Sequana Medical Becoming a commercial stage medtech
With the alfapump FDA approval in liver ascites obtained in 4Q24, Sequana enters 2025 with the clear aim of building out its commercial organisation in the US. While the company's cash runway is until 1Q25, we believe the FDA approval could attract new investors into the stock, and US commercialisation is targeted for 2H25. We re-model Sequana taking into account the updated timelines, and estimate peak sales of approx. €240m for the alfapump in liver ascites in the US. This brings us to a new TP of € 5 (from € 6), and with upside to the current valuation, we reiterate our BUY rating.Sequana Medical NV. Sequana Medical NV is a Belgium-based company, which manufactures medical devices. The Company focuses mainly on the development of treatment solutions for the management of liver disease, heart failure, malignant ascites and other fluid imbalance disorders. Sequana Medical NV provides alfapump, which is an implantable, programmable, wireless-charged and battery-powered system that is CE-marking for the management of refractory ascites due to liver cirrhosis and malignant ascites. Over 650 alfapump systems have been implanted. Apart from the Alfapump, the Company also aims to develop a direct sodium removal (DSR) therapy, which is a propriety approach to the treatment of volume overload in heart failure.
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