Carmat (ALCAR) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached €3.3 million, surpassing full-year 2023 revenue, driven by 20 Aeson® heart implants, including first sales in Poland.

• Net loss improved slightly to €26.2 million in H1 2024 from €26.7 million in H1 2023, reflecting tight cost control.

• Cash position at June 30, 2024 was €11.4 million, with a cash runway until end-September 2024; active efforts underway to secure further financing.

• Debt restructuring and two capital increases in H1 2024 strengthened the financial structure, reducing near-term repayments by over €30 million.

• Production capacity expanded, supporting continuous output and inventory of over 20 Aeson® hearts.

Financial highlights

• H1 2024 revenue: €3.3 million (vs. €0.6 million in H1 2023; €2.8 million for FY 2023).

• Net loss: €26.2 million (H1 2024) vs. €26.7 million (H1 2023).

• Net operating expense: €25.4 million (H1 2024) vs. €25.9 million (H1 2023).

• Cash and cash equivalents: €11.4 million at June 30, 2024 (vs. €8.0 million at Dec 31, 2023).

• Net debt: €47.1 million at June 30, 2024.

Outlook and guidance

• 2024 revenue forecast revised to €8–12 million, below initial €14 million plan, reflecting market dynamics and seasonality.

• Key 2024 targets: 75% EFICAS study recruitment, 50 trained centers, 20% cash burn reduction, and US EFS study filing.

• 2025 catalysts: US EFS cohort 2 launch, pivotal study resumption in Europe, and EFICAS results publication.

• Medium-term focus on US market entry and "Destination Therapy" indication.