Which ASX Healthcare Stocks Could Draw Attention in September 2026?\

Sonal Goyal

14 September 2026 05:50 PM AEST

$Which ASX Healthcare Stocks Could Draw Attention in September 2026?\$

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EBR Systems, Inc. (ASX:EBR), Imricor Medical Systems, Inc. (ASX:IMR) and Saluda Medical Inc (ASX:SLD) operate across different areas of advanced medical technology. EBR is commercialising a leadless cardiac pacing system, Imricor is developing MRI-compatible cardiac ablation technology, while Saluda sells a closed-loop spinal cord stimulation system for chronic pain.

Their financial positions reflect very different stages of commercialisation. EBR is generating early commercial Revenue but remains loss-making, Imricor is still effectively pre-commercial, while Saluda has reached a larger revenue base but continues to record substantial losses and cash outflows.

MedTech Outlook

Medical-device companies often face a lengthy commercial ramp even after obtaining regulatory clearance. Hospitals may require reimbursement support, procurement approval, physician Training and changes to clinical workflow before adoption develops at scale.

For smaller ASX-listed healthcare companies, the financial challenge is therefore balancing commercial Investment against available cash. Revenue growth alone is not enough if gross margins remain low or operating expenditure continues to rise faster than sales.

EBR Systems, Inc. (ASX:EBR)

Company Profile

EBR Systems develops the WiSE CRT System, a leadless cardiac resynchronisation technology designed for patients who may not be suitable for conventional pacing systems.

The company is expanding commercial use in the United States through hospital adoption and physician training while progressing reimbursement initiatives.

1H 2026 Financial Performance

For the six months ended 30 June 2026, EBR Systems (ASX:EBR) reported revenue of USD 5.0 million.

The company recorded a net loss of USD 34.53 million and operating cash outflow of USD 37.45 million.

The company also raised additional Equity Capital during 2026 to support its commercial expansion.

Outlook and Risks

EBR remains focused on increasing procedure volumes and utilisation across existing hospital customers.

The company is also progressing reimbursement initiatives that could influence adoption over time.

Its main financial risks are continued operating losses, low early-stage gross margins and significant funding requirements as commercial activity expands.

The company has also disclosed going-concern uncertainty, making Cash Management and future financing important considerations.

Imricor Medical Systems, Inc. (ASX:IMR)

Company Profile

Imricor Medical Systems develops MRI-compatible systems used for cardiac electrophysiology procedures.

Its platform includes ablation and diagnostic catheters, mapping technology and recording equipment designed to allow cardiac procedures to be performed within an MRI environment.

The company is building its US commercial presence while continuing regulatory work across its broader product platform.

Financial Performance

Imricor remains at an early commercial stage.

Second-quarter 2026 revenue was approximately USD 61,000.

Adjusted net loss for the quarter was USD 7.4 million, while operating cash outflow was approximately USD 6.1 million.

Following additional option proceeds, management indicated that available funding is expected to extend into calendar 2028.

Outlook and Risks

Imricor is focused on completing regulatory development and converting early US customer activity into commercial installations and recurring product demand.

Its financial position provides near-term development capacity, although revenue remains minimal relative to operating expenditure.

The main risks are regulatory timing, hospital adoption and the capital intensity associated with establishing MRI-guided cardiac procedure infrastructure.

Saluda Medical Inc (ASX:SLD)

Company Profile

Saluda Medical develops and commercialises the Evoke closed-loop spinal cord stimulation system for chronic pain.

The platform automatically adjusts stimulation based on the patient's neural response, with the company selling the technology through a growing commercial network.

Saluda is also expanding its product range to address additional procedures within spinal cord stimulation.

FY2026 Financial Performance

Saluda Medical (ASX:SLD) reported FY2026 revenue of USD 90.2 million.

Fourth-quarter revenue reached USD 27.0 million, including USD 18.4 million from the United States and USD 8.5 million from international markets.

The company ended FY2026 with cash of USD 116.4 million and approximately USD 141 million of total available funding including its Debt facility.

Despite the growing revenue base, Saluda recorded a net loss of USD 149.6 million.

Operating cash outflow was USD 116.0 million for the year.

Outlook and Risks

Saluda's focus remains on increasing procedure volumes, improving sales-force productivity and broadening adoption of its Evoke platform.

Additional product introductions may support longer-term commercial expansion.

The key financial issue remains the substantial gap between revenue and operating expenditure. Saluda therefore needs greater Operating Leverage as sales scale.

The company has also disclosed going-concern uncertainty, meaning future capital requirements remain an important consideration.

Risks to Watch

EBR faces commercialisation, reimbursement and funding risk as it attempts to expand usage of WiSE CRT while remaining loss-making.

Imricor has a comparatively larger funding runway but still generates minimal commercial revenue, leaving future performance dependent on regulatory completion and hospital adoption.

Saluda has the largest revenue base of the three but also the highest absolute loss and cash consumption.

Across the group, the main issue is whether commercial growth can eventually translate into sustainable margins and lower cash burn.

What Investors May Watch Through the Rest of 2026

For EBR, investors may monitor procedure volumes, hospital utilisation and progress around reimbursement.

For Imricor, regulatory progress and conversion of early hospital relationships into commercial activity may remain the central indicators.

For Saluda, revenue growth, sales-force productivity and changes in operating cash consumption may provide the clearest indication of whether scale is improving the financial profile.

The three companies therefore represent different stages of medical-device commercialisation: EBR is building an early commercial base, Imricor is approaching broader market entry, while Saluda is already generating substantial revenue but still needs to narrow its losses.

FAQs

Q: What did EBR Systems report for the first half of 2026?

A:EBR reported approximately USD 5.0 million of revenue, a net loss of USD 34.53 million and operating cash outflow of USD 37.45 million.

Q: What was Imricor's cash position at 30 June 2026?

A:Imricor reported approximately USD 67.5 million of cash and marketable securities at 30 June 2026.

Q: What did Saluda Medical report for FY2026?

A:Saluda reported revenue of USD 90.2 million, a net loss of USD 149.6 million and operating cash outflow of USD 116.0 million.

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