Pixium Vision


€18.5m market cap

€0.73 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 recently made prudent operational changes to contain expenditures while keeping the long-term investment thesis intact during the COVID-19 pandemic. With the feasibility studies paused and the start of a pivotal study possibly pushed to 2021, we expect these and other cost-cutting initiatives to enable Pixium to maintain its operations into late 2020. These actions should position the firm well to resume normal operations once the COVID-19 situation improves.

Y/E Dec
Revenue (€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 €6.8m in gross cash at Q419, 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 ageing populations and a significant unmet medical need.

Last updated on 26/03/2020
Share price graph
Balance sheet
Forecast net debt (€m) 8.7
Forecast gearing ratio (%) 146
Price performance
Actual (19.3) (11.1) (55.2)
Relative* 2 18.3 (47.3)
52-week high/low €1.8/€0.5
*% relative to local index
Key management
Lloyd Diamond CEO
Didier Laurens CFO

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