INVEST SECURITIES - Carmat : L'international au cœur du développement - NEUTRE, 27€ vs 31€
Ces derniers mois, la dynamique s'est accélérée. Du point de vue clinique, le recrutement en France a repris et le groupe a ouvert 3 centres reconnus à l'étranger portant le nombre d'implantations dans l'essai pivot à 6. Côté industriel, CARMAT s'est doté d'un nouvel outil de production à Bois-d'Arcy. Enfin, la société a renforcé sa trésorerie avec une AK de 53m€. En dépit de ces accomplissements, le chemin restant à parcourir est encore long et une nouvelle opération dilutive devrait être envisagée à horizon 2019. Par ailleurs, la visibilité limitée à CT sur le recrutement et sur l'issue de l'étude pivot nous conduisent à maintenir notre opinion NEUTRE. Après mise à jour, notre OC est abaissé à 27€.Carmat 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.
Since 2006, Invest Securities has become one of the leading players in investment services for funds and managers, to whom we offer a global and personalised service. Our track record differentiates us and proves our leadership in numerous promising sectors like property and growth companies.
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