This is one of the best performances of this Thursday at the Paris Stock Exchange. Carmat rose by more than 10% after the confidence shown by the inventor of the artificial heart regarding the demand when the installation of Aeson resumes, expected for the fourth quarter.
” We have made a lot of progress in our exchanges with the various regulatory actors in Europe (DEKRA), in France (ANSM) and in the United States (FDA), whose agreements are necessary to be able to resume our establishments in the commercial context and clinical .the company said in its press release. To meet the strong demand from doctors and prepare for the resumption of implantations, our teams have also intensified the training of European centers, bringing to 17 the number of hospitals ready to carry out Aeson implantations in Germany, France and Italy. »
With this in mind, Carmat is in the process of reconstituting a stock of implantable prostheses, with the aim of resuming the Aeson implants in October of this year, subject to obtaining the necessary authorizations from the competent authorities. It has the financial means, since the flash fundraising of more than 40 million euros carried out in mid-April, including 36.5 million from specialized investors and 4.1 million from individuals.
In December 2021, the company announced the temporary suspension of its artificial heart implants due to a quality problem that affected some of its prostheses. It was in March that Carmat resumed production, after applying the necessary corrective actions and implementing enhanced controls. Given the production times of the prostheses both in its suppliers and in its factory in Bois-d’Arcy, the new implantations could not be carried out before this month of October.
New fundraising in early 2023?
This also explains why the company did not register any turnover in the first six months of 2022, as at the end of June 2021. Given the maintenance of expenses, at almost similar levels, the result is negative by 25, 1 million (-25.5 million in mid-2021) and net income from 26 million (-26.4 million). Figures that reflect a good control of expenses given the stock replenishment policy. The financial horizon has been extended, thanks to the last fundraising, of March 2023, which remains, in general, quite limited.
” We assume that the company will probably have to resort to a capital increase in the first quarter of 2023 in the amount of 60 million euros, predicts the Portzamparc analyst, i.e. one year of financial visibility. Our assumptions include an operation at 20 euros/share (+ 50%) taking into account the resumption of installations in October and giving rise to the issue of 3 million new shares. »