systems, Inc. has reported a change in the interests of director Allan Will, following the exercise of 58,500 options at US$0.16 per share, resulting in the conversion of these options into an equivalent number of CHESS Depositary Interests. A...
EBR Systems Stockholders Approve All Resolutions at 2026 Special Meeting
Mar 12, 2026
EBR Systems reported that all resolutions put to stockholders at its 2026 Special Meeting were decided and passed by poll, complying with relevant ASX listing requirements. The outcome reinforces the company’s corporate governance processes ...
EBR Systems Issues Investor Presentation with Regulatory and Reporting Disclaimers
Mar 9, 2026
EBR Systems has released an investor presentation that outlines general information about its activities and financial reporting, emphasizing that the material is a high‑level summary and should not be relied on as standalone investment advi...
EBR Systems Reports Early 2026 Commercial Momentum as Executives Head to Investor Conferences
Mar 9, 2026
EBR Systems will showcase its wireless cardiac pacing technology to investors at three healthcare and biotech conferences in March in Miami, Sorrento and Hong Kong, with senior executives hosting meetings, presentations and a fireside chat. The co...
EBR Systems Calls Virtual 2026 Special Meeting to Engage Global Stockholder Base
Jan 26, 2026
EBR Systems has called a 2026 Special Meeting of Stockholders to be held virtually on 12 March 2026 (AEDT), and has dispatched the Notice of Special Meeting and Proxy Statement, along with voting instruction forms for CHESS Depositary Interest hol...
EBR Systems Calls Special Meeting to Vote on Common Share Consolidation
Jan 20, 2026
EBR Systems has called a virtual special meeting of stockholders for 12 March 2026, with the notice of meeting to be made available online around 28 January 2026, to consider changes affecting its capital structure. The company is proposing a cons...
EBR Systems Calls March Special Meeting to Approve Reverse Stock Split and Ratify Prior Placement
Jan 18, 2026
EBR Systems will convene a virtual special meeting of stockholders in March 2026 to vote on key corporate actions, including a proposed amendment to its charter to implement a reverse stock split within a 1-for-5 to 1-for-20 range, and the ratific...
EBR Systems to Present at J.P. Morgan Conference as Cardiac Pacing Market Opportunity Swells
Jan 11, 2026
EBR Systems will present at the 44th Annual J.P. Morgan Healthcare Conference, where President and CEO John McCutcheon is set to brief investors on the company’s commercial progress, clinical programs and strategic priorities aimed at expand...
EBR Systems Accelerates WiSE Cardiac Pacing Rollout with Surging Q4 Implants and Pivotal Study Launches
Jan 11, 2026
EBR Systems reported strong commercial and clinical progress in the fourth quarter of FY2025, with WiSE System case volumes doubling from the prior quarter to 18 commercial implants and total commercial and pilot implants reaching 30. The company ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.