Carmat (ALCAR)

Executive Summary

Carmat is a French medical device company focused on developing a fully implantable bioprosthetic artificial heart for patients with end-stage biventricular heart failure. The company's innovative device aims to address the critical shortage of donor hearts by providing a long-term mechanical circulatory support solution. Carmat has completed initial clinical studies in Europe and is pursuing regulatory approvals to commercialize the product. The company is listed on Euronext under ticker ALCAR and has established partnerships with leading cardiac centers. Despite the high unmet medical need, Carmat faces challenges including a competitive landscape with other artificial heart and LVAD manufacturers, as well as manufacturing scalability and long-term durability data requirements. The company is well-capitalized from recent fundraises to support its regulatory and clinical milestones through 2027.

Upcoming Catalysts (preview)

• Q4 2026CE Mark Approval Decision70% success
• Q2 2027US FDA IDE Approval for Pivotal Trial60% success
• Q1 2027Partnering or Licensing Deal for Commercialization50% success