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Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Carmat raised &euro;52.9m through the sale of 2.645m shares at &euro;20.0 per share. We estimate that this should increase the firm&rsquo;s cash runway into Q219, or potentially through the completion of the ongoing EU pivotal study of the Carmat heart. Our rNPV valuation is &euro;643m, up from &euro;627m previously. Due to increased share count, our per-share equity valuation has decreased to &euro;77.34 (from &euro;106.98, previously).</p>

Carmat raised &euro;52.9m through the sale of 2.645m shares at &euro;20.0 per share. We estimate that this should increase the firm&rsquo;s cash runway into Q219, or potentially through the completion of the ongoing EU pivotal study of the Carmat heart. Our rNPV valuation is &euro;643m, up from &euro;627m previously. Due to increased share count, our per-share equity valuation has decreased to &euro;77.34 (from &euro;106.98, previously).

Carmat - Carmat raises &euro;52.9m and extends cash runway

Carmat SA

Carmat - Carmat raises €52.9m and extends cash runway

Carmat SA

Carmat - Carmat raises &euro;52.9m and extends cash runway

Carmat - Carmat raises €52.9m and extends cash runway