€25.6m market cap
€1.03 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’s 2019 results showed better than anticipated cost containment, as Pixium’s R&D costs were c 20% lower than expected. The company also reaffirmed that it plans to file for a pivotal study (PRIMAVERA) in mid-2020 and start implantations before YE20. We anticipate potential launches in 2023 in Europe and sometime thereafter in the US, and our rNPV increases to €85m, from €78m previously.
Y/E Dec |
Revenue (€m) |
EBITDA (€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 | 1.6 | (8.3) | (10.0) | (40.26) | N/A | N/A |
| 2021E | 1.6 | (10.2) | (13.9) | (55.51) | N/A | N/A |
Industry outlook
Pixium held €7.0m in gross cash at Q319, which should fund operations into 2021 if a recent financing agreement of up to €10m is fully exercised. Prima is being evaluated in clinical studies as a potential treatment option for dry age-related macular degeneration, a common disease in aging populations and a significant unmet medical need.
Last updated on 20/02/2020
Sector |
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| Healthcare |
Share price graph
Balance sheet |
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|---|---|
| Forecast net debt (€m) | 8.7 |
| Forecast gearing ratio (%) | 146 |
Price performance
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1m |
3m |
12m |
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Key management |
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|---|---|
| Lloyd Diamond | CEO |
| Didier Laurens | CFO |
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