Pixium Vision

EU: PIX

€25m market cap

€1.2 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 recently reported H119 financial results, with operating cash flows consistent with expectations. Importantly, the company announced improvements to the Prima Bionic Vision System (BVS), particularly with respect to the augmented reality (AR) glasses worn by patients, termed Prima 2. It plans to conduct feasibility testing on the second-generation system prior to commencing EU pivotal studies, which are now planned to start in H120 (vs H219 previously). This may de-risk the system prior to starting pivotal trials, but pushes back our EU and US commercialisation projections to 2023 and 2025, respectively, versus our prior forecasts of H222 and 2024, respectively. We now obtain a pipeline rNPV (including net cash) of €76.0m, vs €99.5m previously.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2017A 2.5 (11.7) (13.5) (102.07) N/A N/A
2018A 1.6 (6.1) (8.1) (43.67) N/A N/A
2019E 1.9 (9.4) (11.3) (50.49) N/A N/A
2020E 0.0 (15.9) (20.9) (92.99) N/A N/A
Last updated on 20/08/2019
Industry outlook

Pixium held €12.9m in gross cash at 31 March 2019, which we estimate will fund operations into Q220. Prima has been designed and being evaluated in clinical studies as a potential treatment option for dry ARMD, a common disease in aging population and a significant unmet medical need.

Last updated on 20/08/2019
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 5.3
Forecast gearing ratio (%) 501
Price performance
%
1m
3m
12m
Actual (18.4) (24.1) (28.9)
Relative* (15.3) (23.9) (27.3)
52-week high/low €2.2/€1.2
*% relative to local index
Key management
Lloyd Diamond CEO
Didier Laurens CFO

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