Carmat falls, FY loss brings no reassurance

Carmat SA

29/04/2025 10:17

** Shares in French artificial heart maker Carmat ALCAR.PA fall 3.2% after its full-year results brought no reassurance to the investors

** The medical equipment producer ended the last year with a net loss of over 51 million euros ($58 million), having sold 42 prostheses during the period

** "The revenue amounts to 7 million euros, slightly below our expectation of 7.5 million euros", BNP Paribas' Portzamparc analyst Mohamed Kaabouni writes in a note

** He adds that the proceedings were boosted by sales conducted under the EFICAS programme, which benefits from the "innovation package"

** Nonetheless, the analyst highlights that to achieve profitability, Carmat will need to raise about 50 million euros per annum, and sell 500 prostheses each year

** "Cash flows remain the bottleneck... with 4.7 million euros at the end of 2024 compared to 8 million euros in the previous year", writes Kaabouni, adding that the company would need additional 35 million euros to extend its operating horizon by twelve months

** At 0911 GMT the stock was down 3.2%, pushing the year-to-date losses to almost 23%

($1 = 0.8774 euros)

 (Reporting by Mateusz Rabiega)

 ((Mateusz.rabiega@thomsonreuters.com))