€200.5m market cap

€21.3 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. Further enrollment was paused in Q418 as the company perfected the manufacturing process. This new process has now been validated and production for the study has resumed.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2016A 0.3 (24.1) (25.7) (379.73) N/A N/A
2017A 0.0 (30.3) (31.5) (323.54) N/A N/A
2018E 0.7 (38.2) (39.6) (421.19) N/A N/A
2019E 0.0 (24.2) (28.7) (311.10) N/A N/A
Last updated on 18/09/2019
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 18/09/2019
Share price graph
Balance sheet
Forecast net cash (€m) 10.6
Forecast gearing ratio (%) N/A
Price performance
Actual 9.2 7.5 (19.3)
Relative* 3.2 5.3 (21.6)
52-week high/low €28.9/€18.4
*% relative to local index
Key management
Stéphane Piat CEO
Piet Jansen MD
Benoit De la Motte CFO
Jean-Claude Cadudal President
Patrick Coulombier COO
Professor Alain Carpentier CSO