Pixium Vision (PAR: PIX)

Currency in EUR

Last close As at 27/09/2023


0.00 (0.00%)

Market capitalisation


Pixium Vision develops bionic vision systems for patients with severe vision loss. Lead product Prima is a wireless sub-retinal implant system for dry age-related macular degeneration. Pixium 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 could lead to top-line data being reported in Q423 or H124. 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 €4.7m gross cash on 31 March 2023, and received a €1.8m research tax credit in June and a €3m bridge financing shareholder loan in Q323, extending its cash runway to the end of November 2023.

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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 (15.4) (38.0) (81.3)
Relative (16.8) (37.6) (84.2)
52 week high/low €0.2/€0.0


Pixium Vision is developing the Prima System, a wireless photovoltaic sub-retinal implant combined with proprietary smart glasses. Prima has received Breakthrough Device Designation by the US FDA and is designed to apply proprietary algorithms and artificial intelligence to generate a form of bionic vision for patients who have lost their sight due to severe retinal diseases. Positive 36-month data from its EU feasibility study in patients with geographic atrophy due to age-related macular degeneration (GA-AMD) showed sustained improvements on the Landolt C visual acuity scale versus baseline, the ability to restore reading capabilities and continued implant safety and stability.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 2.7 (9.7) (10.9) (23.06) N/A N/A
2022A 2.0 (11.5) (10.3) (21.09) N/A N/A
2023E 0.8 (12.4) (13.8) (9.95) N/A N/A
2024E 0.8 (10.3) (13.3) (8.90) N/A N/A

Further insights



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