Overview

• US biomedical device maker's Q1 revenue declined and missed analyst expectations

• Net loss widened yr/yr, reflecting higher R&D costs for clinical trials

• Company ended Q1 with $94.4 mln in cash and marketable securities, aided by new funding

Outlook

• Cash runway projected into Q4 2027 and through achievement of key clinical and regulatory milestones

• Company expects late-breaking clinical trial presentation in Q2 2027 and subsequent regulatory submissions

Result Drivers

• REVENUE DECLINE - Co said revenue fell mainly due to the end of a prior distribution agreement with Terumo

• HIGHER R&D SPENDING - Co attributed increased research and development expenses to ongoing BACKBEAT Trial and Virtue SAB program costs

• PERSONNEL AND CONSULTING COSTS - Co said higher operating cash use reflected increased personnel and consulting expenses, including non-recurring payments

Company press release: ID:nGNX21XRZ5

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Miss	$110,000	$190,750 (4 Analysts)
Q1 EPS		-$0.33
Q1 Net Income		-$20.70 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the advanced medical equipment & technology peer group is "buy"

• Wall Street's median 12-month price target for Orchestra Biomed Holdings Inc is $12.00, about 206.9% above its May 11 closing price of $3.91

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