Carmat (ALCAR) H2 2024 earnings summary

Executive summary

• 2024 revenue reached €7.0 million, driven by sales of 17 Aeson® hearts for commercial use and 25 for the EFICAS clinical trial in France.

• Operating loss improved to €49.2 million in 2024 from €52.5 million in 2023, reflecting tight cost control.

• Net loss narrowed to €51.4 million, a €2.5 million improvement year-over-year.

• Focused on commercial expansion in Europe, EFICAS trial progress, US feasibility study preparations, supply chain optimization, and financial structure reinforcement.

Financial highlights

• Cash position at year-end 2024 was €4.7 million, down from €8.0 million at end 2023.

• Monthly cash burn reduced to €3.7 million in 2024 from €4.9 million in 2023.

• Net financial debt increased to €53.1 million at December 31, 2024, up from €49.6 million a year earlier.

• Three capital increases in 2024 raised €42.8 million gross; additional €9.7 million raised in January 2025.

Outlook and guidance

• Available secured financial resources expected to fund operations until mid-June 2025 under the current business plan.

• Actively exploring financing options to extend cash runway beyond June 2025, including a potential capital increase.

• Recent sales growth, EFICAS trial progress, and FDA approval for US study cohort expected to support future fundraising.