Carmat S.A. (CKMTF)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Carmat S.A. (CKMTF) trades at $12.75 with AI Score 61/100 (Grade B+). Carmat S. A. is a French medical device company specializing in the design and development of total artificial hearts for patients suffering from end-stage biventricular heart failure. Market cap: $85.19M, Sector: Healthcare.
Price live · AI analysis from Jun 13, 2026Analyst Coverage for CKMTF: CKMTF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates CKMTF against Healthcare peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
CKMTF: the 4 perspectives are evenly split. Dominant signal: Seth Klarman bearish.
How is this calculated? →Carmat S.A. (CKMTF) Healthcare & Pipeline Overview
Carmat S.A. is a French medical device innovator focused on developing and commercializing a total artificial heart for patients with end-stage biventricular heart failure. Operating in a highly specialized segment of the healthcare sector, the company addresses a critical unmet medical need with advanced prosthetic technology, aiming to extend life and improve patient outcomes globally.
What Is the Investment Thesis for CKMTF?
Carmat S.A. operates in the critical and high-potential medical device sector, specifically targeting end-stage biventricular heart failure with its total artificial heart. The company's market capitalization stands at $0.09 billion, reflecting its developmental stage and the inherent risks associated with innovative medical technology. A significant value driver is the substantial unmet medical need for heart failure solutions, particularly given the scarcity of donor hearts for transplantation. Successful progression through clinical trials and obtaining regulatory approvals in key markets represent crucial catalysts for future valuation. The company's proprietary technology, designed to offer a more physiological blood flow and reduced complication rates, could establish a competitive advantage. However, the investment carries notable risks, evidenced by a profit margin of -734.3% and a Beta of 1.38, indicating high volatility and significant ongoing R&D expenses. Future growth hinges on market adoption, reimbursement strategies, and the ability to scale manufacturing while managing high operational costs. The long-term thesis is predicated on the successful commercialization of its TAH, transforming its current R&D-heavy profile into a revenue-generating entity addressing a global medical challenge.
Based on FMP financials and quantitative analysis
CKMTF Key Highlights
- Market Capitalization of $85.19M, reflecting its status as a specialized medical device developer.
- Profit Margin of -734.3%, indicating substantial ongoing investment in research, development, and clinical trials.
- Beta of 1.38, suggesting higher volatility compared to the broader market, typical for a company in a high-growth, high-risk sector.
- Employs 182 individuals, a focused team dedicated to the complex development and commercialization of a total artificial heart.
- Specializes in designing and developing a total artificial heart for end-stage biventricular heart failure, addressing a critical unmet medical need.
Who Are CKMTF's Competitors?
CKMTF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| DCTH Delcath Systems, Inc. | $13.61 | +3.11% | $469.84M | 73 |
| PYNKF Perimeter Medical Imaging AI, Inc. | $0.20 | +3.40% | $18.68M | 73 |
| SSII SS Innovations International, Inc. | $3.76 | -0.53% | $752.49M | 72 |
| RSHUF Respiri Limited | $0.06 | +0.00% | $91.52M | 68 |
| BSGM BioSig Technologies, Inc. | $6.10 | +37.08% | $191.13M | 61 |
| NVYTF Novacyt S.A. | $0.48 | -0.00% | $34.77M | 61 |
| CBLL CeriBell, Inc. | $19.79 | +1.23% | $750.89M | 61 |
| ESTA Establishment Labs Holdings Inc. | $92.30 | +3.42% | $2.72B | 61 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are CKMTF's Key Strengths?
- Pioneering technology in total artificial heart development addressing a critical unmet medical need.
- Proprietary design aimed at physiological blood flow and reduced complications.
- Dedicated team of 182 employees focused on a highly specialized medical device.
- Potential for significant impact on end-stage heart failure treatment.
What Are CKMTF's Weaknesses?
- Currently operating with a substantial negative profit margin (-734.3%), indicating high R&D costs and pre-commercialization phase.
- High financial risk associated with long development cycles and regulatory hurdles.
- Reliance on successful clinical trial outcomes and market adoption for future viability.
- Limited revenue streams due to the developmental stage of its primary product.
What Could Drive CKMTF Stock Higher?
- Successful completion of ongoing clinical trials for the total artificial heart, demonstrating efficacy and safety.
- Receipt of new regulatory approvals for its artificial heart in significant international markets, such as the United States or Germany.
