€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) |
EBITDA (€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 |
Sector |
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Healthcare |
Share price graph
Balance sheet |
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Forecast net debt (€m) | 11.9 |
Forecast gearing ratio (%) | 296 |
Price performance
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1m |
3m |
12m |
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*% relative to local index |
Key management |
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Stéphane Piat | CEO |
Pascale d'Arbonneau | CFO |
Piet Jansen | Chief Medical Officer |
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