(BFM Bourse) – Artificial heart manufacturer Aeson is now expecting revenues of between 8 million and 12 million euros for 2024. The company is actively seeking financing while its current cash position allows it to hold out until the end of the month.
Carmat is revising its ambitions downwards. The designer of the Aeson artificial heart published its half-year results this Friday and gave an update on its prospects.
The company is now only counting on revenues of 8 million to 12 million euros for 2024, compared to a previous target of 14 million euros.
“This forecast notably reflects a more accurate understanding of market access and seasonality dynamics, as well as the two summer months during which surgical activity was reduced across Europe,” the company explained.
“This new direction implies between 15 and 35 commercial implants for the year, which seems more reasonable given that they have already carried out 7 in the first half of the year,” judges Degroof Petercam.
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Increase in income
The company adjusted its target at the end of the first half of the year in which its turnover, already published, stood at 3.3 million euros compared to 600,000 euros over the same period in 2023.
These revenues correspond to the sale of seven Aeson prostheses in the commercial context and 13 prostheses for the “Eficas” clinical study, which involves 52 patients eligible for heart transplantation. The results of this study are expected at the end of 2025.
On the other lines of accounts, the operating loss stood at 25.4 million euros, compared to 25.9 million euros a year earlier, while the net loss stood at 26.2 million euros, compared to 26.7 million in the first half of 2023.
“The positive point of this publication remains the control of its cash consumption which is down 17%”, notes Oddo BHF.
Search for funding
At the end of June, the group’s cash position stood at 11.4 million euros. The company currently estimates that its financial resources, which include part of a dilutive financing put in place at the beginning of July, ensure the financing of its activities until the end of September. The group estimates its financing needs at 45 million euros for the next twelve months.
Carmat is therefore logically working on “different financing options in order to secure, in the very short term, the financial resources necessary to continue its activities beyond this horizon”.
“We still believe that finding the remaining €45 million to bridge the gap until next year will not be a walk in the park,” Degroof Petercam said. “Despite the lack of visibility in terms of financing, the fundamentals are solid,” added the consultancy, which reiterated its buy advice and adjusted its revenue forecast for 2024 to €8 million in revenue.
Oddo BHF, for its part, remains “neutral” on the value, due to “restricted financial visibility”, which “should weigh on the price in the coming days”.
On the Paris Stock Exchange this Friday, Carmat shares saw a limited decline of 3.1% around 2 p.m.
Julien Marion – ©2024 BFM Bourse
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