Carmat (PAR: ALCAR)

Currency in EUR

Last close As at 24/03/2023


0.08 (0.93%)

Market capitalisation


Carmat is developing a biocompatible, artificial heart to satisfy the lack of donor hearts available for terminal heart failure patients. Management is taking corrective actions with recent quality challenges.

The Aeson artificial heart is being developed as a permanent replacement or destination therapy for chronic biventricular heart failure or acute myocardial infarction patients who do not have access to a human donor heart. Carmat anticipates potential break-even by FY27 and plans to expand its annual manufacturing capacity to 500 units by 2024 and 1,000 units by 2027.

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Equity Analyst

Pooya Hemami

Analyst - Healthcare

Key Management

  • Pascale d'Arbonneau


  • Piet Jansen

    Chief Medical Officer

  • Stéphane Piat


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (14.5) (17.9) (6.6)
Relative (12.4) (24.6) (11.5)
52 week high/low €14.8/€8.0


Carmat announced in November 2022 that it has resumed implantations of its Aeson physiologic heart replacement therapy in a commercial setting, and it expects to continue resuming implant sales in Europe at a gradual pace as it replenishes inventory. The company had implemented controls to improve Aeson quality and safety, in response to a voluntary suspension of Aeson implantations in Q421. Carmat recorded €2.3m in FY21 revenue and is guiding for €10–13m in FY23 sales. After raising €40.5m in gross proceeds in April 2022 and €31m in December 2022, the company expects its cash runway to fund operations until July 2023.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2020A 0.0 N/A (38.7) (285.32) N/A N/A
2021A 2.2 N/A (61.9) (402.00) N/A N/A
2022E N/A N/A N/A N/A N/A N/A
2023E N/A N/A N/A N/A N/A N/A

Further insights


Total Artificial Hearts

Analyst of the week

Soo Romanoff

Soo Romanoff

Managing Director - Head of Content, Healthcare

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