KBC Securities - Sequana Medical (SEQUA) Sequana Medical Reports 5 centres with alfapump implants since launch

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KBC Securities

Mathijs Geerts Danau

Sequana Medical Reports 5 centres with alfapump implants since launch

Sequana announces progress in the commercial uptake of the alfapump. We estimate at least 8 implants across 5 hospitals since launch in 2H25. The soft-launch target was 70 implants by end of 1Q26. However, we view this target as challenging to reach. We therefore await FY25 results for greater visibility on definitive sales figures and launch metrics. We reiterate our BUY and € 2.7 TP.

26/02/2026 1 EN

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.

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BE0974340722 Euronext Brussels Belgium

Provider

KBC Securities

We are a financial services provider for several types of professional clients, each with distinct needs.

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Analysts

Mathijs Geerts Danau

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Sequana Medical Reports 5 centres with alfapump implants since launch

We are a financial services provider for several types of professional clients, each with distinct needs.

Morning Notes : ARGX BB, BEKB BB, CRBN NA, CMBT BB, SEQUA BB, SOF BB, UCB BB, SHUR BB, CTPNV NA, DEME BB, SYENS BB

Morning Notes : EVS BB, SEQUA BB, ECMPA NA

Aalberts Good results & WC mgmt, higher DPS but lower SBB, no quantified outlook

Corbion FIRST LOOK: FY25 EBITDA +27% organ., FY26 margin guidance of 17%

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