olivLaw · European equity research
Sedana Medical AB (publ) SEDANA.ST
Sweden · Nasdaq Stockholm · ISIN SE0015988373 · Vertical: Listed companies from Sweden
Sedana Medical develops and sells the Sedaconda ACD device and isoflurane for inhalation sedation of mechanically ventilated intensive care patients, with net sales rising 12 percent in 2025 to 200 226 KSEK. The company is preparing a US marketing application around mid-2026, which makes this period decisive.
At the close of 05 Nov 2026, Sedana Medical AB (publ) (SEDANA.ST) stock was 9.69 SEK (+1.47% on the day), with market capitalisation 956.8 m SEK, beta 1.04, 52-week range 7.93–13.62 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 50.4
- neutral
- Bollinger (20, 2)
- 9.08 – 10.07
- in the upper half of the band · %B 0.62 · band width 10.3%
- SMA 50 / 200
- 10.03 / 9.64
- mixed trend
- MACD (12, 26, 9)
- -0.13 / -0.16
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −2.3% | −0.6% | −1.7 pp | — |
| 3 months | −5.7% | −4.2% | −1.6 pp | — |
| 6 months | −0.8% | +4.3% | −5.2 pp | — |
| Year to date | −5.7% | +7.5% | −13.2 pp | — |
| 1 year | −1.9% | +9.9% | −11.8 pp | −8.5% |
| 3 years | −51.7% | +49.8% | −101.6 pp | +12.3% |
| 5 years | −89.7% | +42.8% | −132.5 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 153.9 m | 178.8 m | 200.2 m |
| Revenue YoY | unavailable | +16.2% | +12.0% |
| Net income | -59.6 m | -10.7 m | -59.2 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -0.60 | -0.11 | -0.60 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | -38.7% | -6.0% | -29.6% |
| Free cash flow | -38.6 m | -14.0 m | -15.2 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 91.0 m SEK
- Financial debt
- unavailable SEK
- Net debt
- unavailable SEK
- Equity
- 900.8 m SEK
- Total assets
- 954.5 m SEK
- Debt / equity
- unavailable
- Current ratio
- 3.40x
- ROE
- -6.4%
- ROA
- -6.0%
- FCF margin
- -7.6%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 153.9 m | 178.8 m | 200.2 m | esef· 26 Oct 2026verified |
| Cost of revenue | 44.9 m | 52.6 m | 57.5 m | esef· 26 Oct 2026verified |
| Gross profit | 109.0 m | 126.1 m | 142.7 m | esef· 26 Oct 2026verified |
| Research & development | 20.8 m | 20.3 m | 20.6 m | esef· 26 Oct 2026verified |
| Operating income | -65.5 m | -52.2 m | -32.2 m | esef· 26 Oct 2026verified |
| Interest expense | 9.3 m | 22.5 m | 28.5 m | esef· 26 Oct 2026verified |
| Pre-tax income | -59.0 m | -9.9 m | -57.3 m | esef· 26 Oct 2026verified |
| Income tax | 593.0 k | 726.0 k | 2.0 m | esef· 26 Oct 2026verified |
| Net income | -59.6 m | -10.7 m | -59.2 m | esef· 26 Oct 2026verified |
| Diluted EPS | -0.60 | -0.11 | -0.60 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 231.2 m | 194.0 m | 91.0 m | esef· 26 Oct 2026verified |
| Inventories | 43.0 m | 45.6 m | 37.9 m | esef· 26 Oct 2026verified |
| Current assets | 459.6 m | 278.2 m | 173.8 m | esef· 26 Oct 2026verified |
| Goodwill | 0 | 26.6 m | 25.3 m | esef· 26 Oct 2026verified |
| Total assets | 1.0 bn | 1.0 bn | 954.5 m | esef· 26 Oct 2026verified |
| Current liabilities | 43.0 m | 51.6 m | 51.0 m | esef· 26 Oct 2026verified |
| Total liabilities | 44.1 m | 61.2 m | 53.7 m | esef· 26 Oct 2026verified |
| Equity | 970.0 m | 958.2 m | 900.8 m | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 99.4 m | 97.0 m | 98.7 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | -38.1 m | -11.8 m | -12.8 m | esef· 26 Oct 2026verified |
| Capex | 515.0 k | 2.2 m | 2.4 m | esef· 26 Oct 2026verified |
| Free cash flow | -38.6 m ≈ | -14.0 m ≈ | -15.2 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -322.0 m | -44.7 m | -63.0 m | esef· 26 Oct 2026verified |
| Financing cash flow | -4.9 m | -3.6 m | -4.0 m | esef· 26 Oct 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 25.0% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 956.8 m SEK
Key indicators
Coverage and freshness
Score by group
25% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -29.6% | 8 (vs peers) | 25% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -1.1x | 0 (on a fixed band) | 25% |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 17% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -1.6% | 0 (on a fixed band) | 33% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial8/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Sedana Medical AB (publ) (SEDANA.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 200.2 m SEK in 2025; YoY growth 12.0%; net margin -29.6%; ROE -6.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 25.0% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.4x
