Currency in EUR
Last close As at 25/03/2023
EUR0.05
▲ −0.01 (−16.67%)
Market capitalisation
EUR5m
Research: Healthcare
Pixium has received regulatory approval in multiple countries (France, Germany, Italy, Spain and the Netherlands) for its remote rehabilitation system, designed for use in patients enrolled in its PRIMAvera pivotal study and the French feasibility study. These trials assess the Prima wireless bionic vision system (BVS) in patients with geographic atrophy due to age-related macular degeneration (GA-AMD), and Pixium continues to expect PRIMAvera primary endpoint data at around year-end 2023. We view this development as positive, as provided the Prima BVS gains regulatory approval, the availability of a remote rehabilitation system helps provide a more accessible training platform (as many GA-AMD patients may have mobility challenges), which could help support product uptake.
Pixium Vision |
Remote rehabilitation system approved |
Regulatory update |
Healthcare equipment and services |
4 August 2022 |
Share price performance Business description
Analysts
Pixium Vision is a research client of Edison Investment Research Limited |
Pixium has received regulatory approval in multiple countries (France, Germany, Italy, Spain and the Netherlands) for its remote rehabilitation system, designed for use in patients enrolled in its PRIMAvera pivotal study and the French feasibility study. These trials assess the Prima wireless bionic vision system (BVS) in patients with geographic atrophy due to age-related macular degeneration (GA-AMD), and Pixium continues to expect PRIMAvera primary endpoint data at around year-end 2023. We view this development as positive, as provided the Prima BVS gains regulatory approval, the availability of a remote rehabilitation system helps provide a more accessible training platform (as many GA-AMD patients may have mobility challenges), which could help support product uptake.
Year end |
Revenue (€m) |
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) |
(0.22) |
0.0 |
N/A |
N/A |
12/23e |
0.8 |
(18.2) |
(0.29) |
0.0 |
N/A |
N/A |
Note: *PBT and EPS are normalised, excluding amortisation of acquired intangibles, exceptional items and share-based payments.
remote rehabilitation system consists of a tablet and proprietary software provided by Pixium, which through an internet connection allows patients to complete the majority of their prosthetic visual rehabilitation training remotely (eg in their homes) and without the need for repeated trips to healthcare providers. This system enables patients implanted with the Prima BVS to have a hybrid of supervised remote training in their homes combined with in-person rehabilitation sessions, making it a more accessible and comfortable process. Rehabilitation clinicians will be able to track a patient’s progress and to adjust the frequency of the remote rehabilitation sessions as indicated.
Apps have been designed with gamification principles, which can improve patient engagement and potentially optimise the realisation of the functional benefits of the PRIMA system. We believe additional apps may be developed to add further overall functionality to the platform, potentially helping to improve patient independence. In the longer term, and subject to the approval of the Prima BVS, the remote platform and the tailored apps that can support vision rehabilitation, provide entertainment and/or assist in day-to-day living tasks, could potentially provide an additional recurring revenue opportunity for Pixium (eg through subscription-based revenues, out-licensing, etc).
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Research: Consumer
Greggs’ (GRG) strong H122 results and trading to July demonstrate the resilience of its value-based product offering to customers in more challenging macroeconomic conditions and it is making good progress in generating incremental revenue from its new growth initiatives. Management’s reiteration of profit expectations for FY22 is welcome in the face of increasing input cost pressures. The near-term P/E multiple of 18.3x is only in line with its long-run average multiple despite the aspiration to grow revenue at a higher rate than it has delivered historically.
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