- Announcement of strategic partnerships or distribution agreements that expand market reach and accelerate commercialization efforts.
- Continued positive patient outcomes from implants, building confidence in the device's long-term viability and performance.
- Securing additional funding rounds or grants to support further R&D and scaling of manufacturing capabilities.
What Are the Key Risks for CKMTF?
- Financial-distress signal — its Altman Z-Score of -5.25 sits in the distress zone (elevated bankruptcy risk).
- High cash burn rate and negative profit margin (-734.3%) due to extensive R&D and clinical trial expenses, posing liquidity challenges.
- Failure to obtain necessary regulatory approvals or significant delays in the approval process for its total artificial heart.
- Limited market adoption or reimbursement challenges post-commercialization, impacting revenue generation and profitability.
- Intense competition from existing ventricular assist devices (VADs) and advancements in heart transplantation techniques.
- Adverse events or complications arising from the artificial heart implants, leading to recalls, reputational damage, or legal liabilities.
What Are the Growth Opportunities for CKMTF?
- **Market Expansion into New Geographies:** Carmat S.A.'s current operations are focused on France and international markets. A significant growth opportunity lies in strategically expanding its commercial reach into major medical device markets such as the United States, Germany, and Japan. These regions represent substantial patient populations suffering from end-stage heart failure and possess advanced healthcare infrastructures capable of supporting complex device implantation and follow-up care. Securing regulatory approvals, such as FDA approval in the U.S., would unlock access to a market estimated to be worth billions for cardiovascular devices, dramatically increasing the potential patient base and revenue streams for the company over the next 5-10 years.
- **Advancement and Refinement of Artificial Heart Technology:** Continuous innovation in the design, materials, and functionality of its total artificial heart presents a key growth driver. Enhancements aimed at improving device longevity, reducing complication rates (e.g., stroke, infection), and simplifying surgical implantation procedures could significantly increase market acceptance and physician confidence. Investing in R&D to develop next-generation models with even more advanced physiological mimicry or less invasive implantation techniques could expand the addressable patient population and solidify Carmat's leadership in the artificial heart segment over the next 3-7 years, capturing a larger share of the advanced heart failure device market.
- **Securing Additional Regulatory Approvals and Reimbursement:** The successful navigation of regulatory pathways and obtaining market approvals in additional key countries is paramount. Each new market approval, particularly in high-volume healthcare systems, opens new revenue streams. Concurrently, securing favorable reimbursement policies from national health systems and private insurers is critical for patient access and commercial viability. Proactive engagement with regulatory bodies and health economics agencies to demonstrate the clinical and economic value of the total artificial heart will accelerate market penetration and adoption, potentially within the next 2-5 years, as the device gains broader acceptance and funding.
- **Strategic Partnerships and Collaborations:** Forming strategic alliances with leading cardiovascular centers, research institutions, or larger medical device companies could accelerate Carmat's growth trajectory. Such partnerships could provide access to additional clinical expertise, expand distribution networks, and potentially share the substantial costs associated with large-scale clinical trials and market development. Collaborations could also facilitate the integration of Carmat's technology with other advanced medical solutions, enhancing its overall value proposition and accelerating its market presence over the next 3-6 years, particularly in regions where establishing an independent commercial footprint is challenging.
- **Addressing Unmet Medical Needs as a Destination Therapy:** While the total artificial heart can serve as a bridge to transplant, its potential as a destination therapy for patients ineligible for transplantation represents a significant long-term growth opportunity. Proving the long-term efficacy and safety of the device for permanent implantation would dramatically expand the addressable market. This would require extensive long-term clinical data and robust post-market surveillance, but successful validation could position Carmat's device as a definitive treatment option for a large segment of end-stage heart failure patients, potentially unlocking a multi-billion dollar market segment over the next 5-15 years, contingent on clinical outcomes and regulatory endorsements.
What Opportunities Does CKMTF Have?
- Expansion into new international markets, particularly those with high demand for advanced heart failure solutions.
- Technological advancements leading to improved device performance, longevity, and reduced invasiveness.
- Securing additional regulatory approvals and favorable reimbursement policies for broader market access.
- Potential for strategic partnerships to accelerate commercialization and reduce financial burden.
What Threats Does CKMTF Face?
- Intense regulatory scrutiny and potential delays or failures in obtaining necessary approvals.
- Competition from existing ventricular assist devices (VADs) and advancements in heart transplantation.
- High capital requirements for ongoing R&D, manufacturing, and commercialization.
