€549.6m market cap

€31 last close

Carmat is developing a biocompatible, artificial heart to satisfy the lack of donor hearts available for terminal heart failure patients. It expects to initiate an early feasibility study in the US in Q121 and recently received a CE Mark in the EU.

Investment summary

Carmat continues to make progress in the development of its physiologic heart replacement therapy (PHRT). The company received a CE Mark for the PHRT at the end of 2020 and expects to launch in Q221. The approved indication is a bridge to transplantation therapy (BTT), although over time we expect approval 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, estimated at 55% of the EU mechanical circulatory support market. In the US, the company should start implanting patients in the early feasibility study (EFS) in Q121.

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
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).

Last updated on 26/02/2021
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Share price graph
Balance sheet
Forecast net debt (€m) 11.9
Forecast gearing ratio (%) 296
Price performance
Actual 6.4 31.4 63.7
Relative* 0.9 26.7 51.1
52-week high/low €35.8/€11.6
*% relative to local index
Key management
Stéphane Piat CEO
Pascale d'Arbonneau CFO
Piet Jansen Chief Medical Officer