What contradicts it
- Net margin: -29.6%
- Interest coverage: -1.1x
- FCF yield: -1.6%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 223.0 bn | 27.0 | 19.4% | 11.9% | +4.1% | +21% / +38% |
| BOL.STBoliden Ab | 143.0 bn | 15.2 | 13.3% | 10.1% | +4.8% | +12% / +81% |
| CAST.STCastellum Aktiebolag | 66.6 bn | 71.0 | 1.2% | 9.8% | −2.6% | +27% / +6% |
| AAK.STAak Ab (publ) | 47.5 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 42.5 bn | 58.5 | 19.5% | 32.5% | +21.3% | +16% / +55% |
| BRAV.STBravida Holding AB | 30.1 bn | 24.5 | 13.7% | 4.4% | −4.9% | +84% / +123% |
| ASKER.STAsker Healthcare Group AB | 29.8 bn | 60.5 | 9.8% | 2.9% | +11.7% | −18% / unavailable |
| ALLEI.STAlleima AB | 22.7 bn | 33.8 | 4.1% | 3.6% | −5.4% | +11% / +19% |
| BURE.STBure Equity AB | 22.6 bn | — | -21.0% | — | unavailable | +20% / +19% |
| AQ.STAQ Group AB | 19.7 bn | 29.2 | 14.9% | 7.5% | +6.0% | +14% / +119% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| ATT.STAttendo AB (publ) | 16.8 bn | 20.7 | 15.1% | 4.3% | +0.1% | +34% / +223% |
| AFRY.STAfry Ab | 14.9 bn | 18.7 | 6.2% | 3.1% | −5.2% | −17% / +4% |
| ATRLJ-B.STAtrium Ljungberg AB | 14.0 bn | 17.1 | 2.9% | 23.9% | −2.0% | −33% / −44% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.3 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.7 bn | 15.5 | 12.7% | 4.3% | +9.7% | +22% / +138% |
| APOTEA.STApotea AB (publ) | 10.7 bn | 46.8 | 31.3% | 3.2% | +10.1% | +15% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +58% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.2 | 15.1% | 6.9% | −7.4% | +36% / +110% |
| ACTI.STActive Biotech AB (publ) | 4.9 bn | — | -84.5% | — | unavailable | −32% / −77% |
| CEVI.STCellaVision AB | 4.7 bn | 30.8 | 18.0% | 20.2% | +4.9% | +20% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.2 | 13.0% | 2.2% | +16.7% | +1% / +25% |
| BHG.STBHG Group AB | 4.5 bn | 31.1 | 2.5% | 1.4% | +6.2% | −18% / +113% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.7 | 4.1% | 10.1% | +24.9% | −8% / +87% |
| BICO.STBICO Group AB | 1.7 bn | — | -46.0% | -72.7% | −13.3% | +16% / −51% |
1- and 3-year price returns: for SEDANA.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Sedana Medical develops and sells the Sedaconda ACD device and isoflurane for inhalation sedation of mechanically ventilated intensive care patients, with net sales rising 12 percent in 2025 to 200 226 KSEK 1. The company is preparing a US marketing application around mid-2026, which makes this period decisive.
SWOT
Strengths
- The product has patent protection and data exclusivity in Europe, which limits direct competition in inhalation sedation.
- The company already has profitable activity outside the US, giving it a financial base for international launches.
- The device works with existing intensive care equipment without new investment, which eases adoption.
Weaknesses
- The company depends heavily on a small number of products and a single therapy, so setbacks in studies would have a major impact.
- The company has significant accumulated tax losses, and their use may be limited by changes of ownership.
- Results are reported in SEK while much of the cost and revenue base is in euro, exposing the company to currency fluctuations.
Opportunities
- US approval could open the company's largest market, with launch planned for 2027 if the FDA approves the application.
- If inhalation sedation spreads in intensive care, the company could gain market share from intravenous sedation.
- The Early Access Program approved by the FDA could bring first clinical experience in the US before full approval.
Threats
- The US marketing application could be delayed or rejected, postponing the launch and related revenue.
- Pressure on hospital budgets may reduce willingness to pay for new products, including the company's.
- Stricter rules for medical devices and medicines may raise compliance costs and slow launches.
Risks
- US regulatory approvalhigh
Success in the US market depends on the FDA accepting the marketing application, and a rejection would postpone the planned launch.
- Results of clinical studieshigh
If clinical studies were negative or insufficient, the necessary approvals could be missing and revenue would be significantly affected.
- Dependence on few productshigh
The company's strategy rests on one technology and one therapy, so any problem would have a major impact on the whole business.
