Artificial heart maker Carmat says it will miss sales target, could run out of cash

Carmat SA

25/09/2023 16:45

Sept 25 (Reuters) - French artificial heart maker Carmat
 ALCAR.PA  on Monday said supply issues meant it would miss its
previously announced full-year sales target and warned it could
run out cash by the end of October.
    "During the first half of 2023, the production ramp-up we
were anticipating was significantly disrupted by supply issues,"
CEO Stephane Piat said in a press release. "Due to the lack of a
sufficient number of devices, we were late in generating the
demand from hospitals." 
    Carmat in February confirmed it was targeting full-year
sales of between 10 million and 13 million euros ($10.6 million
to $13.8 million).
    The company reported first-half sales of 0.6 million euros
on Monday and forecast a further 4 million to 6 million euros in
the second half. While the company did not explicitly say by how
much it could miss its target, the second-half forecast points
to full-year sales of between 4.6 million and 6.6 million euros.
    Carmat said it had a cash position of 23.8 million euros at
the end of June and was actively exploring a number of financing
options as it might run out of cash at the end of October. 
    It received non-dilutive financing of 13.2 million euros in
April within the “France 2030” plan, at which time the company
said it had sufficient cash through mid-October. 
    

($1 = 0.9425 euros)

 (Reporting by Michal Aleksandrowicz in Gdansk; Editing by
Kirsten Donovan)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 769 66 00;))