Market Cap€274.2m

Last Close €17.86

Carmat is developing a biocompatible, artificial heart to satisfy the lack of donor hearts available for terminal heart failure patients. It received a CE mark in the EU and Carmat is conducting an early feasibility study in the United States.

More Carmat content >

Investment summary

Carmat continues to make progress in the development of its physiologic heart replacement therapy (PHRT). The company recently announced that it has implanted nine of its PHRTs since July, six of which were commercial implants while three were part of the early feasibility study (EFS) in the United States. These nine implants are associated with approximately €2m in product revenue, which will be booked in H221. Importantly, due to the PHRT’s profile, which features autoregulation, pulsatility and hemocompatibility, additional centres are expected to become commercially active in the coming months, which we believe should help drive revenue growth.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2019A 0.0 (41.9) (44.3) (388.95) N/A N/A
2020A 0.0 (47.7) (38.7) (285.32) N/A N/A
2021E 4.7 (75.5) (52.3) (365.88) N/A N/A
2022E 26.9 (63.9) (65.9) (502.32) N/A N/A
Industry outlook

The Carmat artificial heart is being developed as a permanent replacement or destination therapy for chronic biventricular heart failure or acute myocardial infarction patients who do not have access to a human donor heart. Despite the high prevalence of stage IV heart failure in the EU and the United States (c 500,000 patients).

Last updated on 20/01/2022
Content on Carmat
Carmat – Implantation momentum
Healthcare | Update | 20 September 2021
Carmat – Edison Open House interview
Healthcare | Edison TV | 3 February 2021
Carmat – executive interview with Stéphane Piat
Healthcare | Edison TV | 12 January 2021
View more
Register to receive research on Carmat as it is published
Share price graph
Balance sheet
Forecast net debt (€m) 13
Forecast gearing ratio (%) 136
Price performance
Actual (10.3) (36.7) (43.3)
Relative* (14.3) (40.4) (54.5)
52-week high/low €35.8/€17.4
*% relative to local index
Key management
Stéphane Piat CEO
Pascale d'Arbonneau CFO
Piet Jansen Chief Medical Officer