The company has issued more shares over this period, which dilutes each existing shareholder’s stake.
Diluted shares outstanding: 30.2M (2021) → 44.6M (2025)
Onward Medical N.V. is a medical technology company dedicated to developing innovative therapies for spinal cord injuries, operating both within the Netherlands and internationally. Among its primary offerings is ARCEX, a non-invasive, external platform. This system incorporates a wearable stimulator and a wireless programmer, designed to restore or significantly enhance hand and arm motor function for individuals living with spinal cord injuries. Complementing this is ARCIM, an implantable platform. ARCIM features an implantable pulse generator and a lead positioned near the spinal cord, empowering individuals with chronic paralysis to regain the ability to stand and walk, often with minimal or no external assistance. The company is also currently advancing the Up-LIFT Trial, a clinical study evaluating the safety and efficacy of ARCEX Therapy in restoring strength and mobility in the upper extremities of those affected by spinal cord injury. Established in 2014, Onward Medical N.V. maintains its headquarters in Eindhoven, Netherlands.
When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.
+254.4% YoY
YoY Growth Rate
Strong revenue growth
+23.4% YoY
YoY Growth Rate
Steady EPS growth
€12M/ year
→ Flat (-1% vs prior year)
325.9% of revenue
18.1x the sector average (18%)
Steady R&D investment year-over-year
~9 months
€82M cash & investments
Quarterly Free Cash Flow
↓ Burn rate worsening
Short runway — potential dilution ahead through share issuance
Onward Medical N.V. is growing revenue at 254% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."
The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.
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Negative ROIC means the business is losing money on every dollar invested in it.
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Free cash flow is negative. They are burning cash, not generating it.
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See every metric, trend, and what it means for this stock.
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