EBR Systems, Inc. (EBRCZ)
EBR Systems, Inc. focuses on developing internal medical devices that utilize wireless technology for tissue stimulation. A key offering is their WiSE cardiac resynchronization therapy (CRT) system, which leverages proprietary cable-free technology to deliver electrical pacing directly into the heart's left ventricle. This innovative approach aims to address and eliminate the typical difficulties associated with traditional wired leads, such as challenging insertion, unintended nerve activation, device displacement, complex removal procedures, and the need for frequent repositioning. The company was established in 2003 and operates from its headquarters in Sunnyvale, California.
Sector: Surgical & Medical Instruments & Apparatus
Industry: Medical - Devices
EBR Systems, Inc.
OTC:EBRCZHealthcare · Medical - Devices
+2.57%$0.1177
Mkt Cap$88.63M
Float620.84M
O/S752.98M
Vol
$ Vol
RVOL
Inst Own-
SI<0.1%
Earnings
Dilution
Financials Summary
Revenue$1.62M
Net Income-$48.76M
Total Assets$97.23M
Free Cash Flow-$56.88M
Debt & Equity
Debt 70%
Equity 30%
Total Debt$58.59M
Total Equity$25.59M
Shares Outstanding
Short Interest
Split History2 splits
- 1.1:1Forward splitJun 8, 20261 share → 1.1
- 1.1:1Forward splitJun 8, 20261 share → 1.1
Balance Sheet Details
Assets$97.23M
Liabilities$71.64M
Accounts Receivable$2.32M
Accounts Payable$7.05M
Inventory$13.79M
PP&E (Net)$18.09M
Goodwill$0
Intangible Assets$0
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Revenue | $1.62M | $0 | $0 | $0 | $0 | $0 | $1.29M |
| YoY Growth | - | - | - | - | - | - | - |
| Cost of Revenue | $1.13M | $551K | $0 | $0 | $0 | $0 | $7.07M |
| Gross Profit | $490K | -$551K | $0 | $0 | $0 | $0 | -$5.78M |
| Gross Margin | 30.3% | - | - | - | - | - | -446.7% |
| Research and Development | $23.94M | $13.21M | $15.82M | $13.23M | $7K | $8K | $11.05M |
| Selling, General, and Administrative | $22.64M | $5.82M | $13.59M | $13.51M | $9.95M | $7K | $8.56M |
| Other | $0 | $0 | $5.13M | $483 | $0 | $0 | $0 |
| Total Operating Expenses | $46.58M | $19.02M | $34.55M | $27.39M | $17.57M | $19K | $18.05M |
| Operating Income (EBIT) | -$47.69M | -$35.94M | -$34.55M | -$24.28M | -$23K | -$21K | -$25.39M |
| Operating Margin | -2949.3% | - | - | - | - | - | -1962.1% |
| Interest Expense | $5.84M | $5.66M | $4.6M | $1.53M | $0 | $0 | $0 |
| Interest Income | $2.8M | $2.98M | $3.37M | $2.46M | $19K | $8K | $978 |
| Other Income (Expense) | -$2.76M | -$1.15M | -$486K | $940K | -$17K | -$6K | $576K |
| Income Before Tax (EBT) | -$50.45M | -$20.17M | -$35.04M | -$33.09M | -$39.84M | -$26.42M | -$24.81M |
| Income Tax Expense | $2K | $2K | $2K | $2K | $0 | $698 | $0 |
| Net Income | -$48.76M | -$20.17M | -$35.04M | -$33.09M | -$39.84M | -$26K | -$24.81M |
| Net Income Margin | -3015.3% | - | - | - | - | - | -1917.6% |
| Supplementary Data | |||||||
| EPS | -0.12 | -0.12 | -121.29 | -122.73 | -0.56 | -1.95 | -0.19 |
| Diluted EPS | -0.12 | -0.12 | -121.29 | -122.73 | -0.56 | -1.95 | -0.19 |
| Weighted Average OS | 417.33M | 311.19M | 288.88M | 269.61M | 42.12M | 13.16M | 131.20M |
