If you are looking for outsized returns, then EBR Systems Inc (ASX: EBR) shares could be worth a look.
That's the view of analysts at Morgans, who believe this ASX stock could be dirt cheap following recent weakness.
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What is this ASX stock?
EBR Systems is a Silicon Valley-based medical device company focused on the treatment of cardiac rhythm disease through wireless cardiac pacing.
The ASX stock's patented proprietary Wireless Stimulation Endocardially (WiSE) technology was developed to eliminate the need for cardiac pacing leads.
This is a big deal as historically cardiac pacing leads have been a major source of complications, effectiveness, and reliability issues in cardiac rhythm disease management.
Its initial product is designed to eliminate the need for coronary sinus leads to stimulate the left ventricle in heart failure patients requiring Cardiac Resynchronisation Therapy (CRT). Future products will potentially address wireless endocardial stimulation for bradycardia and other non-cardiac indications.
What is Morgans saying?
Morgans was pleased with the company's progress in 2025, highlighting that the year saw a "pivotal transition to commercialisation."
It was also pleased to see that strong early momentum has continued into 2026. This is being supported by favourable reimbursement and growing physician engagement.
Commenting on the company, the broker said:
CY25 marked a pivotal transition to commercialisation, with first US implants and strong early momentum continuing into CY26, supported by favourable reimbursement and growing physician engagement. Early KPIs remain encouraging, with implant volumes accelerating (18 in 4Q; 25 in Jan–Feb CY26), 28 hospital agreements signed, and 46 physicians trained, indicating a solid foundation for scale.
Salesforce capacity and reimbursement complexity, not demand, act as governors, with strong patient pipelines and high physician enthusiasm. With cash of cUS$54m, B/S is a near-term focus, placing increased importance on execution through CY26 to support future funding at improved terms.
Big potential returns
According to the note, the broker sees potential for some mouth-watering returns over the next 12 months.
In response to its recent update, Morgans has retained its buy rating on the ASX stock with a trimmed price target of $2.47 (from $2.95).
Based on its current share price of 64 cents, this implies potential upside of approximately 285% for investors between now and this time next year.
To put that into context, a $2,000 investment would turn into approximately $7,700 if Morgans is on the money with its recommendation.
