€218.1m market cap

€23.4 last close

Carmat is developing a biocompatible, artificial heart to satisfy the lack of donor hearts available for terminal heart failure patients. The development process combines the expertise of a wide range of technical and medical experts.

Investment summary

In July, Carmat announced the enrolment of the 10th and final patient included in the first leg of its EU pivotal study investigating the surgical implantation of the Carmat total artificial heart (TAH) in patients suffering from end-stage biventricular heart failure (HF). Following the successful surgeries, the company expects to enrol an additional 10 patients in the second cohort by the year end. According to Carmat, data from all 20 patients should be sufficient to obtain CE marking for the bioprosthesis in 2019. Most notably, Carmat announced the first successful donor heart transplant of a TAH patient who was initially too sick to receive a donor heart.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 0.3 (24.1) (25.7) (379.73) N/A N/A
2017A 0.0 (30.3) (31.5) (323.54) N/A N/A
2018E 0.7 (38.2) (39.6) (421.19) N/A N/A
2019E 0.0 (24.2) (28.7) (311.10) N/A N/A
Last updated on 19/02/2019
Industry outlook

The Carmat artificial heart is being developed as a permanent replacement or destination therapy (DT) for chronic biventricular heart failure or acute myocardial infarction patients, who do not have access to a human donor heart. Despite the high EU and US prevalence of Stage IV heart failure (c 500,000 patients), the shortfall in donor hearts is such that only about 3,800 human heart transplants were performed in Europe and the US in 2013.

Last updated on 19/02/2019
Share price graph
Balance sheet
Forecast net cash (€m) 10.6
Forecast gearing ratio (%) N/A
Price performance
Actual (0.8) 12.4 8.3
Relative* (6.0) 10.0 11.7
52-week high/low €28.9/€19.8
*% relative to local index
Key management
Stéphane Piat CEO
Piet Jansen MD
Benoit De la Motte CFO
Jean-Claude Cadudal President
Patrick Coulombier COO
Professor Alain Carpentier CSO