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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$0.36
â–Ľ(-72.42% Downside)
Action:Reiterated
Date:07/03/26
The score is held down primarily by weak financial performance (large losses, substantial negative free cash flow, and increased leverage), which outweighs early revenue traction. Technicals are mixed with a longer-term downtrend and negative MACD despite some short-term strength. Valuation remains challenging because the company is loss-making (negative P/E) and there is no dividend support.
Positive Factors
Early commercial revenue growth
Reported 2025 revenue of ~US$1.7M with ~30% gross margin shows the company has moved beyond pure R&D into initial commercial sales. This validates product-market fit and unit economics at small scale, providing a durable platform for scaling revenue and margin improvement if adoption continues.
Negative Factors
Severe cash burn
Operating cash flow and free cash flow are deeply negative, indicating substantial ongoing cash burn that will materially deplete runway absent new funding. This structural weakness forces reliance on external capital and can constrain strategic choices, delaying breakeven and making execution riskier over months.
Read all positive and negative factors
Positive Factors
Negative Factors
Early commercial revenue growth
Reported 2025 revenue of ~US$1.7M with ~30% gross margin shows the company has moved beyond pure R&D into initial commercial sales. This validates product-market fit and unit economics at small scale, providing a durable platform for scaling revenue and margin improvement if adoption continues.
Read all positive factors
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh (EBR) vs. iShares MSCI Australia ETF (EWA)
Market Cap
AU$239.43M
Dividend YieldN/A
Average Volume (3M)694.25K
Price to Earnings (P/E)―
Beta (1Y)1.33
Revenue GrowthN/A
EPS Growth35.64%
CountryAU
Employees135
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.09
Shares Outstanding7,531,923,300
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$2.19Price Target Upside66.16% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-0.09
Revenue Forecast (FY)AU$16.15M
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Business Overview & Revenue Model
Company Description
EBR Systems, Inc. is a company focused on creating implantable medical devices that employ wireless technology for tissue stimulation. Their flagship product is the WiSE cardiac resynchronization therapy system, which utilizes a unique wireless me...
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.97M | 1.67M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 675.32K | 507.09K | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -50.39M | -47.28M | -37.73M | -24.66M | -23.62M | ― |
| Net Income | -55.35M | -50.46M | -20.17M | -35.04M | -33.09M | ― |
Balance Sheet | ||||||
| Total Assets | 80.71M | 97.29M | 73.56M | 78.90M | 71.68M | 85.42M |
| Cash, Cash Equivalents and Short-Term Investments | 30.03M | 53.22M | 60.66M | 72.32M | 63.53M | 78.24M |
| Total Debt | 59.85M | 58.63M | 41.40M | 41.59M | 21.59M | 4.81M |
| Total Liabilities | 71.13M | 71.69M | 49.20M | 47.84M | 27.73M | 9.53M |
| Stockholders Equity | 9.59M | 25.61M | 24.36M | 31.06M | 43.95M | 75.90M |
Cash Flow | ||||||
| Free Cash Flow | -67.10M | -58.86M | -41.50M | -33.05M | -31.09M | -934.16K |
| Operating Cash Flow | -60.17M | -55.05M | -41.23M | -32.70M | -30.36M | -22.15K |
| Investing Cash Flow | 10.93M | 8.11M | 1.11M | -8.64M | -49.35M | -906.81K |
| Financing Cash Flow | 46.60M | 48.46M | 32.48M | 40.47M | 17.01M | 95.76M |
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Technical Analysis
Negative
1.32
Price Trends
0.43
Negative
0.53
Negative
0.75
Negative
Market Momentum
>-0.01
Negative
41.20
Neutral
16.53
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AU:EBR, the sentiment is Negative. The current price of 1.32 is above the 20-day moving average (MA) of 0.39, above the 50-day MA of 0.43, and above the 200-day MA of 0.75, indicating a bearish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 41.20 is Neutral, neither overbought nor oversold. The STOCH value of 16.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AU:EBR.
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | AU$8.06B | 23.44 | 17.76% | 1.64% | 2.04% | -6.63% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | AU$535.98M | -18.90 | -109.63% | ― | -68.64% | 36.40% | |
45 Neutral | AU$18.31M | -0.50 | -165.13% | ― | 23.30% | -14.29% | |
44 Neutral | AU$239.43M | -2.90 | -179.23% | ― | ― | 35.64% | |
43 Neutral | AU$3.12M | -1.56 | -358.43% | ― | -52.22% | 44.79% | |
41 Neutral | AU$23.94M | -1.88 | -180.06% | ― | 74.74% | 4.32% |
* General Sector Average
AU:EBR
EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh
0.38
-0.80
-68.19%
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124.00
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-57.86%
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0.01
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-65.85%
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0.01
>-0.01
-14.29%
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0.03
-0.02
-32.00%
AU:IMR
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EBR Systems, Inc. Shs Chess Depository Interests Repr 1 Sh Corporate Events
EBR Systems Sets Virtual Special Meeting for Global Shareholders
Jul 9, 2026
EBR Systems, developer of a proprietary wireless cardiac pacing system for heart failure patients, has convened a virtual special meeting of stockholders to be held on 19 August 2026 AEST, providing proxy materials and voting instructions to both ...
EBR Systems Director Increases Stake Through Entitlement Offer
Jul 5, 2026
EBR Systems has disclosed a change in director Bronwyn Evans’s interests in the company’s securities, following her participation in a recent entitlement offer. Evans, holding both direct options and an indirect joint holding with Pete...
