Pixium Vision

EU: PIX

€33.8m market cap

€1.63 last close

Pixium Vision develops retinal implants for patients with severe vision loss. PRIMA, a wireless sub-retinal implant, designed for Dry-ARMD patients, is in a human clinical stage in Europe and is recruiting patients in its US feasibility study.

Investment summary

Pixium reported FY18 financials and reiterated that it is on track to start a pivotal study in the EU for its Prima bionic vision system (BVS) in H219 for the treatment of advanced dry age-related macular degeneration (Dry-ARMD). This follows the release of positive six-month data in January 2019 for its five-patient EU Prima feasibility study. Using a risk-adjusted NPV model, we obtain a pipeline rNPV of €91.2m, vs €88.7m previously.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 2.5 (11.7) (13.5) (102.07) N/A N/A
2018A 1.6 (6.1) (8.1) (43.67) N/A N/A
2019E 1.6 (8.7) (10.6) (48.11) N/A N/A
2020E 0.0 (16.9) (21.7) (98.70) N/A N/A
Last updated on 18/02/2019
Industry outlook

Pixium held €18.4m in gross cash at 30 September 2018, which we estimate will fund operations into 2020. Prima has been designed and being evaluated in clinical studies as a potential treatment option for Dry-ARMD, a common disease in aging population and a significant unmet medical need.

Last updated on 18/02/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 4
Forecast gearing ratio (%) 523
Price performance
%
1m
3m
12m
Actual (9.2) (14.4) (43.2)
Relative* (13.8) (16.2) (41.4)
52-week high/low €2.9/€1.5
*% relative to local index
Key management
Khalid Ishaque CEO
Didier Laurens CFO

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