Sequana Medical (BRU: SEQUA)

Currency in EUR

Last close As at 02/06/2023


−0.08 (−2.42%)

Market capitalisation


Based in Belgium, Sequana Medical develops products to treat diuretic-resistant fluid overload, a frequent complication of liver disease and heart failure (HF). Its proprietary alfapump and Direct Sodium Removal (DSR) approaches aim to provide significant clinical and quality-of-life benefits.

Given positive efficacy data in Q422 from its POSEIDON North American registration study for the alfapump in recurrent and refractory ascites, we expect Sequana to submit a US Premarket Approval application in H223, with US approval anticipated in 2024. Following encouraging data including sustained improvements in diuretic response from its Phase IIa SAHARA DSR study in HF patients with persistent congestion, and recent FDA IND clearance, the company plans to start the MOJAVE US Phase I/IIa study in Q223 using its second-generation product (DSR 2.0) in a similar patient population. Data from MOJAVE’s non-randomized cohort is anticipated by the end of 2023, which could provide an early signal of treatment effect.

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Equity Analyst

Pooya Hemami

Analyst - Healthcare

Key Management

  • Kirsten Van Bockstaele


  • Ian Crosbie


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual (3.3) (40.1) (43.9)
Relative 3.5 (34.6) (39.1)
52 week high/low €7.4/€2.9


Sequana’s alfapump and DSR platforms are being advanced as long-term treatments for diuretic-resistant fluid overload related to liver disease, malignant ascites and 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)
2021A 0.4 (23.4) (24.4) (136.37) N/A N/A
2022A 0.9 (28.3) (30.9) (137.33) N/A N/A
2023E 0.7 (24.5) (26.3) (93.34) N/A N/A
2024E 1.7 (25.1) (28.1) (99.26) N/A N/A

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