Pixium Vision


€30.1m market cap

€1.44 last close

Pixium Vision develops retinal implants for patients with severe vision loss. PRIMA, a wireless sub-retinal implant, designed for Dry-ARMD patients, is in a human clinical stage in Europe and is recruiting patients in its US feasibility study.

Investment summary

Pixium Vision is developing the Prima wireless photovoltaic sub-retinal implant, which transforms images into electrical signals to elicit a form of central visual perception in patients with severe retinal disease. It announced in early 2019 positive data from its European feasibility study, designed to assess Prima in patients with advanced atrophic dry age-related macular degeneration. All five implantations were followed by successful activations (resulting in reported light perception in areas where there had been none prior to implantation). Pixium plans to start implantations as part of a five-patient US Prima feasibility study in H219 and to start an EU pivotal study.

Y/E Dec
Revenue (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2017A 2.5 (11.7) (13.5) (102.07) N/A N/A
2018A 1.6 (6.1) (8.1) (43.67) N/A N/A
2019E 1.6 (8.7) (10.6) (48.11) N/A N/A
2020E 0.0 (16.9) (21.7) (98.70) N/A N/A
Industry outlook

Pixium held €12.9m in gross cash at 31 March 2019, which we estimate will fund operations into Q220. Prima has been designed and being evaluated in clinical studies as a potential treatment option for dry ARMD, a common disease in aging population and a significant unmet medical need.

Last updated on 25/07/2019
Share price graph
Balance sheet
Forecast net debt (€m) 4
Forecast gearing ratio (%) 523
Price performance
Actual 4.8 (15.6) (19.3)
Relative* 3.2 (15.7) (20.5)
52-week high/low €2.2/€1.4
*% relative to local index
Key management
Didier Laurens CFO

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