Carmat: After improving its artificial heart software, Carmat makes headway in the stock market

(BFM Bourse) – Artificial heart designer Aeson has announced software improvements to its prosthesis that will enable real-time detection of potential malfunctions.

Carmat is likely to end 2023 well in the stock market. Artificial heart designer Aeson rose 8.4% around 11:30 a.m. this Friday, Dec. 29, the last session of the year.

The stock’s rise follows a technological advance shared by the company on Thursday night. Carmat has announced improvements to the software accompanying its prosthesis that boosts the safety profile of its artificial heart.

Specifically, this software will now be able to detect real-time signals of possible Aeson operational failures. “The software then instantly adapts the prosthesis control so that its performance is not affected and the patient’s support is not affected,” the company explains.

>> Get access to our exclusive graphical analyzes and gain insight into the trading portfolio

Peak sales of 750 million euros?

Carmat intends to first deploy these changes to the hearts currently implanted in patients through a software update before integrating them into the Aeson prosthesis manufacturing process once regulatory approvals are obtained.

“Now, for many potential failures related to the electronic components of the prosthesis, the Aeson software automatically ‘corrects’ these defects by appropriately adapting the functioning of the prosthesis so that the patient’s support is not affected,” stated Stéphane Piat, CEO of Prosthetics. Carmat, quoted in press release.

Earlier this month, Carmat announced the commissioning of a second production building at its Bois-d’Arcy site, which will allow it to reach a production capacity of 500 cores artificially per year at the beginning of next year. The group then plans to increase it to 1,000 by 2027.

In a note published at the end of October, Degroof Petercam estimated Aeson’s peak sales at around 750 million euros (for comparison, Carmat’s turnover in the first half of 2023 was almost zero at 600,000 euros and then corresponded to the sale of three Aeson cores). The Belgian bank then had a buy recommendation on the stock and a target value of 20.5 euros, while Carmat shares are currently trading around 5 euros.

In addition, Carmat should probably find additional sources of funding in the coming weeks. In mid-October, the group completed a capital increase of 7 million euros with several historical shareholders. However, this call to the market secured its financial horizon only until the beginning of 2024.

The company then estimated it would need to find an additional €65m (an amount that includes repayment of a loan tranche from the European Investment Bank in January) to continue its operations until the end of October 2024.

Julien Marion – ©2023 BFM Bourse

Are you following this event?

Get all information about CARMAT in real time:


Leave a Comment