- Risk of product complications, recalls, or limited patient adoption post-market launch.
- Market volatility and investor sentiment towards high-risk, developmental-stage medical device companies.
What Are CKMTF's Competitive Advantages?
- Proprietary technology and intellectual property surrounding its unique total artificial heart design.
- Significant R&D investment and specialized expertise required to develop such a complex bio-prosthetic device.
- High regulatory barriers to entry, including extensive clinical trials and approvals from health authorities.
- Established clinical data and ongoing patient experience with its device, building a track record of performance.
- Addressing a highly specialized and critical unmet medical need with a comprehensive biventricular solution.
What Does CKMTF Do?
Carmat S.A. is a pioneering medical device company headquartered in Vélizy-Villacoublay, France, established in 2008. The company's core mission revolves around the design, development, and eventual commercialization of a total artificial heart (TAH) engineered to address end-stage biventricular heart failure. This critical medical condition affects a significant patient population worldwide, often leaving heart transplantation as the only viable long-term solution, which is limited by donor availability. Carmat's innovative approach seeks to provide a durable and physiological alternative, potentially serving as a bridge-to-transplant or destination therapy. The company's product is a sophisticated bio-prosthetic device designed to mimic the human heart's function, offering pulsatile blood flow and self-regulation capabilities. This advanced technology integrates biological materials and sophisticated electronics to minimize complications such as thrombosis and infection, which have historically challenged artificial heart development. Carmat's operations span research and development, clinical trials, manufacturing, and commercialization efforts, primarily targeting markets in France and internationally. The company navigates stringent regulatory pathways in various jurisdictions to bring its life-saving device to patients. With 182 employees, Carmat S.A. is positioned within the high-tech medical device industry, striving to make a significant impact on cardiovascular medicine by offering a novel treatment option for one of the most severe forms of heart disease.
What Products and Services Does CKMTF Offer?
- Designs and develops a total artificial heart (TAH) for patients.
- Focuses on individuals suffering from end-stage biventricular heart failure.
- Aims to provide a life-sustaining solution as a bridge-to-transplant or destination therapy.
- Utilizes advanced bio-prosthetic technology to mimic natural heart function.
- Conducts research and development to improve device longevity and reduce complications.
- Engages in clinical trials to validate the safety and efficacy of its artificial heart.
- Navigates international regulatory pathways for market approval of its medical device.
- Headquartered in Vélizy-Villacoublay, France, with international market ambitions.
How Does CKMTF Make Money?
- Generates revenue from the sale of its total artificial heart device to hospitals and healthcare providers.
- Potentially offers associated services such as training for surgical teams and post-implantation support.
- Relies heavily on successful clinical trial outcomes and regulatory approvals to commercialize its product.
- Invests significantly in research and development, aiming to innovate and refine its proprietary technology.
- Seeks to establish market presence in France and other international markets through direct sales or distribution partnerships.
What Industry Does CKMTF Operate In?
Carmat S.A. is situated within the highly specialized and innovative medical devices industry, specifically focusing on cardiovascular prosthetics. The broader healthcare sector is characterized by continuous technological advancements, stringent regulatory oversight, and a growing global demand driven by an aging population and increasing prevalence of chronic diseases like heart failure. The market for cardiovascular devices, including artificial hearts and ventricular assist devices (VADs), is projected to grow significantly as medical science seeks more effective and durable solutions for end-stage organ failure. Carmat's niche in total artificial hearts positions it at the forefront of addressing biventricular heart failure, a condition where both ventricles of the heart fail. The competitive landscape includes companies developing VADs and those involved in transplantation solutions, but Carmat's unique offering of a total artificial heart aims to provide a more comprehensive and potentially permanent solution. Success in this industry demands substantial R&D investment, rigorous clinical validation, and effective navigation of complex regulatory pathways to achieve market entry and adoption.
Who Are CKMTF's Key Customers?
- Hospitals and specialized cardiac surgery centers requiring advanced solutions for heart failure patients.
- Cardiothoracic surgeons and medical professionals involved in implanting and managing artificial heart devices.
- Patients diagnosed with end-stage biventricular heart failure who are candidates for mechanical circulatory support.
- Healthcare systems and payers that provide reimbursement for high-cost, life-sustaining medical devices.
ROE 107%Key Financial Metrics
Return on equity for Carmat S.A. stands at 106.8%, a gauge of how efficiently it converts shareholder capital into profit. A current ratio of 1.70 indicates the company holds enough short-term assets to cover its near-term obligations.
