SANUWAVE Health, Inc. SNWV
Sanuwave is a medical device company providing directed energy products into the wound care space. Our mission is to improve patient lives and outcomes by developing and marketing effective, easy to use products to decrease wound burden, lessen healing times, and reduce patient pain.
Our focus is regenerative medicine utilizing noninvasive ultrasound to produce a biological response promoting the repair and regeneration of tissue, musculoskeletal, and vascular structures. The Company's patented and FDA cleared product is the UltraMIST® system, which is used to treat a variety of acute and chronic wounds. The Company is backed by an intellectual property ("IP") portfolio of over 60 patents.
In the year ended December 31, 2025, we had total revenues of $44.1 million, a 35% increase from revenues of $32.6 million in the year ended December 31, 2024. UltraMIST systems and consumables represented approximately 99% of 2025 revenues versus 98% of revenues in 2024.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.1M | $32.6M | $19.3M | $15.5M | $11.4M | $3.6M | $1.0M | $1.9M | $738.5K | $1.4M |
| Cost of revenue | $10.1M | $8.1M | $6.0M | $4.3M | $5.0M | $1.2M | $538.9K | $693.7K | $242.0K | $565.1K |
| Gross profit | $34.0M | $24.6M | $14.4M | $12.4M | $8.0M | $2.9M | $489.8K | $1.2M | $496.6K | $810.9K |
| R&D | $1.4M | $673.0K | $579.0K | $567.0K | $1.1M | $1.2M | $1.2M | $981.7K | $1.3M | $1.1M |
| SG&A | $19.4M | $12.9M | $8.7M | $12.6M | $11.7M | $13.7M | $6.4M | $6.8M | $3.0M | $2.7M |
| Total operating expenses | $29.0M | $20.7M | $14.9M | $21.4M | $22.2M | $28.1M | $9.3M | $8.3M | $4.3M | $4.1M |
| Operating income | $4.9M | $3.8M | -$540.0K | -$9.0M | -$14.1M | -$25.2M | -$8.8M | -$7.2M | -$3.8M | -$3.3M |
| Interest expense | — | — | — | — | — | — | $1.8M | $4.5M | $1.1M | $855.0K |
| Pre-tax income | $11.9M | -$33.1M | -$25.8M | -$10.3M | -$27.2M | -$30.9M | -$10.4M | -$11.6M | -$5.5M | -$6.4M |
| Income tax | $86.0K | $27.0K | $4.0K | $2.0K | $28.0K | $0 | $0 | $0 | $0 | $0 |
| Net income | $11.8M | -$33.1M | -$25.8M | -$10.3M | -$27.3M | -$30.9M | -$10.4M | -$11.6M | -$5.5M | -$6.4M |
| EPS, basic | 1.38 | -7.41 | -12.19 | -0.02 | -0.05 | -0.08 | -0.05 | — | — | — |
| EPS, diluted | 0.41 | -7.41 | -12.19 | -0.02 | -0.05 | -0.08 | -0.05 | -0.08 | -0.04 | -0.06 |
| Shares, diluted (wtd. avg.) | $9.1M | $4.5M | $2.1M | $549.5M | $518.4M | $378.1M | $203.6M | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $12.0M | $10.2M | $1.8M | $1.2M | $619.0K | $2.4M | $1.8M | $364.5K | $730.2K | $133.6K |
| Receivables | $5.4M | $3.3M | $3.3M | $4.0M | $2.4M | $2.4M | $75.5K | $234.8K | $152.5K | $460.8K |
| Inventory | $5.9M | $4.1M | $3.0M | $868.0K | $1.0M | $3.0M | $543.0K | $357.8K | $231.5K | $232.0K |
| Total current assets | $24.6M | $18.4M | $9.8M | $6.6M | $4.4M | $7.9M | $2.5M | $1.1M | $1.2M | $914.1K |
| Property, plant and equipment | $2.0M | $303.0K | $938.0K | $856.0K | $1.0M | $471.0K | $94.0K | $77.8K | $60.4K | $76.9K |
| Goodwill | $7.3M | $7.3M | $7.3M | $7.3M | $7.3M | $7.3M | $0 | — | — | — |
| Other intangibles | $3.0M | $3.7M | $4.4M | $5.1M | $5.8M | $6.5M | — | — | — | — |
| Total assets | $37.3M | $30.1M | $22.4M | $19.9M | $18.6M | $23.0M | $3.4M | $1.2M | $1.3M | $1.0M |
| Accounts payable | $3.3M | $3.7M | $5.7M | $4.4M | $7.6M | $4.5M | $1.4M | $1.6M | $1.5M | $713.0K |
| Short-term debt | $5.8M | — | — | $1.5M | $25.4M | $16.6M | $587.2K | $1.9M | $0 | $47.4K |
| Total current liabilities | $50.4M | $45.4M | $64.8M | $60.2M | $56.3M | $36.2M | $12.4M | $16.5M | $11.2M | $7.9M |
| Long-term debt | $16.1M | — | — | — | $875.0K | $143.0K | — | — | — | $5.4M |
| Total liabilities | $51.8M | $45.9M | $67.0M | $60.9M | $57.6M | $36.7M | $13.4M | $16.5M | $11.2M | $7.9M |
| Retained earnings | -$260.1M | -$254.5M | -$221.4M | -$194.2M | -$183.9M | -$156.7M | -$125.8M | -$116.6M | -$105.0M | -$99.4M |
| Total equity | -$18.8M | -$15.8M | -$44.5M | -$41.0M | -$39.0M | -$13.7M | -$10.1M | -$15.4M | -$9.9M | -$6.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.9M | $2.5M | -$4.5M | -$17.2M | -$6.4M | -$12.7M | -$6.4M | -$3.6M | -$1.5M | -$3.2M |
| Depreciation and amortisation | $974.0K | $788.0K | $1.0M | $952.0K | $1.2M | $299.0K | $71.2K | $22.3K | $24.1K | $19.9K |
| Stock-based compensation | $4.8M | $1.5M | $0 | — | $0 | $22.0K | $333.4K | $2.5M | $768.1K | $547.8K |
| Capital expenditure | $1.9M | $490.0K | $0 | — | $529.0K | $53.0K | $53.9K | $42.9K | $0 | $10.4K |
| Investing cash flow | $3.4M | -$490.0K | $21.0K | $332.0K | -$529.0K | -$20.1M | -$53.9K | -$42.9K | $0 | -$8.8K |
| Financing cash flow | -$5.6M | $6.4M | $5.2M | $17.4M | $5.1M | $33.4M | $7.9M | $3.3M | $2.1M | $3.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-017806.
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