Pixium Vision


Market Cap€7m

Last Close €0.1

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) (10.9) (22.56) N/A N/A
2022E 1.8 (12.1) (12.3) (21.71) N/A N/A
2023E 0.8 (16.2) (18.2) (28.62) N/A N/A
Industry outlook

Pixium started the PRIMAvera European pivotal study in Q420 and reached its enrollment target in Q322, 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 €8.5m gross cash on 30 September 2022 and expects its current cash position to maintain operations to the middle of Q223.

Last updated on 25/11/2022
Content on Pixium Vision
Pixium Vision – PRIMAvera reaches full enrolment
Healthcare | research Flash note | 20 September 2022
Pixium Vision – First Prima implantation in Italy
Healthcare | research Flash note | 14 September 2022
Pixium Vision – Remote rehabilitation system approved
Healthcare | research Flash note | 4 August 2022
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Share price graph
Balance sheet
Forecast net debt (€m) 7.1
Forecast gearing ratio (%) 127
Price performance
Actual (34.7) (56.6) (88.9)
Relative* (41.3) (56.4) (87.8)
52-week high/low €1.0/€0.1
*% relative to local index
Key management
Lloyd Diamond CEO
Offer Nonhoff CFO