Sedana Medical Ab · OMXSTO:SEDANA
Sedana Medical Ab — Q2 2026 Earnings Presentation
21 slides from Sedana Medical Ab's earnings presentation, Jul 17, 2026
Slide 1: Q2 2026 Report
Q2 2026 Report Johannes Doll, CEO Mikael Haag, CFO July 17, 2026 <
Slide 2: Disclaimer
Disclaimer Forward-looking statements This presentation may contain certain forward-looking statements and forecasts based on uncertainty, since they relate to events and depend on circumstances that will occur in the future and which, by their nature, will have an impact on Sedana Medical’s busines
Slide 3: We have delivered further EBITDA improvement despite flat sales
We have delivered further EBITDA improvement despite flat sales Our 3 priorities Achieve growth in our Reach EBITDA Conquer the US ex-US business profitability market • Q2 group sales of 49.1 • Improved Group EBITDA • Primary endpoint met and MSEK: flat (0%1 YoY) vs. despite flat sales promising sec
Slide 4: We have accomplished a successful turn-around after Covid-19
We have accomplished a successful turn-around after Covid-19 Net Sales Ex-US EBITDA Group EBITDA Successful restructuring SEK million Percent Percent after Covid-19 • Streamlined corporate 200 6 0 3 headquarters and 179 improved overall spend -5 effectiveness 154 -9 • Shifted resources to the -17 12
Slide 5: We are on track to deliver on our financial targets 2026
We are on track to deliver on our financial targets 2026 Financial Targets FY 2026 YTD: Mid-to-high single digit FY ex-US EBITDA +6% (vs. +3% in H1 2025) YTD: Approaching group-level EBITDA 0% profitability (vs. -4% in H1 2025) 5 <
Slide 6: In H1 2026, we were up against a strong period last year
In H1 2026, we were up against a strong period last year Net sales distribution 2025 • 2025 sales were Sedana Medical Germany unusually front-loaded MSEK MEUR for the company and 107 5,5 especially in Germany 93 4,5 • The post-Covid-19 average before 2025 was 49% in H1 and 51% in H2 • Therefore, we
Slide 7: Germany faced another difficult quarter, mainly due to lower ICU occupancy
Germany faced another difficult quarter, mainly due to lower ICU occupancy Net Sales MSEK Comments Q2 2026 H1 2026 • Germany sales declined 22% at constant exchange rates (-18% year-to-date), against a strong Q2 2025 with 19% growth -21% • The majority of the decline is explained by fewer patients i
Slide 8: Market headwinds from low patient numbers have continued to affect performance in Germany
Market headwinds from low patient numbers have continued to affect performance in Germany Weekly hospital admissions with severe acute respiratory infections Comments Source: Robert Koch Institut • The 2025/2026 flu season has led to a 36 lower number of hospital 34 2024/2025 admissions between Q4 2
Slide 9: All of our 'Other Direct Markets' accelerated growth in Q2
All of our ‘Other Direct Markets’ accelerated growth in Q2 Net Sales MSEK Comments • Sales growth in Spain accelerated sharply vs. Q1 Q2 2026 H1 2026 despite nation-wide doctors’ strikes (one week each month). Pickup was supported by progress in new patient populations, such as neurocritical care du
Slide 10: Distributor markets continued to deliver solid growth
Distributor markets continued to deliver solid growth Net Sales MSEK Comments Q2 2026 H1 2026 • Distributor market sales are generally more volatile due to irregular ordering patterns and higher stock levels +20% • Focus of 2025 activities was on providing targeted support to prioritized partners, l
Slide 11: US approval would meaningfully expand our addressable market
US approval would meaningfully expand our addressable market Europe (direct markets) United States Ventilated adult ICU patients p.a. ~1 million >2 million Market potential inhaled sedation 3-4 BSEK 10-12 BSEK Status • Only approved ICU therapy • Two successful pivotal trials for inhaled sedation co
Slide 12: We have submitted our NDA to the FDA in June
We have submitted our NDA to the FDA in June Progress towards US approval Upcoming milestones ✓ Two successful Phase III trials • Validation period ongoing - Primary endpoint met in both studies • Expect feedback from FDA in August/September - No new safety findings - Decide on acceptance of the fil
Slide 13: We are preparing for launching ourselves in the US
We are preparing for launching ourselves in the US Market Strategy • The United States have • Therefore, we are preparing to build a commercial a market potential of US subsidiary and launch our therapy 10-12 BSEK (vs. 3-4 ourselves BSEK in today’s direct - Keep control of our assets and capture mor
Slide 14: Secondary endpoints showed several potential benefits
Secondary endpoints showed several potential benefits (subject to approval and label decision by the FDA) Clinical results Relevance in practice • Greater opioid • Opioids cause (dose-dependent) issues in the ICU, such as constipation, respiratory depresssion, withdrawal and delirium reduction vs. b
Slide 15: 31 prominent sites were involved in the trials
31 prominent sites were involved in the trials – building a strong platform for KOL engagement and launch success INSPiRE-ICU1 INSPiRE-ICU2 • Vanderbilt • Rush University • University of Colorado • Columbia University • Cleveland Clinic • Massachusetts General Hospital • UT Southwestern • University
Slide 16: Patients are now being treated under our Early Access Program
Patients are now being treated under our Early Access Program The EAP Benefits Status update • An FDA pathway to gain Besides helping difficult to • Approximately 10 access to an investigational sedate patients, the Early prominent US hospitals medical product before full Access Program brings value
Slide 17: Financial result in Q2 2026
Financial result in Q2 2026 Net sales (MSEK, 12m rolling) Net sales Q2’26: 49.1 (49.8) MSEK, -1% y/y (0% excl. fx) 200 • Sales in Germany decreased 23% y/y (-22% excl. fx). Germany had 180 lower ICU occupancy rate compared to last year. 160 • Other direct markets report growth of 41% y/y (+41% excl.
Slide 18: Cash flow and available funds
Cash flow and available funds Change in cash position (MSEK) excl short-term deposits • Cash per end of Q2’26: 52 MSEK compared to 81 MSEK at 30 beginning of the quarter 20 10 • Change in cash of -29 MSEK mainly driven by investments in 0 intangible assets of -20 MSEK, which are mainly US-related -1
Slide 19: Largest shareholders Jun 30, 2026
Largest shareholders Jun 30, 2026 19 <
Slide 20: 3 reasons to believe in Sedana Medical
3 reasons to believe in Sedana Medical A therapy with A profitable and An opportunity to enter compelling benefits for growing core business the US, the highest patient and hospitals in Europe potential market • Clinically proven benefits • All-time-high sales in FY • Positive results in both for ve
Slide 21: A secanamedical
A secanamedical