Pixium Vision

EU: PIX

€25.9m market cap

€1.04 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)
2017A 1.6 (5.8) (7.7) (41.63) N/A N/A
2018A 1.8 (8.4) (9.8) (43.90) N/A N/A
2019E 1.6 (8.3) (10.0) (40.26) N/A N/A
2020E 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 18/02/2020
Sector
Healthcare
Share price graph
Balance sheet
Forecast net debt (€m) 8.7
Forecast gearing ratio (%) 146
Price performance
%
1m
3m
12m
Actual 10.5 46.5 (36.0)
Relative* 10.6 42.5 (45.3)
52-week high/low €1.8/€0.5
*% relative to local index
Key management
Lloyd Diamond CEO
Didier Laurens CFO

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