(Reuters) – French artificial heart maker Carmat on Monday said supply issues meant it would miss its previously announced full-year sales target and warned it could run out cash by the end of October.
“During the first half of 2023, the production ramp-up we were anticipating was significantly disrupted by supply issues,” CEO Stephane Piat said in a press release. “Due to the lack of a sufficient number of devices, we were late in generating the demand from hospitals.”
Carmat in February confirmed it was targeting full-year sales of between 10 million and 13 million euros ($10.6 million to $13.8 million).
The company reported first-half sales of 0.6 million euros on Monday and forecast a further 4 million to 6 million euros in the second half. While the company did not explicitly say by how much it could miss its target, the second-half forecast points to full-year sales of between 4.6 million and 6.6 million euros.
Carmat said it had a cash position of 23.8 million euros at the end of June and was actively exploring a number of financing options as it might run out of cash at the end of October.
It received non-dilutive financing of 13.2 million euros in April within the “France 2030” plan, at which time the company said it had sufficient cash through mid-October.
($1 = 0.9425 euros)
(Reporting by Michal Aleksandrowicz in Gdansk; Editing by Kirsten Donovan)
