Pixium Vision


€44.6m market cap

€0.98 last close

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 recently started a European pivotal 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 18-month data from its EU feasibility study in patients with geographic atrophy associated with dry age-related macular degeneration (GA-AMD) showed improvements of between three and seven lines on the Landolt C visual acuity scale versus baseline. Pixium recently started the PRIMAvera pivotal study in Europe, which we believe could lead to potential CE Mark and EU market launch in H223.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 1.6 (5.8) (7.7) (41.63) N/A N/A
2019A 1.8 (8.4) (9.8) (43.90) N/A N/A
2020E 1.7 (7.4) (8.6) (27.76) N/A N/A
2021E 1.6 (9.4) (11.0) (25.38) N/A N/A
Industry outlook

Pixium in January entered a memorandum of understanding to combine its business with Second Sight, which is developing the Orion Visual Cortical Prosthesis System. The stock-based transaction, planned to close in Q221, will enable both companies to pool their resources in complementary sight-restoration neuromodulation technologies and may also broaden access to future financing.

Last updated on 26/02/2021
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Share price graph
Balance sheet
Forecast net cash (€m) 3
Forecast gearing ratio (%) N/A
Price performance
Actual 2.5 27.8 32.0
Relative* (2.8) 23.2 21.9
52-week high/low €1.3/€0.5
*% relative to local index
Key management
Lloyd Diamond CEO
Guillaume Renondin CFO

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