Sedana Medical AB (SEDANA) AI Stock Analysis

• Market Cap: kr911.91M
• Dividend Yield: N/A
• Average Volume (3M): 247.68K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.86
• Revenue Growth: 13.48%
• EPS Growth: 28.98%
• Country: SE
• Employees: 113
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.10
• Shares Outstanding: 99,336,960
• 10 Day Avg. Volume: 186,290
• 30 Day Avg. Volume: 247,675
• PEG Ratio: -0.04
• Price to Book (P/B): 1.13
• Price to Sales (P/S): 5.10
• P/FCF Ratio: -13.58
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -0.27
• Revenue Forecast (FY): kr221.29M

• Rating: 44 Neutral
• Price Target: kr8.00 ▼(-25.37% Downside)
• Action: Reiterated Date: 02/18/26
• Date: Action: Reiterated 02/18/26

The score is held down primarily by ongoing losses and negative operating/free cash flow, despite strong revenue growth and a very low-leverage balance sheet. Technicals show a weaker longer-term trend with neutral near-term momentum, and valuation is constrained by loss-making earnings and no dividend support.

Positive Factors

Strong balance sheet / low leverage

Very low leverage and a substantial equity base (debt ~6.6m vs ~900.8m equity, assets ~954m in 2025) give the company long-term financial flexibility. This reduces near-term refinancing risk, supports continued commercialization spend, and cushions cash burn while product adoption scales.

Strong revenue growth and high gross margins

Material revenue growth paired with sustained ~71% gross margins indicates attractive unit economics for the Sedaconda system. Durable top-line expansion and strong product-level margins create the foundation for scalable profitability if operating leverage improves.

Consumable-driven recurring revenue model

The business sells disposable Sedaconda ACD components and isoflurane drug, producing repeat per-patient sales. A consumable-plus-drug model creates predictable recurring revenue, higher customer lifetime value, and a natural attachment rate that supports steady demand over time.

Negative Factors

Persistent negative cash flow

Consistent negative operating cash flow and large free cash flow deficits mean the company is burning cash to fund growth. Continued cash burn increases dependence on external financing, limits strategic optionality, and raises execution risk if cash generation does not improve.

Ongoing operating losses; deteriorating net loss

Despite strong revenue gains, the firm has not converted growth into profit; a larger 2025 net loss signals limited operating leverage and continued investment outstripping margins. Persistent losses constrain internal reinvestment and prolong reliance on capital markets.

Commercial and regulatory adoption risk

Revenue growth depends on hospital adoption, reimbursement decisions, and regulatory approvals across markets. These structural commercialization risks can delay scale, require sustained sales/clinical effort, and maintain high selling costs until adoption and reimbursement become entrenched.

Sedana Medical AB Business Overview & Revenue Model

Company Description

Sedana Medical AB (publ), a medical technology company, develops, markets, and sells medical devices in Sweden and internationally. The company offers Sedaconda ACD-L and Sedaconda ACD-, which are disposable medical devices that enables the administration of volatile anesthetics; Sedaconda Syringe, a 50/60ml syringe; Sedaconda ACD starter kit; FlurAbsorb and FlurAbsorb-S, which are active carbon filters to capture waste anaesthetic gases from the exhaust of the ventilator; FlurAbsorb accessory kit comprising accessories to connect the exhaust of the ventilator and the gas monitor to the FlurAbsorb/FlurAbsorb-S; and FlurAbsorb mount to hold the filter during scavenging of anesthetic gas. It also provides AMG-06 Gas Monitor for continuous non-invasive sidestream monitoring of CO2 and anaesthetics concentration in inspired and expired gases; Sedaconda Filling Adapter, a single-use device for safe and easy extraction of isoflurane from a Sedaconda bottle to a Sedaconda Syringe; and various accessories comprising DRYLINE II Water Traps, WaterLock 2 water trap, Nafion Dryer Tubing, and Respiratory Gas Monitoring Line. Sedana Medical AB (publ) was founded in 1999 and is headquartered in Danderyd, Sweden.

