Pixium Vision — H120 results broadly in line

Pixium Vision (PAR: PIX)

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Research: Healthcare

Pixium Vision — H120 results broadly in line

Pixium Vision recently reported H120 results that were broadly in line with our forecasts. The operating loss of €3.27m was mildly above our €2.77m forecast, with the difference primarily due to R&D costs (€2.86m) coming in €0.26m higher than anticipated. Free cash outflow was €2.81m compared to our estimate of €2.83m. Gross cash at 30 June was €5.0m and given that gross debt (excluding €1.2m in lease liabilities) was €5.86m, we calculate net debt of €0.86m.

Written by

Pooya Hemami

Analyst - Healthcare


Pixium Vision

H120 results broadly in line

Financial update

Healthcare equipment
& services

28 July 2020



Market cap



Net debt (€m) at 30 June 2020
(excluding lease liabilities)


Shares in issue


Free float




Primary exchange

Euronext Growth Paris

Secondary exchange


Share price performance

Business description

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 completed five implantations in an EU feasibility study and recently started a US feasibility study.


Pooya Hemami, CFA

+1 646 653 7026

Maxim Jacobs, CFA

+1 646 653 7027

Pixium Vision is a research client of Edison Investment Research Limited

Pixium Vision recently reported H120 results that were broadly in line with our forecasts. The operating loss of €3.27m was mildly above our €2.77m forecast, with the difference primarily due to R&D costs (€2.86m) coming in €0.26m higher than anticipated. Free cash outflow was €2.81m compared to our estimate of €2.83m. Gross cash at 30 June was €5.0m and given that gross debt (excluding €1.2m in lease liabilities) was €5.86m, we calculate net debt of €0.86m.

Year end

Revenue (€m)



































Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles and share-based payments.

After including funding in July 2020 from the €7.3m capital increase, the closing of a €2.5m loan (from Bpifrance and Pixium’s commercial bank) along with €2.2m in a repayable advance and a further €0.5m grant (both in connection with the ‘Sight Again’ research funding programme supported by Bpifrance), we estimate pro-forma mid-year gross cash at about €17.5m. We believe Pixium’s cash on hand should be sufficient to fund operations and Prima development activities into Q421, including the start of implantations for the upcoming PRIMAvera pivotal study.

Pixium intends to file a regulatory submission in H220 with, at minimum, the European regulators for approval to start the PRIMAvera pivotal study. We expect this registration-enabling study will start in H121 and could lead to EU commercialisation in H223. Pixium remains in discussions to explore the possibility of conducting this study in parallel in Europe and the US, which if accepted by the FDA could lead to a US launch earlier than our baseline estimate of H225. Our financial forecasts are unchanged and we maintain our pipeline rNPV (enterprise value) of €105.9m.

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