| EBITDA | -$47.29M | -$32.06M | -$30.45M | -$39.14M | -$19.76M | -$20.52M | -$25.17M |
| EBITDA Margin | -2924.4% | - | - | - | - | - | -1945.6% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Assets | |||||||
| Current Assets | |||||||
| Cash and Cash Equivalents | $5.79M | $6.92M | $14.58M | $15.46M | $78.24M | $5.88M | $7.29M |
| Short-Term Investments | $47.4M | $53.75M | $57.74M | $48.07M | $0 | $0 | $0 |
| Cash and Short-Term Investments | $53.19M | $60.66M | $72.32M | $63.53M | $78.24M | $5.88M | $7.29M |
| Accounts Receivable | $2.32M | $441K | $231K | $444K | $966K | $0 | $172K |
| Inventory | $13.79M | $1.39M | $0 | $2M | $1.72M | $0 | $2.84M |
| Other Current Assets | $3.81M | $276K | $383K | $610K | $174K | $1.19M | $1.07M |
| Total Current Assets | $73.11M | $64.47M | $74.37M | $66.59M | $81.1M | $7.07M | $11.37M |
| Long-Term Assets | |||||||
| Property, Plant & Equipment Net | $18.09M | $1.72M | $2.81M | $3.52M | $3.89M | $887K | $870K |
| Goodwill | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Intangible Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Investments | $0 | $5.3M | $1.13M | $986K | $0 | $0 | $0 |
| Deferred Tax Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Assets | $6.03M | $2.06M | $590K | $590K | $438K | $439K | $151K |
| Total Long-Term Assets | $24.11M | $9.09M | $4.52M | $5.09M | $4.32M | $1.33M | $1.02M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $97.23M | $73.56M | $78.9M | $71.68M | $85.42M | $8.4M | $12.39M |
| Liabilities | |||||||
| Current Liabilities | |||||||
| Accounts Payable | $7.05M | $3.25M | $1.86M | $2.09M | $1.71M | $0 | $4.62M |
| Short-Term Debt | $1.18M | $37K | $21K | $52K | $2.41M | $21.65M | $1M |
| Current Income Tax Payable | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Current Unearned Revenue | $0 | $0 | $0 | $0 | $0 | -$1 | -$1K |
| Other Current Liabilities | $5.81M | $1.41M | $4.32M | $3.57M | $3.01M | $4.76M | $1K |
| Total Current Liabilities | $14.05M | $8.33M | $6.45M | $5.93M | $7.32M | $27.32M | $5.62M |
| Long-Term Liabilities | |||||||
| Long-Term Debt | $57.41M | $40.26M | $39.65M | $19.4M | $73K | $11.58M | $17.47M |
| Long-Term Unearned Revenue | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-Term Deferred Tax Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Long-Term Liabilities | $184K | $38K | $77K | $482K | -$0 | $7.15M | $3.13M |
| Total Long-Term Liabilities | $57.59M | $40.88M | $41.39M | $21.8M | $2.21M | $18.73M | $20.6M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $71.64M | $49.2M | $47.84M | $27.73M | $9.53M | $46.05M | $26.21M |
| Stockholders' Equity | |||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $8K | $8K |
| Common Stock | $45K | $37K | $31K | $27K | $319.41M | $1K | $1K |
| Retained Earnings | -$402.22M | -$353.46M | -$311.7M | -$277.62M | -$243.51M | -$203.85M | -$178.13M |
| Comprehensive Income & Other | $947K | $873K | $963K | $795K | $1K | -$88K | $0 |
| Other Stockholders' Equity | $427.76M | $377.78M | $342.72M | $321.54M | $0 | $166.2M | $164.31M |
