SANUWAVE Health, Inc. SNWV

Healthcare SIC 3841 - Surgical & Medical Instruments & Apparatus NAICS Manufacturing › Miscellaneous Manufacturing › Medical Equipment and Supplies Manufacturing › Surgical and Medical Instrument Manufacturing derived Nasdaq

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.

Last close 5.22 2026-10-23
Market cap $44.9M 2026-06-30 share count
52-week range 3.92 - 36.20

Valuation FY2025 figures against the last close

P/S1.0x
P/E12.7x
P/FCF23.2x
EV/EBITDA9.3x
Dividend yield—
Diluted EPS0.41

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.) 9.1M4.5M2.1M549.5M518.4M378.1M203.6M———

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -40M -20M 0 20M 40M 60M Revenue, FY2016: 1.4M Gross profit, FY2016: 810.9K Net income, FY2016: -6.4M Revenue, FY2017: 738.5K Gross profit, FY2017: 496.6K Net income, FY2017: -5.5M Revenue, FY2018: 1.9M Gross profit, FY2018: 1.2M Net income, FY2018: -11.6M Revenue, FY2019: 1M Gross profit, FY2019: 489.8K Net income, FY2019: -10.4M Revenue, FY2020: 3.6M Gross profit, FY2020: 2.9M Net income, FY2020: -30.9M Revenue, FY2021: 11.4M Gross profit, FY2021: 8M Net income, FY2021: -27.3M Revenue, FY2022: 15.5M Gross profit, FY2022: 12.4M Net income, FY2022: -10.3M Revenue, FY2023: 19.3M Gross profit, FY2023: 14.4M Net income, FY2023: -25.8M Revenue, FY2024: 32.6M Gross profit, FY2024: 24.6M Net income, FY2024: -33.1M Revenue, FY2025: 44.1M Gross profit, FY2025: 34M Net income, FY2025: 11.8M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.4M $738.5K $1.9M $1.0M $3.6M $11.4M $15.5M $19.3M $32.6M $44.1M
Gross profit $810.9K $496.6K $1.2M $489.8K $2.9M $8.0M $12.4M $14.4M $24.6M $34.0M
Net income -$6.4M -$5.5M -$11.6M -$10.4M -$30.9M -$27.3M -$10.3M -$25.8M -$33.1M $11.8M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Results announced Item 2.02
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Accounts can no longer be relied on The company is telling investors that figures it has already published are wrong. Rare, and about as direct as a filing gets. Item 4.02
  • Shareholder vote Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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