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 €3.27m was mildly above our €2.77m forecast, with the difference primarily due to R&D costs (€2.86m) coming in €0.26m higher than anticipated. Free cash outflow was €2.81m compared to our estimate of €2.83m. Gross cash at 30 June was €5.0m and given that gross debt (excluding €1.2m in lease liabilities) was €5.86m, we calculate net debt of €0.86m.