Pixium Vision


€64.2m market cap

€1.35 last close

Pixium Vision develops bionic vision systems for patients with severe vision loss. Its lead product, Prima, is a wireless sub-retinal implant system designed for dry-AMD. The company recently started a European pivotal study.

Investment summary

Pixium announced on 3 April that it had been notified by Second Sight of its unilateral decision to terminate the January 2021 memorandum of understanding (MOU) relating to the proposed business combination of both entities. Although Pixium is seeking legal avenues to gain compensation from Second Sight in excess of the €1m termination fee that had already been offered, we are not entirely disappointed the business combination plan fell through, because Pixium’s shareholders will now benefit from the full future economics of the Prima system. Pixium remains focused and committed to advancing Prima, which is continuing in a pivotal EU study (PRIMAvera), and the company is examining short- and longer-term financing options, including methods to access US markets.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2018A 1.6 (5.8) (7.7) (41.6) N/A N/A
2019A 1.8 (8.4) (9.8) (43.9) N/A N/A
2020E 2.1 (7.6) (8.7) (25.6) N/A N/A
2021E 1.6 (9.7) (11.0) (23.6) N/A N/A
Industry outlook

Pixium in January entered a memorandum of understanding to combine its business with Second Sight, which is developing the Orion Visual Cortical Prosthesis System. The stock-based transaction, planned to close in Q221, will enable both companies to pool their resources in complementary sight-restoration neuromodulation technologies and may also broaden access to future financing.

Last updated on 13/04/2021
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Share price graph
Balance sheet
Forecast net cash (€m) 3.3
Forecast gearing ratio (%) N/A
Price performance
Actual (19.7) 26.9 117.9
Relative* (21.2) 17.1 59.7
52-week high/low €2.1/€0.5
*% relative to local index
Key management
Lloyd Diamond CEO
Guillaume Renondin CFO

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