Currency in EUR
Last close As at 02/06/2023
EUR0.07
— 0.00 (0.00%)
Market capitalisation
EUR10m
Research: Healthcare
Meeting its prior guidance, Pixium Vision has now completed all of the implantations required as part of the PRIMAvera pivotal trial assessing the safety and clinical benefits of the wireless Prima System in patients with geographic atrophy due to age-related macular degeneration (GA-AMD). In total, 38 patients have been implanted with the Prima sub-retinal photovoltaic device and Pixium expects to report primary endpoint data around the end of 2023, filing for European approval in H124. We continue to model for EU market approval in H125.
Pixium Vision |
PRIMAvera implantations now completed |
PRIMAvera update |
Healthcare equipment |
15 December 2022 |
Share price performance
Business description
Next events
Analyst
Pixium Vision is a research client of Edison Investment Research Limited |
Meeting its prior guidance, Pixium Vision has now completed all of the implantations required as part of the PRIMAvera pivotal trial assessing the safety and clinical benefits of the wireless Prima System in patients with geographic atrophy due to age-related macular degeneration (GA-AMD). In total, 38 patients have been implanted with the Prima sub-retinal photovoltaic device and Pixium expects to report primary endpoint data around the end of 2023, filing for European approval in H124. We continue to model for EU market approval in H125.
Year end |
Revenue |
PBT* |
EPS* |
DPS |
P/E |
Yield |
12/20 |
2.1 |
(8.7) |
(0.26) |
0.0 |
N/A |
N/A |
12/21 |
2.7 |
(10.9) |
(0.23) |
0.0 |
N/A |
N/A |
12/22e |
1.8 |
(12.3) |
(0.21) |
0.0 |
N/A |
N/A |
12/23e |
0.8 |
(18.1) |
(0.26) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
PRIMAvera also expected to support US pathway
Pixium expects the PRIMAvera data to be play an important role in supporting an eventual US regulatory submission. We believe this suggests Pixium has had positive preliminary discussions with US regulators on the role that PRIMAvera may play for a future US submission. We model that a separate study will be needed for US approval and that the US launch will occur in H226, but we may revisit our assumptions once further clarity on the US commercialisation pathway is provided.
Additional funding anticipated in coming months
Pixium reported a 30 June 2022 gross cash position of €7.22m and €8.38m in total debt, excluding €0.9m in lease liabilities. In Q322 it raised €5.5m (gross) in ESGO convertible notes, reporting a 30 September gross cash position of €8.5m and a Q322 operating cash burn rate of c €3m. Given that €1.6m in ESGO notes have been converted to equity at 12 December, we estimate pro forma Q322 net debt of €3.8m. Pixium believes its current funds should on hand should enable it to finance its operations until middle of the Q223. We believe it is looking to secure additional funding in the coming months and we model that it will raise €40m (modelled as illustrative debt) before the end of FY24.
Valuation: Minor changes to basic equity value/share
Our underlying local-currency operating forecasts are unchanged but we have rolled forward our estimates and adjusted our forex expectations (to $1.07/€ vs parity previously). We now obtain a rNPV of €146.3m, up from €136.5m, resulting in an equity valuation of €142.5m after including €3.8m in net debt, or €2.09 per basic share (vs €2.27 previously), with the lower per share value due to increased shares outstanding following ESGO note conversions. Converting all the remaining outstanding drawn ESGO convertible notes (€3.9m) at €0.10/share would adjust our equity valuation to €1.34/share.
Exhibit 1: Financial summary
€(000) |
2018 |
2019 |
2020 |
2021 |
2022e |
2023e |
||
31-December |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
IFRS |
||
PROFIT & LOSS |
||||||||
Revenue |
|
|
1,598 |
1,782 |
2,092 |
2,655 |
1,844 |
800 |
Cost of Sales |
(41) |
0 |
0 |
0 |
0 |
0 |
||
General & Administrative |
(2,019) |
(3,572) |
(4,008) |
(5,084) |
(5,147) |
(6,204) |
||
Research & Development |
(5,297) |
(6,563) |
(5,704) |
(7,282) |