How the Company Makes Money

Sedana Medical generates revenue through the sale of its medical devices, primarily the AnaConDa system, and related consumables. The company earns money from direct sales to hospitals and healthcare facilities, as well as through partnerships with distributors and medical supply companies. Key revenue streams include the initial sale of the AnaConDa device, ongoing sales of consumable products necessary for its operation, and potential licensing agreements for technology use. Additionally, Sedana Medical benefits from collaborations with healthcare institutions for clinical studies, which can also lead to increased product adoption and sales.

Sedana Medical AB Financial Statement Overview

Summary

Strong revenue growth and healthy gross margins are outweighed by persistent losses and weak cash generation. EBIT and net income remain negative, 2025 net loss worsened versus 2024, and operating/free cash flow are consistently negative despite some improvement in 2025 FCF burn. The balance sheet is a key support with very low leverage and substantial equity.

Income Statement

Revenue has grown strongly over time (up from 122.9m in 2022 to 200.2m in 2025, with 2025 revenue growth of ~132%), and gross profit remains healthy (about 71% gross margin in 2023–2024). However, profitability is still weak: EBIT and net income are consistently negative across the period, and 2025 net loss (-59.2m) deteriorated versus 2024 (-10.7m), indicating the business has not yet translated growth into sustainable earnings.

Balance Sheet

The balance sheet is a clear strength with very low leverage (debt-to-equity roughly ~0.4%–1.5% in 2020–2024 and total debt only ~6.6m in 2025 versus ~900.8m equity). Total assets remain substantial (~954m in 2025), providing financial flexibility. The main weakness is returns: equity returns are negative where provided (e.g., negative return on equity in 2021–2024), reflecting ongoing losses despite a strong capital base.

Cash Flow

Cash generation is the key concern. Operating cash flow is negative every year shown (including -12.8m in 2025), and free cash flow is deeply negative (e.g., -186.8m in 2024 and -75.2m in 2025). While free cash flow burn improved meaningfully in 2025 versus 2024, the company is still consuming cash rather than funding operations internally, which can increase reliance on external financing if this persists.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	200.23M	178.75M	153.87M	122.86M	159.15M
Gross Profit	142.71M	126.14M	108.98M	86.07M	106.71M
EBITDA	-10.12M	-4.03M	-51.67M	-64.87M	-49.10M
Net Income	-59.24M	-10.67M	-59.61M	-73.51M	-57.97M
Balance Sheet
Total Assets	954.46M	1.02B	1.01B	1.08B	1.17B
Cash, Cash Equivalents and Short-Term Investments	90.98M	193.96M	381.80M	607.74M	836.18M
Total Debt	4.70M	5.92M	4.31M	8.74M	8.87M
Total Liabilities	53.68M	61.17M	44.06M	52.43M	66.12M
Stockholders Equity	900.78M	958.23M	970.00M	1.03B	1.10B
Cash Flow
Free Cash Flow	-75.19M	-186.77M	-206.95M	-253.22M	-151.48M
Operating Cash Flow	-12.78M	-11.77M	-38.06M	-115.43M	-41.22M
Investing Cash Flow	-63.03M	-44.67M	-321.96M	-137.78M	-110.25M
Financing Cash Flow	-4.04M	-3.57M	-4.86M	-1.51M	605.07M

Sedana Medical AB Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 10.72
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:SEDANA, the sentiment is Neutral. The current price of 10.72 is above the 20-day moving average (MA) of 9.16, above the 50-day MA of 9.76, and below the 200-day MA of 11.67, indicating a neutral trend. The MACD of -0.20 indicates Negative momentum. The RSI at 47.29 is Neutral, neither overbought nor oversold. The STOCH value of 68.61 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:SEDANA.

