SEDANANasdaq StockholmHealth CareIFRS · SEK

Sedana Medical

Sedana Medical is a Swedish company based in Danderyd that specializes in developing, manufacturing, and selling medical devices and pharmaceuticals. The company is renowned for its innovative therapy for inhaled sedation in intensive care units, which includes the Sedaconda ACD device and Sedaconda® (isoflurane). Sedana Medical is the parent company of the Sedana Medical Group and operates with a focus on high gross margins and a concentrated customer base, primarily hospitals with intensive care units. The company aims to make inhaled sedation a standard therapy across Europe and is preparing for a significant market entry into the United States.

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Revenue200m SEK
+12.0 %y/y
Operating profit (EBIT)-32.2m SEK
+36.7 %y/y
EBIT margin-16.1%
+12.3 ppy/y
Net income-59.2m SEK
−455.0 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

-200-1000100200300m SEK2021: 159 m SEK2021: EBIT -61 m SEK20212022: 123 m SEK2022: EBIT -106 m SEK20222023: 154 m SEK2023: EBIT -66 m SEK20232024: 179 m SEK2024: EBIT -51 m SEK20242025: 200 m SEK2025: EBIT -32 m SEK2025TTM 2026: 198 m SEKTTM198
RevenueOperating profit (EBIT)TTM = last 12 months, not a full fiscal year
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Business

Share of revenue
Medical Devices40 %

Includes Sedaconda ACD for inhaled sedation

Pharmaceuticals30 %

Includes Sedaconda® (isoflurane) for sedation

Accessories15 %

Additional products supporting sedation therapy

Clinical Trials10 %

Services related to clinical trials and research

Commercialization Services5 %

Efforts to market and sell sedation therapies

Customers

Sedana Medical primarily serves hospitals with intensive care units, focusing on those that require advanced sedation solutions. The company's products are designed to meet the needs of healthcare providers looking for effective and efficient sedation methods. Customers value Sedana Medical's innovative approach to inhaled sedation, which offers potential benefits over traditional intravenous methods. The company's concentrated customer base allows for targeted marketing and sales efforts, enhancing profitability. Sedana Medical's strategic focus on the US market aims to expand its customer base significantly.

Hospitals

Purchase Sedaconda ACD and Sedaconda® for ICU sedation

Healthcare Providers

Use inhaled sedation for efficient patient care

Clinical Research Organizations

Engage in clinical trials for sedation therapies

Strategy

Sedana Medical's strategic priorities include achieving profitable sales growth in Europe, maximizing opportunities in the US, and building a long-term profitable company. The company aims to make inhaled sedation a standard therapy in intensive care units. With FDA fast track designation for its Phase III clinical program, Sedana Medical is poised for a significant US market launch. The acquisition of Innovatif Cekal supports the company's strategy by enhancing supply chain efficiency and profitability.

Profitable Sales Growth in EuropeMedium term

To establish inhaled sedation as a standard therapy

US Market EntryLong term

Largest potential market with high ICU bed count

Long-term ProfitabilityLong term

High gross margins and concentrated customer base

Geography

Sedana Medical is headquartered in Danderyd, Sweden, and has a strong presence across Europe, with market authorizations in 15 countries. The company is actively preparing for entry into the United States, which represents its largest potential market. Sedana Medical's products are approved and sold in over 40 countries, leveraging both direct sales teams in Europe and distributors globally. The acquisition of Innovatif Cekal in Malaysia enhances supply chain control and profitability.

Risks

Key risks for Sedana Medical include regulatory approval challenges in the US, competition from established sedation methods, and fluctuations in ICU occupancy rates affecting sales. The company's reliance on a concentrated customer base could impact revenue stability. Additionally, currency fluctuations and supply chain disruptions pose financial risks. The acquisition of Innovatif Cekal mitigates some supply chain risks but introduces integration challenges.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory Approval in US1Competition2ICU Occupancy Rates3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory Approval in USImpact: CriticalLikelihood: Low

    Critical for market entry and revenue growth

  2. CompetitionImpact: HighLikelihood: Medium

    Established intravenous sedation methods

  3. ICU Occupancy RatesImpact: MediumLikelihood: High

    Directly impacts sales volume

  4. Currency FluctuationsImpact: Medium

    Impacts financial performance due to international operations

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Accounting

Judgemental items
Currency Effects

Affects net financial items and operating profit

Seasonality

Impacts quarterly revenue comparability

Short-term Investments

Valuation affects reported financial assets

Goodwill and Integration Costs

Resulting from acquisitions like Innovatif Cekal

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Last updated: 24/09/2026