Market Cap€206m

Last Close €10.5

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.

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Investment summary

Carmat continues to implement controls to improve quality and safety of its Aeson physiologic heart replacement therapy (PHRT), in response to defects identified in two components that were the root cause of issues affecting some of its prostheses. The company voluntarily suspended Aeson implantations in Q421 once the issues were identified and it is regular contact with regulatory agencies. The company expects to resume Aeson availability in October 2022. Carmat recorded €2.3m in FY21 revenue from the sale of seven Aeson devices in Germany and Italy and three in the US as part of an early feasibility study (EFS). In April 2022, Carmat raised €40.5m in gross proceeds, extending its 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 30/06/2022
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
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Share price graph
Balance sheet
Forecast net debt (€m) 13
Forecast gearing ratio (%) 136
Price performance
Actual (13.4) (15.3) (57.3)
Relative* (4.9) (4.6) (52.5)
52-week high/low €31.0/€8.4
*% relative to local index
Key management
Stéphane Piat CEO
Pascale d'Arbonneau CFO
Piet Jansen Chief Medical Officer