Pixium Vision (PIX)

Business description

Pixium is a French medical device company developing retinal implants for patients with complete vision loss. Its lead product Iris is an epi-retinal implant scheduled for CE mark approval in mid-2016; a sub-retinal implant (Prima) is in pre-clinical.

Stock data

Market cap.€71.6m
Last close€5.42
High / Low (52 weeks)€8.4 / €5.3
Stock market listingEU
Forecast net debt (€m)0.7
Forecast gearing ratio (%)5
TeamHealthcare
SectorPharmaceutical & healthcare

Price performance

%1m3m12m
Actual(22.5)(15.6)(23.8)
Relative *(23.5)(19.4)(31.4)

* % Relative to local index

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Company news

Pixium Vision Announces First Implantation and Activation of IRIS

Thu, 16 Feb 2017 06:01:30 GMT

Pixium Vision announces CE market approval of IRIS

Mon, 25 Jul 2016 05:01:32 GMT

Pixium Vision Receives NUB Innovation Reimbursement Status-1 for 150 Electrode ...

Tue, 14 Feb 2017 06:01:29 GMT

Pixium Vision Appoints Robert JW ten Hoedt as Independent Member to Board of ...

Tue, 03 Jan 2017 06:31:32 GMT

Pixium Vision Announces the First Successful Implantation and Activation of IRIS

Mon, 07 Nov 2016 17:01:30 GMT

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (c) P/E (x) P/CF (x)
2015A 3.3 (14.6) (15.6) (123.0) N/A N/A
2016A 2.5 (11.4) (12.4) (98.0) N/A N/A
2017E 4.9 (9.2) (10.8) (85.0) N/A N/A
2018E 14.9 (13.0) (17.3) (135.0) N/A N/A

Last updated on 30/03/2017

Investment summary

Pixium Vision is developing two different retinal implant systems that transform images into electrical signals to restore vision in patients with severe retinal disease. The devices consist of an implant and a pair of glasses with an embedded camera, and handheld control. Pixium received CE Mark approval for the Iris II epiretinal implant in July 2016. It is also conducting EU clinical trials with Iris II (10th and final implantation of the study completed in January 2017). Interim study data should assist reimbursement applications in EU markets. Positive pre-clinical data with Prima, a subretinal implant potentially providing better visual acuity than Iris II, should support first human testing in H117. Pixium held €12.9m in net cash at 31 December 2016 and in H216 secured up to €11m in additional debt financing.

Last updated on 04/04/2017

Industry outlook

Second Sight (EYES) is commercialising an epiretinal implant (Argus II) in the US and EU. The Iris II offers 150 electrodes (vs 60 on Argus II), potentially offering better vision, while also being the first potentially explantable (and upgradable) epiretinal implant. Prima is less surgically invasive and could potentially be a viable treatment option for macular degeneration patients.

Last updated on 04/04/2017

Key management

Khalid Ishaque, CEO
Didier Laurens , CFO

Company address

74 rue du Faubourg Saint-Antoine
Paris
75012
United Kingdom
+33 1 76 21 47 30
View website