Edison Investment Research - Pixium Vision SA (ALPIX) Pixium Vision - H120 results broadly in line

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Edison Investment Research

Sean Conroy

Pixium Vision - H120 results broadly in line

Pixium Vision recently reported H120 results that were broadly in line with our forecasts. The operating loss of â‚¬3.27m was mildly above our â‚¬2.77m forecast, with the difference primarily due to R&D costs (â‚¬2.86m) coming in â‚¬0.26m higher than anticipated. Free cash outflow was â‚¬2.81m compared to our estimate of â‚¬2.83m. Gross cash at 30 June was â‚¬5.0m and given that gross debt (excluding â‚¬1.2m in lease liabilities) was â‚¬5.86m, we calculate net debt of â‚¬0.86m.

28/07/2020 2 EN

Underlying

Pixium Vision SA

Pixium Vision SA is a company that specializes in sensorial neuromodulation. Co. is also collaborating with scientific groups and clinicians at research institutes and clinical centers around the world, including Stanford University (USA). Co. is developing and aims to commercialize Bionic Vision Systems (BVS) – namely active implantable medical devices to treat blindness caused by degeneration of photoreceptor cells in the retina.

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FR0011950641 Euronext Paris France

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Sean Conroy

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Pixium Vision - H120 results broadly in line

Pixium Vision announces the rejection of the sale plan (plan de cession) by the Court and the conversion of the receivership proceedings into liquidation proceedings

Pixium Vision annonce le rejet du plan de cession par le Tribunal et la conversion de la procédure de redressement judiciaire en liquidation judiciaire

Postponement of the decision on the adoption of a sale plan (plan de cession) and the opening of judicial liquidation proceedings to January 31, 2024

International Public Partnerships - Consistently and responsibly delivering

Portobello SpA - Focus back on the operations

Intralot - Focus on business development in FY24

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