Pixium Vision


Market Cap€29m

Last Close €0.49

Pixium Vision develops bionic vision systems for patients with severe vision loss. Its lead product, Prima, is a wireless sub-retinal implant system designed for dry-AMD. The company started implantations as part of a European pivotal study in early 2021.

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Investment summary

Pixium Vision is developing the Prima System, a wireless photovoltaic sub-retinal implant combined with proprietary smart glasses. Prima is designed to apply proprietary algorithms and artificial intelligence to generate a form of bionic vision for patients who have lost their sight due to severe retinal diseases. Positive 36-month data from its EU feasibility study in patients with geographic atrophy associated with dry age-related macular degeneration (GA-AMD) showed sustained improvements on the Landolt C visual acuity scale versus baseline, the ability to restore reading capabilities and continued implant safety and stability.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 2.1 (7.6) (8.7) (25.58) N/A N/A
2021A 2.7 (9.7) (11.1) (22.94) N/A N/A
2022E 1.6 (10.0) (11.5) (19.46) N/A N/A
2023E 0.8 (13.8) (16.2) (27.12) N/A N/A
Industry outlook

Pixium started the PRIMAvera European pivotal study in Q420 and plans to complete enrolment by year end 2022, which we believe could lead to top-line data being reported in late 2023 or early 2024. GA-AMD is a leading cause of blindness in older adults, affecting over 2.5 million persons in the United States and Europe, and there is no approved treatment. Pixium reported €10.4m gross cash on 31 March 2022, which we believe should fund operations into 2023.

Last updated on 28/06/2022
Content on Pixium Vision
Pixium Vision – Moving ahead as expected
Healthcare | research Update | 7 March 2022
Pixium Vision – PRIMAvera recruitment timing pushed out
Healthcare | research Update | 15 December 2021
Pixium Vision – Three-year data confirms continued Prima safety
Healthcare | research Flash note | 20 October 2021
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Share price graph
Balance sheet
Forecast net debt (€m) 3.2
Forecast gearing ratio (%) 96
Price performance
Actual (6.6) (18.1) (49.8)
Relative* 2.5 (7.7) (44.2)
52-week high/low €1.3/€0.5
*% relative to local index
Key management
Lloyd Diamond CEO
Offer Nonhoff CFO