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EBR Systems Inc ASX:EBR

1 opened or increased0 held0 reduced or exitedlatest position by manager, past 12 months90 days: 0 increased, 0 reduced. 2 managers in total.

Position history by manager 2 managersSelect a point to see the comment

Opened or increasedHeldReduced or exited Start or end of the position not reported

20252026

31 Oct 2024 to today

Commentary Showing 2 of 4

DateManagerActionSummary

30 Jun 2026NorthStar Impact FundsInitiatedNorthStar Impact Funds initiated a position in EBR Systems because it participated in the company's $150 million placement, viewing the capital raise as a key catalyst for a re-rating of the medical device maker's shares. The manager believes EBR has developed a first-in-class device with FDA approval and reimbursement already in place: the WiSE CRT System, a wireless device implanted in the heart's left ventricle to deliver cardiac resynchronisation therapy. With 71 implants completed since approval and 41 of those in the first quarter of 2026, NorthStar expects the implant rate to scale meaningfully as more surgeons are trained, helping EBR capture share of the US$3.6 billion addressable market for heart failure treatment. The fund held five meetings with EBR management during the first half of 2026 prior to investing in early June, focused on understanding the commercial pathway and funding requirements for the WiSE device.

Medical DevicesMonthly Report, price recorded $0.39

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30 Apr 2025Pengana Capital GroupHeldPengana Capital Group continues to hold EBR Systems Inc. because the fund views the shares as very attractive following FDA approval of the WiSE cardiac resynchronisation device, despite a surprising 30% share price decline post-approval. Pengana Capital Group acknowledges that significant revenue is unlikely to be generated until reimbursement is established in October, but sees the approval as a major de-risking milestone.

Medical DevicesMonthly Report, price recorded $1.22

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Price at first mentionThe share price recorded when each of 2 managers first commented on EBR.

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About EBR Systems Inc

Healthcare, Healthcare Equipment and Supplies

EBR Systems (ASX:EBR), a developer of wireless cardiac pacing technology, raised capital that NorthStar Impact Funds views as a catalyst. In June 2026, NorthStar reported participating in EBR's $150 million placement to initiate a position, seeing the capital raising as a key catalyst for a re-rating of the shares as the company commercialises its technology. EBR Systems operates in the Healthcare sector within the Healthcare Equipment and Supplies industry, and Thesis Tracker has captured 4 comments from 2 fund managers, including NorthStar Impact Funds. Founded in 2003 by Richard Riley and Debra Echt and headquartered in Sunnyvale, California, EBR Systems develops the WiSE CRT System, the world's only wireless, leadless left ventricular pacing system for cardiac resynchronisation therapy in heart failure patients, which received FDA approval in 2025 and is being launched in the United States, targeting patients who are not well served by conventional pacing leads.

Market cap: $115m
Price to earnings: Loss-making
Return on equity: -102.5%
Dividend yield: 0.0%
Price to book: 2.15x
Net margin: -942.7%
52-week range: $0.13 to $1.47

Company figures as of 15 Oct 2026. For information only.

Questions

Who is investing in EBR Systems Inc (ASX:EBR)?

Fund managers including Pengana Capital Group and NorthStar Impact Funds have invested in EBR Systems Inc (ASX:EBR).

What opportunities or catalysts do fund managers highlight for EBR Systems Inc?

NorthStar highlights the $150 million placement funding the US commercial launch of the FDA-approved WiSE CRT System, which it sees as a catalyst for a share price re-rating.

What are the key risks to the EBR Systems Inc investment thesis, according to fund managers?

The available commentary does not detail specific risks, though EBR's value depends on successful US commercial adoption and reimbursement of its wireless pacing system.

What does EBR Systems Inc (ASX:EBR) do?

EBR Systems, Inc. develops wireless implantable cardiac stimulation technology. Founded in 2003 by Richard E. Riley and Debra Sheryl Echt, the company is headquartered in Sunnyvale, CA. Its primary product, the WiCS Wireless Cardiac Stimulation system, provides a solution to eliminate cardiac pacing leads. This technology addresses a critical clinical need for effective, leadless cardiac rhythm management. EBR Systems remains focused on advancing innovative medical device solutions for cardiac tissue stimulation.

General information only. Thesis Tracker reports what named fund managers have published about ASX companies. It does not take into account your objectives, financial situation or needs, and is not financial product advice or a recommendation to buy, sell or hold any security.

11,356 comments from 164 managers on 761 companies, snapshot 15 Oct 2026.

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