Carmat S.A. (CKMTF) Valuation Context
Valued at $85.19M, CKMTF is classified as a micro-cap stock. Relative to its peer group, CKMTF's quantitative score of 61/100 is roughly in line with the peer average of 69/100.
Company Profile
Carmat S.A. operates in the Medical - Devices industry within the Healthcare sector. It is headquartered in Vélizy-Villacoublay, FR. The company is led by CEO Stephane Piat. CKMTF has traded publicly since 2018.
F-Score 4/9Financial Health
Carmat S.A.'s Piotroski F-Score is 4/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of -5.25 places it in the distress zone, a signal of elevated financial risk.
CKMTF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis
Bull Case vs Bear Case
Bull Case
- Carmat's artificial heart technology addresses a critical unmet need in end-stage heart failure, potentially revolutionizing treatment options.
- Positive early clinical trial results and successful implants are fostering optimism about the device's efficacy and safety profile.
- Growing awareness and acceptance of artificial hearts among cardiologists and patients could drive future adoption and market penetration.
- Recent insider buying activity suggests confidence in the company's long-term prospects and the potential for significant value creation.
Bear Case
- Skepticism remains regarding the long-term durability and reliability of the Carmat heart compared to traditional heart transplants.
- Regulatory hurdles and stringent approval processes in key markets could delay commercialization and limit market access.
- Negative community sentiment has increased due to concerns about the high cost of the device and its accessibility to a broader patient population.
- The market for artificial hearts is relatively small and competition from established medical device companies could hinder Carmat's growth potential.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q2 2024 | $3M | -$26M | -$0.76 |
Based on FMP financials and quantitative analysis
CKMTF Latest News
No recent news available for CKMTF.
CKMTF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for CKMTF.
Price Targets
Wall Street price target analysis for CKMTF.
CKMTF MoonshotScore
What does this score mean?
The MoonshotScore rates CKMTF's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Leadership: Stephane Piat
Chief Executive Officer
Stephane Piat serves as the Chief Executive Officer of Carmat S.A., leading a team of 182 employees dedicated to the development and commercialization of the company's innovative total artificial heart. His career history likely encompasses extensive experience within the medical device or pharmaceutical industries, given the complex nature of Carmat's product and regulatory environment. Leadership in such a specialized sector typically demands a strong background in R&D management, clinical development, and market strategy. While specific educational credentials are not provided, a background in engineering, life sciences, or business management with a focus on healthcare is highly probable, equipping him to navigate the intricate challenges of bringing a novel, life-saving device to market.
Track Record: Under Stephane Piat's leadership, Carmat S.A. has continued its efforts in advancing the development and clinical evaluation of its total artificial heart. His strategic decisions would have focused on progressing through critical clinical trial phases, managing significant R&D investments, and engaging with regulatory bodies across various jurisdictions. Key milestones under his tenure would include achieving specific clinical trial endpoints, securing initial market approvals in certain regions, and steering the company through the demanding financial and operational requirements inherent in a high-tech medical device startup. His leadership is crucial in guiding the company towards eventual commercial success and broader patient access.
CKMTF OTC Market Information
Carmat S.A. trades on the OTC (Over-The-Counter) market under the 'OTC Other' tier. This tier typically includes companies that do not meet the listing requirements for higher OTC tiers like OTCQX or OTCQB, or major exchanges like NYSE or NASDAQ. Companies in the 'OTC Other' tier may have limited public disclosure requirements, which can result in less available financial and operational information for investors compared to exchange-listed companies. This classification often indicates a smaller market capitalization, limited trading volume, and potentially higher risk profile due to less stringent reporting standards and oversight, making comprehensive due diligence even more critical for investors.
- OTC Tier: OTC Other
- Disclosure Status: Unknown
- Limited public disclosure and transparency, making it difficult to access timely and comprehensive financial information.
- Lower liquidity and wider bid-ask spreads, leading to potential difficulties in executing trades and higher transaction costs.
- Increased susceptibility to market manipulation due to less regulatory oversight and smaller trading volumes.
- Potential for less analyst coverage and institutional interest, which can hinder price discovery and market efficiency.
- Higher volatility and greater price fluctuations compared to exchange-listed stocks, increasing investment risk.
- Verify the company's official filings (if any) with its home country's regulatory bodies.
