Pixium Vision


€25.9m market cap

€1.15 last close

Pixium Vision develops retinal implants for patients with severe vision loss. PRIMA, a wireless sub-retinal implant, designed for Dry-ARMD patients, is in a human clinical stage in Europe and is recruiting patients in its US feasibility study.

Investment summary

Pixium Vision is developing the Prima wireless photovoltaic sub-retinal implant, which transforms images into electrical signals to elicit a form of central visual perception in patients with severe retinal disease. Positive data from its EU Prima feasibility study in patients with atrophic dry age-related macular degeneration were reported in Q119. All five implantations were followed by successful activations and reported light perception in areas where there had been none prior to implantation. Pixium plans to start implantations in a US Prima feasibility study in H219 and to start an EU pivotal study by mid-2020 that we expect will incorporate improved augmented reality glasses within the Prima system.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 2.5 (11.7) (13.5) (102.07) N/A N/A
2018A 1.6 (6.1) (8.1) (43.67) N/A N/A
2019E 1.9 (9.4) (11.3) (50.49) N/A N/A
2020E 0.0 (15.9) (20.9) (92.99) N/A N/A
Last updated on 16/09/2019
Industry outlook

Pixium held €10.2m in gross cash at 30 June 2019, which we estimate will fund operations into Q220. Prima has been designed and being evaluated in clinical studies as a potential treatment option for dry AMD, a common disease in aging population and a significant unmet medical need.

Last updated on 16/09/2019
Share price graph
Balance sheet
Forecast net debt (€m) 5.3
Forecast gearing ratio (%) 501
Price performance
Actual (9.0) (21.0) (37.9)
Relative* (13.9) (24.3) (39.6)
52-week high/low €2.2/€1.1
*% relative to local index
Key management
Lloyd Diamond CEO
Didier Laurens CFO

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