Market Cap€278m

Last Close €14.13

Carmat is developing a biocompatible, artificial heart to satisfy the lack of donor hearts available for terminal heart failure patients. Management is taking corrective actions with recent quality challenges.

More Carmat content >

Investment summary

Carmat announced in October that it has received the regulatory approvals to resume implants of its Aeson physiologic heart replacement therapy in a commercial setting, and it expects to resume implant sales in Europe in the near future at a gradual pace. The company had implemented controls to improve Aeson quality and safety, in response to defects identified in two components that affected some of its prostheses and led to a voluntary suspension of Aeson implantations in Q421. Carmat recorded €2.3m in FY21 revenue from the sale of seven Aeson devices in Germany and Italy and three in the United States as part of an early feasibility study. After raising €40.5m in gross proceeds in April 2022, it reported a 30 June cash position of €47m, which provides a cash runway until March 2023.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 0.0 N/A (38.7) (285.32) N/A N/A
2021A 2.2 N/A (61.9) (402.00) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A
Industry outlook

The Aeson 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.

Last updated on 30/11/2022
Content on Carmat
Carmat: Edison Open House Healthcare 2022
Healthcare | Edison TV | 10 February 2022
Carmat – Implantation momentum
Healthcare | research Update | 20 September 2021
Carmat – Edison Open House interview
Healthcare | Edison TV | 3 February 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 13.9 3.0 (41.4)
Relative* 6.3 (5.4) (40.5)
52-week high/low €25.2/€8.4
*% relative to local index
Key management
Stéphane Piat CEO
Pascale d'Arbonneau CFO
Piet Jansen Chief Medical Officer