€22.7m market cap
€0.54 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 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. In Q120, positive 18-month data was reported from its EU feasibility study in patients with geographic atrophy associated with dry age-related macular degeneration (GA-AMD), showing continued safety and improvements of between three and seven lines on the Landolt C visual acuity scale versus baseline. Pixium started a US feasibility study in Q120 and we expect it to file for the PRIMAvera pivotal study in H220 and start implantation in this trial in H121.
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 in July completed a €7.3m capital increase, which we estimate should enable it to maintain its operations into Q421. Prima is being evaluated in clinical trials as a potential treatment option for patients with decreased vision from GA-AMD, a disease affecting ageing populations and a significant unmet medical need.
Last updated on 13/08/2020
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
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12m |
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Key management |
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| Lloyd Diamond | CEO |
| Guillaume Renondin | CFO |
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