- Currency riskmedium
A significant part of revenue and costs is in euro while reporting is in SEK, which can produce losses from exchange rates.
Investment thesis
What would need to be true (bull case)
- If US approval follows on the planned timeline, the 2027 launch could significantly expand the company's market.
- Data exclusivity in Europe and patented technology provide an entry barrier for potential direct competitors.
- The economic and clinical arguments for inhalation sedation, supported by external recommendations, could accelerate adoption in intensive care.
What would break the thesis
- The US marketing application is an uncertain step, and a rejection or delay could considerably slow the company's growth.
- Intravenous sedation remains the established standard, and changing clinical habits can be slow and costly.
- The business depends on a small number of products, and weakness in the European market, such as in Germany, could weigh on results.
What to watch
- Submission of the NDA to the FDAmid-2026
- FDA decision on approval and US launch2027
- Sales development in Germany and other European marketsnext quarterly report
- Early results from the US Early Access Program patients2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Sedana Medical AB is a Swedish company whose main product is the Sedaconda ACD system, a single-use medical device that administers volatile anaesthetics during mechanical ventilation and recirculates them to the patient, combined with Sedaconda isoflurane. According to the annual report, the company relies on patented technology that combines vaporisation, filtration and humidification in one device, compatible with equipment already in intensive care units 1. Revenue comes largely from outside the US, and the company had 112 employees at year-end 2025 1.
The business model rests on the idea that inhalation sedation can reduce intensive care stays and associated costs, and the report cites the UK NICE recommendation as an economic alternative 1. The company does not aim to sell new equipment but a product that works with hardware already present in hospitals, which lowers adoption barriers 1.
For the US, the company plans to launch its products in-house with its own sales force if the FDA approves the application, with launch planned for 2027 1. An Early Access Program was approved by the FDA in April 2025, and the first patient was treated in March 2026 1.
Segments
Sedaconda ACD and Sedaconda isoflurane
The core segment combines the Sedaconda ACD medical device with the isoflurane medicine, sold as an inhalation sedation therapy in intensive care. The company states that data exclusivity for Sedaconda isoflurane in Europe runs until 2032, making it the only company authorised to market inhalation sedation in intensive care in that region 1.
Production and acquisitions
After acquiring Innovatif Cekal in 2024, the company gained direct control over a larger share of material costs and production capacity at the supplier of its main product 1. This integration may improve cost and supply chain control but also adds operational responsibilities.
Market context
The target market is sedation of mechanically ventilated intensive care patients, where the report cites roughly eight million patients sedated annually worldwide, usually for two to five days 1. Intravenous sedation with propofol and benzodiazepines remains the standard, and its limitations leave room for growth in inhalation sedation, although the report acknowledges that adoption depends on several factors 1.
In the European market the company already operates profitably outside the US, and Germany is an important market, where sales grew strongly in the first half of 2025 and were then hit negatively in the second half 1. Progress in the US remains conditional on FDA approval.
Trends
- FDA approval for the US markettailwind
The company plans an NDA submission around mid-2026 based on the INSPiRE-ICU studies, and the FDA has confirmed the data appear sufficient for submission 1. If approval follows, the US launch could open the company's largest market.
- Cost and efficiency in intensive caretailwind
Cost pressure on intensive care budgets may favour solutions that shorten patient stays, and inhalation sedation is presented as offering economic and clinical advantages 1. This context could support adoption of the product.
- Regulation and compliance requirementsheadwind
Regulation of medical devices and medicines is becoming stricter, and compliance costs can be high; MDR and MDD certificates must be renewed periodically 1. These requirements could slow or raise the cost of launches.
- Sustainability and medical practicemixed
The company argues that inhalation sedation shortens intensive care stays and therefore the associated emissions, which may matter to hospitals pursuing environmental targets 1. However, positioning depends on clinical evidence and acceptance by the health system.
Competitive position
The main competition is intravenous sedation, a well-established standard therapy in intensive care, and the company acknowledges it must win market share from it 1. There is also a risk of direct competition within the inhalation sedation indication if other suppliers enter this market 1.
The company differentiates itself through data exclusivity for Sedaconda isoflurane in Europe and because the product works with existing equipment without new hardware investment 1. The report does not name specific competitors, so the list below stays limited to the categories presented in the source.
- Intravenous sedation drugs (propofol, benzodiazepines)
The standard therapy in intensive care, described in the report as the main competitor to inhalation sedation.
- Other inhalation sedation suppliers
The report mentions the risk of competition emerging in the inhalation sedation indication, without naming firms.
- Alternative sedation systems in intensive care
The risk of not gaining market acceptance against existing alternatives is noted in the report.
- Ventilation and monitoring equipment suppliers
Compatibility with ventilators is a factor for acceptance, and the report stresses the need to integrate with existing equipment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Sedana Medical AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.