€259.1m market cap

€20.45 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 is enrolling its 20-patient study for its artificial heart in France, Kazakhstan, the Czech Republic and Denmark. Data from the first cohort of 10 patients indicated that 70% of the patients within that cohort reached the primary endpoint of six-month survival with the bioprosthesis or a successful heart transplant within six months of the device implant. In addition, Carmat recently received FDA approval to begin an early feasibility study in the US in 10 transplant-eligible patients. The company expects to start enrolment in the trial in Q420.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 0.7 (41.8) (43.7) (454.43) N/A N/A
2019A 0.7 (41.2) (44.2) (388.00) N/A N/A
2020E 7.5 (45.5) (49.0) (384.30) N/A N/A
2021E N/A N/A N/A N/A N/A N/A
Industry outlook

The Carmat 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. Despite the high EU and US prevalence of stage IV heart failure (c 500,000 patients), the shortfall in donor hearts is such that only about 3,800 human heart transplants were performed in Europe and the US in 2013.

Last updated on 18/09/2020
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Share price graph
Balance sheet
Forecast net cash (€m) 25.9
Forecast gearing ratio (%) N/A
Price performance
Actual 10.1 1.0 (4.0)
Relative* 9.2 0.2 8.1
52-week high/low €22.1/€11.6
*% relative to local index
Key management
Stéphane Piat CEO
Pascale d'Arbonneau CFO
Piet Jansen Chief Medical Officer