Pixium Vision (PAR: PIX)

Currency in EUR

Last close As at 25/03/2023


−0.01 (−16.67%)

Market capitalisation


Pixium Vision develops bionic vision systems for patients with severe vision loss. Its lead product, Prima, is a wireless sub-retinal implant system for dry age-related macular degeneration. The company started implantations for the European PRIMAvera pivotal study in Q422.

Pixium started the PRIMAvera European pivotal study in Q420 and completed its target of 38 implantations in Q422, which we believe could lead to top-line data being reported in late 2023 or early 2024. GA-AMD is a leading cause of blindness in older adults, affecting over 2.5 million persons in the United States and Europe, and there is no approved treatment. Pixium reported €8.5m gross cash on 30 September 2022 and expects its current cash position to maintain operations to the middle of Q223.




Equity Analyst

Pooya Hemami

Analyst - Healthcare

Key Management

  • Lloyd Diamond


  • Offer Nonhoff


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (25.2) (45.2) (91.2)
Relative (23.1) (47.2) (92.1)
52 week high/low €0.6/€0.0


Pixium has terminated its convertible note financing arrangement with the European Select Growth Opportunities Fund (ESGO) without any penalties. The termination is not surprising, given the arrangement required a minimum share price of €0.25 for Pixium to be permitted to issue any additional convertible notes beyond the initial 550 (representing €5.5m; each note had a nominal value of €10,000) that formed part of the first (and only) tranche issued. Pixium’s share price had remained below this minimum price threshold since August 2022 and the company acknowledged in October 2022 that it was not able to draw further tranches. Pixium reiterates that it is funded until the end of Q223 and is exploring various mechanisms to secure its cash flow necessary to pursue its strategic and development objectives.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 2.1 (7.6) (8.7) (25.58) N/A N/A
2021A 2.7 (9.7) (10.9) (22.56) N/A N/A
2022E 1.8 (12.1) (12.3) (21.43) N/A N/A
2023E 0.8 (16.2) (18.1) (26.07) N/A N/A

Further insights


Retinal implants

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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