Carmat (ALCAR): Implantation Momentum

·2 min read

LONDON, UK / ACCESSWIRE / September 28, 2021 / Carmat recently announced that it has implanted nine of its physiologic heart replacement therapies (PHRT) since July, six of which were commercial implants (under the brand name Aeson in the EU) while three were part of the early feasibility study (EFS) in the United States. These nine implants are associated with approximately €2m in product revenue, which will be booked in H221. Importantly, due to the PHRT's profile, which features autoregulation, pulsatility and hemocompatibility, additional centres are expected to become commercially active in the coming months, which we believe should help drive revenue growth.

We have adjusted our valuation from €747m or €58.83 per share to €749m or €48.68 per share. The total valuation increased slightly due to rolling forward our NPV, while the per share value fell following an offering in March, which had €55.7m in gross proceeds (approximately €52.2m net). Our model projects that the company will raise €70m through the end of 2022 (to cover the burn rate and working capital needs), after which we anticipate the company to reach profitability.

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