€400.2m market cap

€31.5 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

Carmat announced that it has received a CE Mark for its physiologic heart replacement therapy (PHRT) and that the product will be launched in Q221 under the brand name Aeson. The approved indication is a bridge to transplantation therapy (BTT), although over time we expect approval for Aeson as a destination therapy (DT), which will enable commercialisation to a larger number of patients. The initial commercial focus will be on France and Germany, which Carmat estimates to account for 55% of the EU mechanical circulatory support market.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 0.7 (41.8) (43.7) (454.0) N/A N/A
2019A 0.7 (41.2) (44.2) (388.0) N/A N/A
2020E 0.5 (42.4) (44.4) (352.0) N/A N/A
2021E 14.3 (40.7) (44.0) (346.0) N/A N/A
Register to receive research on Carmat as it is published
Share price graph
Balance sheet
Forecast net debt (€m) 11.9
Forecast gearing ratio (%) 296
Price performance
Actual 32.4 64.4 63.0
Relative* 30.0 41.8 73.8
52-week high/low €33.0/€11.6
*% relative to local index
Key management
Stéphane Piat CEO
Pascale d'Arbonneau CFO
Piet Jansen Chief Medical Officer