Pixium Vision

EU: PIX

€23.2m market cap

€0.55 last close

Pixium Vision develops bionic vision systems for patients with severe vision loss. Lead product Prima is a wireless sub-retinal implant system designed for dry-AMD. Pixium completed five implantations in an EU feasibility study and recently started a US feasibility study.

Investment summary

Pixium Vision recently reported H120 results that were broadly in line with our forecasts. The operating loss of €3.27m was mildly above our €2.77m forecast, with the difference primarily due to R&D costs (€2.86m) coming in €0.26m higher than anticipated. Free cash outflow was €2.81m compared to our estimate of €2.83m. Gross cash at 30 June was €5.0m and given that gross debt (excluding €1.2m in lease liabilities) was €5.86m, we calculate net debt of €0.86m.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 1.6 (5.8) (7.7) (42.00) N/A N/A
2019A 1.8 (8.4) (9.8) (44.00) N/A N/A
2020E 1.7 (7.2) (8.1) (26.00) N/A N/A
2021E 1.6 (9.4) (11.0) (26.00) N/A N/A
Industry outlook

Pixium recently completed a €7.3m capital increase, which we estimate should enable it to maintain its operations into Q421. Prima is being evaluated in clinical studies as a potential treatment option for GA-AMD, a disease affecting ageing populations and a significant unmet medical need.

Last updated on 12/08/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net cash (€m) 3.3
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 5.6 (22.5) (51.9)
Relative* 3.0 (31.6) (49.7)
52-week high/low €1.1/€0.5
*% relative to local index
Key management
Lloyd Diamond CEO
Guillaume Renondin CFO

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