- Scrutinize any available financial statements for red flags or inconsistencies.
- Research management's background and track record beyond what is publicly available on OTC platforms.
- Assess the company's business model, product development, and market potential thoroughly.
- Investigate any news, press releases, or investor presentations directly from the company or reputable third-party sources.
- Understand the regulatory environment for its medical device in its target markets.
- Evaluate the company's funding status and cash burn rate, given its developmental stage.
- Headquartered in Vélizy-Villacoublay, France, indicating a physical operational base.
- Publicly listed company, even on OTC, suggests some level of formal corporate structure.
- Specific business description of designing and developing a total artificial heart, indicating a tangible product focus.
- Manages 182 employees, suggesting a functioning organization with human capital.
- CEO Stephane Piat is identified, providing a clear leadership figure.
Carmat S.A. Healthcare Stock: Key Questions Answered
What does Carmat S.A. do?
Carmat S.A. is a French medical device company specializing in the research, development, and eventual commercialization of a total artificial heart (TAH). This advanced bio-prosthetic device is designed to treat patients suffering from end-stage biventricular heart failure, a severe condition where both lower chambers of the heart fail. The company's goal is to provide a viable alternative for patients awaiting heart transplantation or as a permanent solution for those ineligible for transplant. Their technology aims to mimic the natural heart's function, offering pulsatile blood flow and self-regulation, thereby addressing a critical unmet medical need in cardiovascular medicine both in France and globally.
What is the market potential for Carmat S.A.'s total artificial heart?
The market potential for Carmat S.A.'s total artificial heart is substantial, driven by the increasing global prevalence of end-stage heart failure and the persistent shortage of donor hearts for transplantation. Millions worldwide suffer from advanced heart failure, with a significant subset requiring mechanical circulatory support. As a bridge-to-transplant or a potential destination therapy, the total artificial heart addresses a critical need for patients who have exhausted other treatment options. Successful commercialization and broad regulatory approvals in major healthcare markets, such as the U.S. and Europe, could unlock a multi-billion dollar market segment, positioning Carmat as a key player in advanced cardiovascular device solutions for a growing patient population.
How does Carmat S.A. navigate regulatory approval processes for its device?
Carmat S.A. navigates complex regulatory approval processes by adhering to stringent international medical device regulations, which typically involve extensive preclinical testing, rigorous clinical trials, and comprehensive documentation. For a Class III medical device like a total artificial heart, this means conducting multi-phase clinical studies to demonstrate both safety and efficacy in human patients. The company must work closely with regulatory bodies in each target market, such as the European Medicines Agency (EMA) or the U.S. Food and Drug Administration (FDA), to submit detailed dossiers, respond to inquiries, and meet specific performance and manufacturing quality standards. Successful navigation requires significant investment in regulatory affairs expertise and a robust quality management system.
What are the main risks for CKMTF?
The main risks for Carmat S.A. (CKMTF) are multifaceted, reflecting its position as a developmental-stage medical device company. Financially, the company faces significant ongoing operational losses, evidenced by a -734.3% profit margin, driven by substantial R&D and clinical trial costs, which could lead to future funding challenges. Regulatory risks are paramount; failure to secure or delays in obtaining necessary approvals from health authorities in key markets could severely impede commercialization. Clinical risks include potential adverse events, complications, or insufficient long-term efficacy data from its artificial heart, which could impact market acceptance. Furthermore, the company faces market adoption challenges, including competition from existing therapies like ventricular assist devices and the need to establish robust reimbursement pathways for its high-cost device.
What are the key factors to evaluate for CKMTF?
Carmat S.A. (CKMTF) holds an AI score of 61/100 (moderate). Not financial advice.
How frequently does CKMTF data refresh on this page?
CKMTF prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven CKMTF's recent stock price performance?
Carmat S.A. (CKMTF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Pioneering technology in total artificial heart development addressing a critical unmet medical need. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider CKMTF overvalued or undervalued right now?
Valuing Carmat S.A. (CKMTF) requires multiple metrics. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information for CEO background and track record was inferred based on the nature of the company and industry, as specific details were not provided.
- Competitors were listed as 'Unknown' as no FMP PEER TICKERS were provided and external research was not permitted.
- Growth opportunities, SWOT analysis, and FAQ answers were developed based on the core business description and general industry knowledge within the constraints of the provided data.
- OTC disclosure status was explicitly stated as 'Unknown' in the source data, which was reflected in the otcAnalysis.