Carmat - FY23 results and update on 2024
No surprise in these results given that the company published unaudited FY23 figures early January. Main point of attention is the '24 commercial traction as we believe this will be material for the company in raising capital going forward. It is encouraging to see that the implantation rate achieved end of ‘23 continued with c. 3 implants per months so far in '244 implants were performed in a commercial setting in Q4 ‘23 vs. 3 so far in ‘24. The target of 45 commercial implants (i.e. c. EUR 9m rev) by year end still seems far away. A strong accelerationCarmat is focused on the research and development of an innovative product in the medical sector, developing an orthotopic and biocompatible artificial heart which is completely implantable, as well as its electrical power supply system and remote diagnosis system. Co. is developing a long-term therapeutic solution for patients who suffer from advanced bi-ventricular heart failure and who are not eligible for cardiac transplantation and who have exhausted all drug possibilties. Co. is still in the phase of research and development and thus do not generate any revenues.
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