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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.

A new lease of life and a cash injection

Update | Pharmaceutical & healthcare | 04/02/2015

The discharge of the second patient implanted with the Carmat heart last August satisfies the 30-day success criteria of the feasibility study. The patient returned home supported by a 3kg portable energy source newly approved for trials, which enhances the clinical and commercial utility of the bio-prosthesis. Carmat has secured a contingent equity line up to €50m, which could fund CE mark approval. We have raised our DCF valuation to €591m from €533m due to running the model forward a year and updating for estimated post-equity raise net cash of €24.8m.

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Stock data

Market cap.€234.4m
Last close€26.000
High / Low (52 weeks)€28.3 / €19.8
Stock market listingEG
Forecast net cash (€m)54.5
Forecast gearing ratio (%)N/A
SectorPharmaceutical & healthcare

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