Carmat (ALCAR)

Business description

Carmat is developing a biocompatible, artificial heart to satisfy the lack of donor hearts available for terminal heart failure patients. The development process combines the expertise of a wide range of technical and medical experts.

Stock data

Market cap.€175.4m
Last close€29.59
High / Low (52 weeks)€42.2 / €26.0
Stock market listingAL
Forecast net cash (€m)32.1
Forecast gearing ratio (%)N/A
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual11.02.7(22.1)
Relative *9.4(7.1)(34.9)

* % Relative to local index

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Company news

Bionics: Technologies and Global Markets Report 2017 - Examine the $6.4 ...

Wed, 15 Mar 2017 09:48:54 GMT

Carmat halts all transplants of artificial hearts

Mon, 17 Mar 2014 11:02:02 GMT

Cardiovascular Implants Market growth at CAGR of 4.5%, 2016-2025: Device ...

Thu, 19 Jan 2017 14:23:26 GMT

Mort du quatrième patient greffé du cœur artificiel de Carmat

Thu, 21 Jan 2016 02:17:17 GMT

Cardiovascular Implants Market Analysis & Trends - Device, Procedure & Disease ...

Mon, 14 Nov 2016 14:23:26 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2014A 0.0 (19.4) (20.3) (414.0) N/A N/A
2015A 0.0 (19.4) (20.6) (381.0) N/A N/A
2016E 0.0 (22.0) (21.9) (335.0) N/A N/A
2017E 0.0 (22.0) (21.8) (368.0) N/A N/A

Last updated on 20/04/2017

Investment summary

Carmat announced on 2 May 2017 that it has obtained approval from the French regulatory agency (ANSM) to resume its pivotal trial for the Carmat heart. This follows a favourable review by ANSM of the actions and analyses taken by Carmat following the trial’s suspension after the death in October 2016 of this trial’s first patient six weeks after his implantation. Carmat maintained that the death was not due to a prosthesis malfunction, but due to poor handling of the batteries by the patient. Our valuation (previous rNPV of €747m in our 15 July 2016 update note) is under review.

Last updated on 05/05/2017

Industry outlook

The Carmat artificial heart is being developed as a permanent replacement or destination therapy (DT) for chronic heart failure or acute myocardial infarction patients, who do not have access to a human donor heart. Despite the high worldwide prevalence of heart failure (c 100,000 patients), the shortfall in donor hearts is such that only about 3,800 human heart transplants were performed in Europe and the US in 2013.

Last updated on 02/05/2017

Key management

Stéphane Piat, CEO
Piet Jansen, MD
Benoit De la Motte, CFO
Jean-Claude Cadudal, President
Patrick Coulombier, COO
Professor Alain Carpentier, CSO

Company address

36, avenue de l’Europe
CS 40533 - Immeuble l’Etendard
78941 Vélizy Villacoublay CEDEX
78941
France
+33 (0)1 39 45 64 50
View website