CARMAT: management transactions · France · AMF

About CARMAT

CARMAT is a French medical device company focused on the design, manufacturing and commercialization of Aeson®, a total artificial heart. The company’s mission is to provide a therapeutic alternative for patients suffering from advanced biventricular heart failure, a life-threatening condition with very limited curative options. Founded in 2008, CARMAT sits at the intersection of cardiology, biomaterials, biomechanics and implantable systems engineering. The shares are listed on Euronext Growth Paris under ticker ALCAR and ISIN FR0010907956. Its flagship product, Aeson®, is designed to replace both ventricles in end-stage heart failure patients. CARMAT has crossed several major clinical and commercial milestones, including the first implant in 2013 and a gradual increase in implant volumes across Europe. In 2024, the company reported 42 implants and revenue of €7 million, driven by commercial sales in Germany, Italy, Spain and Poland, as well as the EFICAS clinical study in France. In February 2025, CARMAT announced that it had surpassed 100 total implants. CARMAT’s geographic footprint is primarily European, with commercial activity in several EU countries and an important clinical presence in France. In 2025, the company announced the completion of enrolment in the EFICAS study and authorization from French authorities for 21 additional implants while reimbursement of the device in France remained under review. In July 2025, CARMAT obtained MDR CE marking for Aeson®, strengthening its regulatory position in Europe. The company also disclosed its first commercial implants outside the European Union in June 2025, underscoring the gradual expansion of its addressable market. From an investment perspective, CARMAT is a highly differentiated, high-risk medtech name with meaningful long-term upside potential if adoption broadens and reimbursement progresses. Its business model depends on scaling manufacturing, expanding hospital adoption and demonstrating the clinical and economic value of the device. At the same time, the company warned in June 2025 that it was in a critical financial situation and at risk of insolvency, highlighting the capital-intensive nature of its development path. CARMAT therefore combines breakthrough cardiovascular innovation with the operational and financing challenges typical of early commercial-stage medtech companies.