(8,786) |
(10,800) |
||
EBITDA |
|
|
(5,758) |
(8,352) |
(7,620) |
(9,712) |
(12,089) |
(16,204) |
Depreciation |
(677) |
(448) |
(366) |
(549) |
(403) |
(295) |
||
Amortization |
0 |
0 |
0 |
0 |
0 |
0 |
||
Operating Profit (before exceptionals) |
|
(6,435) |
(8,801) |
(7,986) |
(10,261) |
(12,492) |
(16,500) |
|
Exceptionals |
(5,859) |
(69) |
(448) |
0 |
0 |
0 |
||
Other |
0 |
0 |
0 |
0 |
0 |
0 |
||
Operating Profit |
(12,294) |
(8,870) |
(8,434) |
(10,261) |
(12,492) |
(16,500) |
||
Net Interest |
(1,277) |
(1,006) |
(699) |
(669) |
224 |
(1,562) |
||
Profit Before Tax (norm) |
|
|
(7,712) |
(9,806) |
(8,685) |
(10,930) |
(12,268) |
(18,061) |
Profit Before Tax (FRS 3) |
|
|
(13,571) |
(9,876) |
(9,133) |
(10,930) |
(12,268) |
(18,061) |
Tax |
0 |
0 |
0 |
0 |
0 |
0 |
||
Profit After Tax and minority interests (norm) |
(7,712) |
(9,806) |
(8,685) |
(10,930) |
(12,268) |
(18,061) |
||
Profit After Tax and minority interests (FRS 3) |
(13,571) |
(9,876) |
(9,133) |
(10,930) |
(12,268) |
(18,061) |
||
Average Number of Shares Outstanding (m) |
18.5 |
22.3 |
34.0 |
48.5 |
57.2 |
69.3 |
||
EPS - normalised (€) |
|
|
(0.42) |
(0.44) |
(0.26) |
(0.23) |
(0.21) |
(0.26) |
EPS - normalised and fully diluted (€) |
|
(0.42) |
(0.44) |
(0.26) |
(0.23) |
(0.21) |
(0.26) |
|
EPS - (IFRS) (€) |
|
|
(0.73) |
(0.44) |
(0.27) |
(0.23) |
(0.21) |
(0.26) |
Dividend per share (€) |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
||
BALANCE SHEET |
||||||||
Fixed Assets |
|
|
3,666 |
4,507 |
3,410 |
2,684 |
2,176 |
1,901 |
Intangible Assets |
2,623 |
2,361 |
1,727 |
1,341 |
1,162 |
1,162 |
||
Tangible Assets |
1,042 |
2,145 |
1,683 |
1,343 |
1,014 |
739 |
||
Current Assets |
|
|
17,756 |
9,107 |
12,721 |
16,945 |
13,360 |
6,015 |
Short-term investments |
0 |
0 |
0 |
0 |
0 |
0 |
||
Cash |
15,629 |
6,792 |
10,566 |
14,505 |
9,618 |
2,361 |
||
Other |
2,126 |
2,316 |
2,155 |
2,440 |
3,742 |
3,654 |
||
Current Liabilities |
|
|
(2,044) |
(2,880) |
(3,885) |
(6,483) |
(6,002) |
(2,881) |
Creditors |
(2,044) |
(2,880) |
(3,349) |
(4,895) |
(3,728) |
(607) |
||
Short term borrowings |
0 |
0 |
(536) |
(1,588) |
(2,274) |
(2,274) |
||
Long Term Liabilities |
|
|
(8,023) |
(7,033) |
(7,682) |
(7,332) |
(13,799) |
(26,799) |
Long term borrowings |
(7,870) |
(5,787) |
(6,604) |
(6,500) |
(13,125) |
(26,125) |
||
Other long term liabilities |
(153) |
(1,246) |
(1,078) |
(832) |
(674) |
(674) |
||
Net Assets |
|
|
11,355 |
3,700 |
4,564 |
5,814 |
(4,265) |
(21,764) |
CASH FLOW |
||||||||
Operating Cash Flow |
|
|
(6,174) |
(7,282) |
(6,207) |
(8,160) |
(13,487) |
(18,676) |
Net Interest |
(1,277) |
(1,006) |
(699) |
(669) |
224 |
(1,562) |
||
Tax |
0 |
0 |
0 |
0 |
0 |
0 |
||
Net Operating Cash Flow |
(7,450) |
(8,288) |
(6,906) |
(8,829) |
(13,263) |
(20,237) |
||
Capex |
(31) |
(34) |
(82) |
(48) |
(45) |
(20) |
||
Acquisitions/disposals |
0 |
0 |
0 |
0 |
0 |
0 |
||
Financing |
14,068 |
2,034 |
9,055 |
13,170 |
1,590 |
0 |
||
Net Cash Flow |
6,587 |
(6,288) |
2,067 |
4,293 |
(11,718) |
(20,257) |
||
Opening net debt/(cash) |
|
|
(1,401) |
(7,760) |
(1,004) |
(3,426) |
(6,417) |
5,781 |
HP finance leases initiated |
0 |
0 |
0 |
0 |
0 |
0 |
||
Other |
(228) |
(468) |
354 |
(1,302) |
(480) |
0 |
||
Closing net debt/(cash) |
|
|
(7,760) |
(1,004) |
(3,426) |
(6,417) |
5,781 |
26,038 |
Lease debt |
na |
1,346 |
1,258 |
1,045 |
900 |
900 |
||
Closing net debt/(cash) inclusive of IFRS16 lease debt |
(7,760) |
342 |
(2,168) |
(5,372) |
6,681 |
26,938 |
Source: Edison Investment Research, Company accounts
|
|
Research: TMT
1Spatial has announced that Andy Fabian will be stepping down as CFO on 19 December, to be replaced by Stuart Ritchie, currently CFO at Fusion Global, an international provider of SaaS workflow software. Mr Fabian has played a key role in putting 1Spatial on a sound financial footing, rebuilding investor confidence in the business and developing the current growth strategy. With these foundations in place, this change is being made to help drive an acceleration in growth and transition to a SaaS/subscription model.
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