Sequana Medical

EU: SEQUA

Market Cap€150m

Last Close €6.32

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 it is being advanced for treating fluid overload (ascites) resulting from liver disease including non-alcoholic steatohepatitis. Sequana’s larger opportunity lies within its DSR programme for chronic HF patients with persistent congestion.

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 0.8 (24.3) (26.3) (111.64) N/A N/A
2023E 0.8 (23.0) (25.1) (105.06) 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 H223. Following encouraging data including sustained improvements in diuretic response from its Phase IIa SAHARA DSR study in HF patients with persistent congestion, the company plans to start the MOJAVE US Phase Ib/IIa study in H123 using its second-generation product (DSR 2.0) in a similar patient population.

Last updated on 29/09/2022
Content on Sequana Medical
Sequana Medical – Approaching key inflection points
Healthcare | research Update | 12 September 2022
vital sign monitoring concept. 3d rendering. abstract mixed media.
Sequana Medical – DSR 2.0 moving forward
Healthcare | research Outlook | 15 August 2022
vital sign monitoring concept. 3d rendering. abstract mixed media.
Sequana Medical – A step closer on DSR heart failure programme
Healthcare | research Flash note | 19 July 2022
vital sign monitoring concept. 3d rendering. abstract mixed media.
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Share price graph
Balance sheet
Forecast net cash (€m) 4.7
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 5.7 17.0 1.3
Relative* 14.3 29.4 23.3
52-week high/low €8.4/€4.9
*% relative to local index
Key management
Ian Crosbie CEO
Kirsten Van Bockstaele CFO