Leading International Investment Research

Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Leading International Investment Research, Edison Investment Research

Equity Bottom-Up

<p>Pixium’s FY21 results were mostly in line with our forecasts, as the company continues to advance its wireless Prima bionic vision system (BVS) through the PRIMAvera pivotal study. The company finished 2021 with €14.5m gross cash, which we believe should fund operations into 2023. After rolling forward our estimates and adjusting forex and net cash, we obtain an equity valuation of €135.1m or €2.31 per basic share.</p>

Pixium’s FY21 results were mostly in line with our forecasts, as the company continues to advance its wireless Prima bionic vision system (BVS) through the PRIMAvera pivotal study. The company finished 2021 with €14.5m gross cash, which we believe should fund operations into 2023. After rolling forward our estimates and adjusting forex and net cash, we obtain an equity valuation of €135.1m or €2.31 per basic share.

Pixium Vision Sa

Pixium Vision - Moving ahead as expected