EBR Systems sets special meeting to ratify capital raisings
Jun 30, 2026
EBR Systems, Inc., a developer of wireless cardiac pacing technology for heart failure patients, is advancing its patented WiSE system, the only wireless endocardial left-ventricular pacing device in clinical use and currently available for sale i...
EBR Systems Seeks ASX Quotation for 114.7 Million New CDIs
Jun 29, 2026
EBR Systems Inc. has lodged an application with the ASX for quotation of 114,699,930 CHESS Depository Interests, with an issue date of June 29, 2026, under its existing EBR code. The new securities, which exclude certain U.S. persons from particip...
EBR Systems Raises A$43.6m as Retail Entitlement Offer Closes
Jun 24, 2026
EBR Systems has completed the retail component of its fully underwritten 1-for-2 pro-rata accelerated non-renounceable entitlement offer, issuing new CHESS Depositary Interests at A$0.38 each to raise about A$10.9 million from retail investors. Co...
EBR Systems Director Evans Boosts Stake with 300,000 CDI Purchase
Jun 18, 2026
EBR Systems has disclosed a change in director Bronwyn Evans’ interests, revealing an on‑market purchase of 300,000 CHESS Depositary Interests (CDIs). The transaction, executed at prices of $0.38 and $0.385 per CDI in two equal tranche...
EBR Systems launches A$150m fully underwritten capital raise
Jun 4, 2026
EBR Systems has launched a fully underwritten A$150 million capital raising, combining an accelerated non-renounceable pro rata entitlement offer and an institutional placement of new CHESS Depositary Interests at A$0.38 each. The offer, open to e...
EBR Systems to Raise Capital via Accelerated Entitlement Offer and Placement
Jun 4, 2026
EBR Systems Inc. has announced a proposed issue of CHESS Depositary Interests on the ASX through an accelerated non-renounceable entitlement offer and a separate placement. The capital raising, which will see hundreds of millions of new securities...
EBR Systems launches capital raising via placement and entitlement offer
Jun 4, 2026
EBR Systems has launched a capital raising that combines a placement of new CHESS Depositary Interests to institutional and sophisticated investors with an accelerated non-renounceable pro-rata entitlement offer to eligible shareholders in Austral...
EBR Systems launches A$150m equity raising to fund WiSE System rollout
Jun 4, 2026
EBR Systems plans to raise A$150 million through a fully underwritten institutional placement and a 1-for-2 pro rata accelerated non-renounceable entitlement offer, issuing about 394.7 million new CDIs at A$0.38 each, a discount to recent trading ...
EBR Systems Seeks ASX Trading Halt Ahead of Capital Raising Announcement
Jun 4, 2026
EBR Systems, Inc., a U.S.-based medtech company listed on the ASX, develops cardiac rhythm management technologies and accesses Australian investors through CHESS Depositary Interests. Its products are aimed at improving treatment options for pati...
CMS Fast-Tracks Medicare Coverage Review for EBR Systems’ WiSE Heart Device
Jun 3, 2026
EBR Systems has secured initiation of a National Coverage Determination review by the U.S. Centers for Medicare Medicaid Services for its WiSE wireless left ventricular pacing system used in cardiac resynchronization therapy. The move follows the...
EBR Systems Wins Major HCA Deal to Accelerate WiSE CRT Rollout in U.S.
May 12, 2026
EBR Systems has secured a purchasing agreement with HCA Healthcare, one of the largest U.S. healthcare networks with 190 hospitals and about 2,500 ambulatory sites across 19 states. The deal marks a key commercial milestone in the rollout of EBR&#...
EBR Systems schedules investor webinar to discuss Q1 2026 results
May 12, 2026
EBR Systems, developer of the WiSE wireless cardiac pacing technology, will hold an investor webinar to discuss its first-quarter 2026 results following the release of its Quarterly Activity Report and Form 10-Q. The session, led by senior managem...
EBR Systems accelerates WiSE rollout as U.S. implants double and Australian review fast-tracked
May 11, 2026
EBR Systems reported strong early commercial traction for its WiSE CRT System in the first quarter of 2026, with U.S. implant volumes more than doubling from the prior quarter to 41 procedures and total commercial implants reaching 71, driving qua...
EBR Systems shareholders back all resolutions at 2026 annual meeting
May 7, 2026
EBR Systems has reported that all resolutions at its 2026 Annual Meeting of Stockholders were passed by poll, confirming shareholder support for the company’s current governance and strategic direction. The outcome reinforces operational con...
EBR Systems Corrects Issued Capital Figures After Reverse Stock Split
Apr 27, 2026
EBR Systems has corrected an error in its previously reported issued capital figures following a recent reverse stock split, adjusting the counts for common stock, CHESS Depositary Interests and options while leaving warrants unchanged. The revise...
EBR Systems Wins TGA Priority Review for WiSE Wireless CRT in Australia
Apr 23, 2026
EBR Systems has secured a Priority Review Determination from Australia’s Therapeutic Goods Administration for its WiSE wireless cardiac resynchronisation therapy system, an expedited pathway that could shorten regulatory evaluation from 225 ...
EBR Systems Showcases WiSE Wireless Pacing Breakthrough at Heart Rhythm 2026
Apr 19, 2026
EBR Systems, developer of the WiSE wireless cardiac pacing system, will showcase its technology and clinical progress at the Heart Rhythm 2026 conference in Chicago, underscoring its focus on improving cardiac resynchronisation therapy for heart f...
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.