EBR Systems (ASX: EBR; OTC: EBRCZ) is a medical device company in the early commercialization phase that develops and sells the WiSE CRT System, a wireless cardiac resynchronization therapy device. Revenue is transactional, generated through sales of the WiSE CRT System to physicians and healthcare institutions, though the company has been unprofitable since inception and has never generated positive cash flow (10-K, filed 2026-03-18). As of December 31, 2025, the company carried $41.8 million in outstanding principal debt under a loan and security agreement and held working capital of $59.1 million, comprised of $73.1 million in current assets and $14.0 million in current liabilities. The company's securities trade on the Australian Securities Exchange under the symbol EBR, with approximately 6,376 registered CDI holders as of March 7, 2026. EBR Systems is incorporated in Delaware and reports as a U.S. publicly reporting company. It has never paid a cash dividend and does not intend to in the foreseeable future.

Revenue model

Transactional product sales of the WiSE CRT System to physicians and healthcare institutions. The company is in early commercialization and has not been profitable since inception (10-K, filed 2026-03-18).

Products and services

WiSE CRT System, a wireless cardiac resynchronization therapy medical device. Product inventory obligations for raw materials and sub-assemblies supporting WiSE CRT System production were approximately $7.8 million as of December 31, 2025.

Customers and end markets

Physicians and healthcare institutions in the cardiac resynchronization therapy end market. Clinical results published by the company and third parties influence physician adoption of the WiSE CRT System (10-K, filed 2026-03-18).

Value-chain role

Medical device developer and manufacturer. The company manages its own intellectual property portfolio, conducts clinical research and development, and is expanding its commercial sales and marketing organization. It relies on third-party suppliers for raw materials and sub-assemblies.

Geographic exposure

Securities listed on the Australian Securities Exchange (ASX: EBR); incorporated in Delaware, USA. A substantial majority of CDI holders are non-U.S. holders as of March 7, 2026. No specific country-level revenue breakdown disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-18

Industry: Surgical & Medical Instruments & Apparatus