Sequana Medical

EU: SEQUA

Market Cap€134.5m

Last Close €7.14

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 (c)
P/E (x)
P/CF (x)
2019A 1.0 (13.7) (14.9) (122.0) N/A N/A
2020A 1.0 (17.5) (19.0) (125.1) N/A N/A
2021E 1.1 (17.3) (17.9) (96.2) N/A N/A
2022E 1.2 (16.5) (17.7) (94.9) N/A N/A
Industry outlook

The alfapump is undergoing a pivotal North American registration study (POSEIDON), with primary endpoint data expected in Q322, and is already commercialised in parts of Europe. The alfapump DSR system was shown in the RED DESERT study to sustainably improve diuretic response and cardio-renal status. Further studies of the DSR platform are planned.

Last updated on 03/08/2021
Content on Sequana Medical
Sequana Medical – executive interview
Healthcare | Edison TV | 28 July 2021
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Share price graph
Balance sheet
Forecast net cash (€m) 8.9
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual (18.5) (18.3) 15.3
Relative* (19.9) (21.9) (8.3)
52-week high/low €11.8/€6.0
*% relative to local index
Key management
Ian Crosbie CEO
Kirsten Van Bockstaele CFO