Report
Jacob Mekhael

Sequana Medical CMS proposes NTAP top up payment for the alfapump

Sequana announced that the Centers for Medicare and Medicaid Services (CMS) recommends that alfapump system cases be eligible for incremental payment via a new technology add-on payment (NTAP). This proposal could bring an NTAP top-up payment of up to $ 19,500 on top of the existing DRG payments, boosting the device's reimbursement position, and could make the alfapump procedure profitable for hospitals, which is likely to help drive adoption. With center training due to be completed by the end of April, we look forward to the launch in the US (3Q25) for initial signs of commercial traction. We reiterate our € 5 TP and Buy rating.
Underlying
Sequana Medical

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.

Provider
KBC Securities
KBC Securities

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Analysts
Jacob Mekhael

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