Sequana Medical

EU: SEQUA

Market Cap€136m

Last Close €7.34

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)
2019A 1.0 (13.7) (14.9) (121.95) N/A N/A
2020A 1.0 (17.5) (19.0) (125.07) N/A N/A
2021E 0.5 (22.1) (22.7) (125.09) N/A N/A
2022E 1.2 (21.4) (22.8) (122.17) 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 expects to complete POSEIDON enrolment in Q421, 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 started the SAHARA DESERT alfapump DSR study in decompensated HF patients in Q221.

Last updated on 20/10/2021
Content on Sequana Medical
Sequana Medical – Pushing back alfapump PMA to mid-2023
Healthcare | Update | 10 September 2021
vital sign monitoring concept. 3d rendering. abstract mixed media.
Sequana Medical – executive interview
Healthcare | Edison TV | 28 July 2021
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Share price graph
Balance sheet
Forecast net cash (€m) 3.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 14.0 3.7 21.9
Relative* 10.1 1.2 (5.8)
52-week high/low €11.8/€6.0
*% relative to local index
Key management
Ian Crosbie CEO
Kirsten Van Bockstaele CFO