| Total Equity | $25.59M | $24.36M | $31.06M | $43.95M | $75.9M | -$37.65M | -$13.83M |
| Minority Interest | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities and Equity | $97.23M | $73.56M | $78.9M | $71.68M | $85.42M | $8.4M | $12.39M |
| Supplementary Data | |||||||
| Total Debt | $58.59M | $41.4M | $41.59M | $21.59M | $4.81M | $33.23M | $18.47M |
| Net Debt | $52.79M | $34.48M | $27.01M | $6.13M | -$73.44M | $27.35M | $11.18M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Operating Activities | |||||||
| Net Income | -$48.76M | -$40.8M | -$35K | -$33K | -$40K | -$26K | -$25K |
| Depreciation & Amortization | $403K | $551K | $752K | $641K | $371K | $276K | $213K |
| Deferred Income Tax | $0 | $0 | $0 | -$423 | -$387 | $0 | -$2K |
| Stock-Based Compensation | $3.05M | $1.74M | $1K | $870 | $459 | $0 | $381 |
| Changes in Working Capital: | |||||||
| Accounts Receivable | -$1.94M | -$215K | $0 | $0 | $0 | $0 | $507 |
| Inventory | -$13.25M | -$2.84M | $0 | $0 | $0 | $3K | $1K |
| Accounts Payable | $2.32M | $1.35M | $0 | $0 | $0 | $0 | $0 |
| Other Working Capital | $3.7M | -$432K | $782 | $423 | $388 | $2K | $258 |
| Total Working Capital Change | -$9.18M | -$2.14M | $782 | $423 | $388 | $4K | $2K |
| Other Non-Cash Items | $1.29M | -$583K | -$33.42M | -$30.96M | -$354K | -$272K | -$210K |
| Net Cash from Operating | -$53.19M | -$41.23M | -$32.7M | -$30.36M | -$22K | -$18K | -$21K |
| Investing Activities | |||||||
| Capital Expenditures | -$3.68M | -$256K | -$354K | -$730K | -$912K | -$265 | -$242 |
| Acquisitions | $0 | $0 | $0 | $49K | $0 | $0 | $0 |
| Purchases of Investments | -$54.7M | -$65.52M | -$77.46M | -$50.62M | $0 | $0 | $0 |
| Sales of Investments | $66.22M | $66.9M | $69.17M | $2M | $0 | $0 | $0 |
| Other Investing Activities | $0 | -$17K | $0 | -$49K | $5K | $0 | $0 |
| Net Cash from Investing | $7.84M | $1.11M | -$8.64M | -$49.35M | -$907K | -$265 | -$242 |
| Financing Activities | |||||||
| Debt Repaid | $38K | -$37K | -$20M | -$17.6M | -$20.02M | - | - |
| Common Stock Issuance | $48.5M | $34.02M | $21.62M | $422K | $80.93M | $0 | $0 |
| Common Stock Repurchases | $0 | $0 | $55K | -$213K | -$4.9M | $0 | $0 |
| Dividends Paid | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Financing Activities | -$1.63M | -$1.57M | -$1.15M | -$17.79M | -$290K | $16K | $11K |
| Net Cash from Financing | $46.83M | $32.48M | $40.47M | $17.01M | $95.76M | $16K | $11K |
| Forex Effect | $7K | -$29K | -$5K | -$96K | -$337K | $0 | $17K |
| Net Change in Cash | $1.48M | -$7.66M | -$878K | -$62.79M | $72.36M | -$1K | $7K |
| Supplementary Data | |||||||
| Operating Cash Flow | -$53.19M | -$41.23M | -$32.7M | -$30.36M | -$22K | -$18K | -$21K |
| Capital Expenditure | -$3.68M | -$273K | -$354K | -$730K | -$912K | -$265 | -$242 |
| Free Cash Flow | -$56.88M | -$41.5M | -$33.05M | -$31.09M | -$934K | -$18K | -$21K |
| Cash at Beginning | $6.92M | $14.58M | $15.46M | $78.24M | $5.88M | $7K | $0 |
| Cash at End | $8.4M | $6.92M | $14.58M | $15.46M | $78.24M | $6K | $7K |