Sequana Medical

EU: SEQUA

Market Cap€124m

Last Close €5.72

Sequana Medical is a Belgian commercial-stage medical device company using its proprietary alfapump and DSR technologies to develop innovative treatments for diuretic-resistant fluid overload in liver disease, malignant ascites and heart failure.

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Investment summary

Sequana’s alfapump and Direct Sodium Removal (DSR) platforms are being advanced as long-term treatments for diuretic-resistant fluid overload related to liver disease, malignant ascites and heart failure (HF). The alfapump removes localised excess fluid build-up in the peritoneal cavity, and its initial commercial opportunity is for treating fluid overload (ascites) resulting from liver disease including non-alcoholic steatohepatitis. DSR technology adds a complementary method for removing excess fluid that is spread all over the body and the combined approach, alfapump DSR, is being advanced as a therapy for HF patients affected by congestion (fluid overload).

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 1.0 (17.5) (19.0) (125.07) N/A N/A
2021A 0.4 (23.4) (24.4) (136.37) N/A N/A
2022E 0.6 (22.5) (23.3) (98.23) N/A N/A
2023E 0.7 (21.0) (22.8) (95.55) N/A N/A
Industry outlook

The alfapump is undergoing a pivotal North American registration study (POSEIDON) and is already commercialised in parts of Europe. Sequana recently completed POSEIDON implantations and expects to report primary efficacy data in Q422 and submit a US regulatory application for alfapump in mid-2023. The alfapump DSR system was shown in the RED DESERT study to sustainably improve diuretic response and cardio-renal status, and Sequana reported positive interim data in the SAHARA DESERT alfapump DSR study in decompensated HF patients in Q421.

Last updated on 24/05/2022
Content on Sequana Medical
Sequana Medical – Guidance maintained for key programmes
Healthcare | research Update | 27 April 2022
vital sign monitoring concept. 3d rendering. abstract mixed media.
Sequana Medical – Completion of POSEIDON study implantations
Healthcare | research Update | 8 April 2022
vital sign monitoring concept. 3d rendering. abstract mixed media.
Sequana Medical – DSR reduces congestion in heart failure
Healthcare | research Update | 15 December 2021
vital sign monitoring concept. 3d rendering. abstract mixed media.
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Share price graph
Balance sheet
Forecast net cash (€m) 6.2
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (16.9) (2.4) (36.6)
Relative* (10.6) (2.2) (33.7)
52-week high/low €9.7/€5.4
*% relative to local index
Key management
Ian Crosbie CEO
Kirsten Van Bockstaele CFO