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SNWV

SANUWAVE Health, Inc.

SNWV

SANUWAVE Health, Inc. • NASDAQ
$33.92 ▼ -1.34% (-0.46)
Market Cap $290.80 M
52w High $46.59
52w Low $18.50
Dividend Yield 0%
P/E -46.47
Volume 81.96K
Outstanding Shares 8.57M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $11.451M ▲ $7.236M ▲ $10.325M ▲ 90.167% ▲ $0 ▼ $12.376M ▲
Q2-2025 $10.164M ▲ $6.081M ▼ $1.055M ▲ 10.38% ▲ $0.008 ▲ $3.228M ▲
Q1-2025 $9.342M ▼ $6.398M ▲ $-5.676M ▲ -60.758% ▲ $-0.66 ▲ $-3.55M ▲
Q4-2024 $10.326M ▲ $5.519M ▲ $-12.748M ▲ -123.455% ▲ $-3.33 ▲ $-9.679M ▲
Q3-2024 $9.36M $5.114M $-20.657M -220.694% $-6.49 $-16.74M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $9.602M ▲ $35.599M ▲ $38.53M ▼ $-2.931M ▲
Q2-2025 $8.496M ▼ $33.046M ▲ $47.821M ▼ $-14.775M ▲
Q1-2025 $8.501M ▼ $30.855M ▲ $48.147M ▲ $-17.292M ▼
Q4-2024 $10.237M ▲ $30.119M ▲ $42.836M ▼ $-12.717M ▲
Q3-2024 $3.259M $21.844M $82.107M $-60.263M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $10.325M ▲ $1.081M ▲ $4.475M ▲ $-4.45M ▼ $1.106M ▲ $556K ▲
Q2-2025 $1.055M ▲ $993K ▲ $-1.159M ▼ $161K ▲ $-5K ▲ $-166K ▲
Q1-2025 $-5.676M ▲ $-1.517M ▼ $-162K ▲ $-57K ▼ $-1.736M ▼ $-1.679M ▼
Q4-2024 $-12.748M ▲ $741K ▼ $-236K ▼ $6.473M ▲ $6.978M ▲ $505K ▼
Q3-2024 $-20.657M $1.282M $-48K $-435K $799K $1.234M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Consumables and Parts
Consumables and Parts
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
License Fees and Other
License Fees and Other
 $0 ▲$0 ▲$0 ▲$0 ▲
System Revenue
System Revenue
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has inched up over the last few years but remains very small, so the business is still in an early or niche commercial stage. The company has been able to generate positive gross profit, which means its products are sold above direct cost, but that has not yet translated into consistent overall profitability. Operating results have improved from clear losses toward roughly breakeven at the operating level recently, showing some cost control and better scaling of expenses. However, after interest and other non-operating items, the company continues to report bottom‑line losses, and per‑share results look particularly weak, amplified by share structure changes and reverse splits. Overall, the trend in operations is slowly improving, but profitability is not yet established or stable.

Balance Sheet

Balance Sheet The balance sheet is thin and highly stressed. Total assets are small, with limited cash on hand and no meaningful buffer to absorb setbacks. Debt is larger than the asset base, and shareholder equity has been negative for several years, which means liabilities exceed recorded assets and the company operates with a capital deficit. This structure signals financial fragility and dependence on lenders and new equity or other external funding. The recent slight improvement in cash and equity is a positive sign, but the overall picture is still one of a highly leveraged, financially constrained company with little room for error.

Cash Flow

Cash Flow Cash flow from operations has recently hovered around breakeven, after several years of cash burn. This suggests that day‑to‑day operations may no longer be consuming large amounts of cash, but they are not yet providing a dependable cash cushion either. Free cash flow mirrors this pattern, largely because the company has almost no capital spending, indicating an asset‑light model but also limited investment in physical growth. With such a small cash base and no strong, recurring cash inflows, the business remains reliant on outside capital and careful cash management to fund ongoing operations and any growth initiatives.

Competitive Edge

Competitive Edge Within advanced wound care and regenerative devices, SANUWAVE focuses on specialized energy‑based solutions rather than broad, commodity products. Its main advantages are a differentiated shockwave platform, FDA‑cleared devices for diabetic foot ulcers and other wound types, and an established reimbursement pathway for at least one key system. A sizable patent portfolio and clinical data support create meaningful barriers for direct copycats. At the same time, the company is tiny compared with large wound care and medtech players, with limited sales reach, brand scale, and financial resources. Its position can be described as technologically differentiated but commercially small and vulnerable, with execution on sales and partnerships being crucial to sustain its niche.

Innovation and R&D

Innovation and R&D The company’s core innovation is its PACE shockwave technology, which aims to stimulate tissue repair through mechanical energy rather than drugs or surgery. This, combined with the UltraMIST system and licensed biologic products, underpins a broader “Energy First” wound‑healing approach that is distinctive in concept. An extensive patent estate and FDA clearances suggest past R&D has been productive and could support further indication expansions in wounds and musculoskeletal conditions. Looking forward, the main innovation questions are whether the company can fund ongoing development, win additional regulatory approvals, and translate its technology platform into broader, profitable use. The science and intellectual property appear to be strengths, but they are capital‑intensive assets that require sustained investment and execution to realize their full potential.

Summary

SANUWAVE is a very small, innovation‑driven medical device company with a specialized focus on energy‑based wound care and regenerative treatments. On the positive side, it has proprietary technology, regulatory clearances, clinical evidence, and a patent portfolio that together form a real technological moat. Operational performance has slowly improved, with better control of operating losses and modest revenue growth from a tiny base. On the risk side, the financial foundation is weak: the company carries more obligations than recorded assets, relies on external funding, and has not yet proven durable profitability or strong cash generation. Future outcomes will largely depend on its ability to grow sales, secure and maintain reimbursement, expand clinical indications, and manage its fragile balance sheet while continuing to invest in innovation. Overall, it is a high‑innovation but high‑financial‑risk profile, with meaningful opportunities if execution succeeds and significant vulnerability if it does not.

NEWS

November 7, 2025 · 6:00 AM UTC

Sanuwave Announces Q3 FY2025 Financial Results

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November 3, 2025 · 4:35 PM UTC

Sanuwave Will Host a Conference Call on November 7, 2025 at 8:30 AM (ET) to Present Q3 2025 Financial Results

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October 6, 2025 · 4:01 PM UTC

Sanuwave Health Announces Preliminary Revenue Results for the Third Quarter 2025 (Ended September 30, 2025)

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September 26, 2025 · 7:00 AM UTC

Sanuwave Announces Strategic Debt Refinancing with New Credit Facility

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