Carmat drops on FY revenue below target, imminent capital increase

Carmat SA

15/01/2024 09:10

** Shares in Carmat  ALCAR.PA  drop over 7% after the French
artificial heart maker said it would announce a new 50 mln euro
capital increase soon and reported FY revenue below its target
    ** It posts 2023 revenue of 2.8 mln euros ($3.1 mln),
missing the target range of 4.6 mln to 6.6 mln euros
    ** Carmat expects revenue of 14 mln to 20 mln euros in 2024
    ** Analysts at Portzamparc and Degroof Petercam flag the
lower than expected revenue, but point to a reassuring rhythm of
new implants of one per week in Q4
    ** Portzamparc calls this "a very good sign in terms of
solving the issues with company scale-up"
    ** The 2024 sales target is ahead of Portzamparc's estimate
of 9 mln euros, which already integrates the 50 mln euro capital
increase; the broker estimates an issue price of 5.77 euros per
share
    ** Degroof says 2024 guidance is in line with its estimate
of 15 mln euros, adding the short-term focus is clearly on
extending financial visibility, since Carmat has runway until
end of January

($1 = 0.9123 euros)

 (Reporting by Michal Aleksandrowicz)
 ((michal.aleksandrowicz@tr.com))