Sedana Medical AB Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PAX	56 Neutral	kr1.09B	-74.03	-4.20%	―	21.71%	-80.37%
CRAD.B	55 Neutral	kr861.06M	103.06	6.93%	―	-5.80%	-65.99%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SEZI	49 Neutral	kr694.10M	-5.78	-36.55%	―	62.24%	21.16%
OSSD	47 Neutral	kr649.37M	-24.57	―	―	38.43%	57.76%
SEDANA	44 Neutral	kr911.91M	-17.24	-4.42%	―	13.48%	28.98%
INTEG.B	42 Neutral	kr211.48M	-5.27	-18.55%	―	0.62%	-82.70%

Sedana Medical AB Corporate Events

Sedana Medical Narrows Losses and Turns Ex-US EBITDA Positive Amid 2025 Sales Growth

Sedana Medical reported 5% year-on-year net sales growth in the fourth quarter of 2025 to SEK 51.8 million, or 11% at constant exchange rates, with gross margin improving to 73%. EBITDA turned slightly positive at group level and reached an 8% margin in the ex-U.S. business, although the group still posted an operating loss and a net loss for the quarter, partly due to weaker net financial items and currency effects.

For the full year 2025, net sales rose 12% to SEK 200.2 million, driven by 16% growth at constant exchange rates and stable 71% gross margins, while EBITDA and operating losses narrowed significantly versus 2024. However, Sedana Medical’s net loss widened to SEK 59.2 million and cash and cash equivalents fell to SEK 91 million, reflecting lower interest income, adverse currency movements on USD holdings, and continued investment in U.S. registration work, which together highlight a transition phase toward profitability outside the U.S. but ongoing financial pressure on the group.

The most recent analyst rating on (SE:SEDANA) stock is a Hold with a SEK10.00 price target. To see the full list of analyst forecasts on Sedana Medical AB stock, see the SE:SEDANA Stock Forecast page.

Sedana Medical Schedules Q4 2025 Interim Report Release and Investor Presentation

Sedana Medical AB will publish its interim report for the fourth quarter of 2025 on 12 February 2026 at around 07:00 CET and will present the results later the same day at 13:30 CET via an audiocast and teleconference. The presentation, led by CEO Johannes Doll alongside the CFO and CMO, underscores the company’s ongoing engagement with investors and analysts ahead of its year-end disclosure, offering stakeholders an opportunity to scrutinize performance in its core inhaled sedation business and gain insight into strategic and operational developments.

The most recent analyst rating on (SE:SEDANA) stock is a Hold with a SEK10.00 price target. To see the full list of analyst forecasts on Sedana Medical AB stock, see the SE:SEDANA Stock Forecast page.

Sedana Medical Strengthens Leadership with New CFO Ahead of US Expansion

Sedana Medical has appointed experienced finance executive Mikael Haag as its new Chief Financial Officer and member of the Executive Management Team, with him set to assume the role no later than July 2026, while current CFO Johan Spetz will stay on until June 2026 to ensure a smooth handover. The hire underscores Sedana Medical’s focus on strengthening its financial leadership to support expansion of its profitable European business and to build out a significant presence in the United States, leveraging Haag’s track record in scaling growth companies and his experience in the US market to drive continued growth and long-term value creation.

The most recent analyst rating on (SE:SEDANA) stock is a Hold with a SEK10.00 price target. To see the full list of analyst forecasts on Sedana Medical AB stock, see the SE:SEDANA Stock Forecast page.

Sedana Medical CFO Johan Spetz to Depart After Driving Efficiency Gains

Sedana Medical AB announced that Chief Financial Officer Johan Spetz will leave the company to pursue a career opportunity outside the life science sector after serving in the role since March 2022. Spetz, credited by the CEO with playing a central role in the company’s transformation, improved performance, and achievements such as reaching EBITDA break-even in Europe and advancing preparations for a future US launch, will remain in post until a successor is appointed or until 19 June 2026 to ensure continuity, while the company has already started the recruitment process for a new CFO, signaling an orderly leadership transition with limited immediate disruption for operations and stakeholders.

The most recent analyst rating on (SE:SEDANA) stock is a Hold with a SEK10.00 price target. To see the full list of analyst forecasts on Sedana Medical AB stock, see the SE:SEDANA Stock Forecast page.