€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 |
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| Healthcare |
Share price graph
Balance sheet |
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|---|---|
| Forecast net cash (€m) | 3.3 |
| Forecast gearing ratio (%) | N/A |
Price performance
% |
1m |
3m |
12m |
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Key management |
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|---|---|
| Lloyd Diamond | CEO |
| Guillaume Renondin | CFO |
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