€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 |
|---|
| 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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3m |
12m |
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Key management |
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|---|---|
| Stéphane Piat | CEO |
| Pascale d'Arbonneau | CFO |
| Piet Jansen | Chief Medical Officer |
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