SNWV

MKT CAP:$162M

SANUWAVE Health, Inc.

Market Cap

$162M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$20.27-$8.62 (-29.84%)

Apr 21, 2026

Company Details

SANUWAVE Health, Inc., a shock wave technology company, researches, develops, and commercializes noninvasive, high-energy, and acoustic shock waves for regenerative medicine and other applications in the United States and internationally. I...

CEO

Morgan C. Frank

IPO Date

Sep 30, 2009

Website

www.sanuwave.com

Key Metrics TTM

Revenue

$41M

+40.9% YoY

Net Income

-$7M

EPS (Diluted)

-$2.85

Free Cash Flow

-$784.0K

Revenue / Share

$4.52

Gross Margin

77.7%

Operating Margin

16.6%

Net Margin

-17.1%

FCF Margin

-1.9%

P/S

3.9x

P/E

—

Earnings Reports

Q4 2025

May 8, 2026

PENDING

Q3 2025

Nov 6, 2025

$11M+22.3%EPS $1.13

Q2 2025

Aug 7, 2025

$10M+41.9%EPS $0.01

Q1 2025

May 8, 2025

$9M+61.5%EPS -$0.66

FY 2024

Mar 20, 2025

$33M+60.0%EPS -$7.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$4M	$3M	-$2M
Q1 22	$3M	$2M	-$2M
Q2 22	$4M	$3M	-$3M
Q3 22	$4M	$3M	-$2M
Q4 22	$6M	$4M	-$3M
Q1 23	$4M	$3M	-$2M
Q2 23	$5M	$3M	$931.0K
Q3 23	$5M	$4M	-$531.0K
Q4 23	$7M	$5M	$1M
Q1 24	$6M	$4M	-$1M
Q2 24	$7M	$5M	$2M
Q3 24	$9M	$7M	$2M
Q4 24	$10M	$8M	$3M
Q1 25	$9M	$7M	$986.0K
Q2 25	$10M	$8M	$2M
Q3 25	$11M	$9M	$1M

Valuation

Quarter	P/S	P/E
Q4 21	2574.6x	—
Q1 22	1853.1x	—
Q2 22	906.0x	—
Q3 22	796.4x	—
Q4 22	502.1x	—
Q1 23	504.2x	—
Q2 23	334.7x	—
Q3 23	561.1x	—
Q4 23	480.9x	—
Q1 24	393.7x	—
Q2 24	0.9x	—
Q3 24	3.5x	—
Q4 24	5.9x	—
Q1 25	8.4x	—
Q2 25	7.2x	—
Q3 25	7.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$97.0K	$9.0K
Q1 22	-$3M	-$3M
Q2 22	-$2M	-$2M
Q3 22	-$8M	-$8M
Q4 22	-$4M	-$4M
Q1 23	-$371.0K	-$389.0K
Q2 23	-$844.0K	-$995.0K
Q3 23	-$2M	-$2M
Q4 23	-$1M	-$1M
Q1 24	$1M	$986.0K
Q2 24	-$668.0K	-$760.0K
Q3 24	$1M	$1M
Q4 24	$741.0K	$505.0K
Q1 25	-$2M	-$2M
Q2 25	$993.0K	-$166.0K
Q3 25	$1M	$556.0K

Capital Expenditures

Quarter	CapEx
Q4 21	$88.0K
Q1 22	$0
Q2 22	$0
Q3 22	$0
Q4 22	$0
Q1 23	$18.0K
Q2 23	$151.0K
Q3 23	$0
Q4 23	$169.0K
Q1 24	$114.0K
Q2 24	$92.0K
Q3 24	$48.0K
Q4 24	$236.0K
Q1 25	$162.0K
Q2 25	$1M
Q3 25	$525.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+211.9%	-14.3%
Q1 22	+51.0%	-20.9%
Q2 22	+33.4%	-0.4%
Q3 22	+11.8%	-5.8%
Q4 22	+29.1%	+28.5%
Q1 23	+18.2%	+11.7%
Q2 23	+20.4%	-46.0%
Q3 23	+18.9%	-17.5%
Q4 23	+27.2%	-30.1%
Q1 24	+53.3%	+18.8%
Q2 24	+53.2%	+38.1%
Q3 24	+89.0%	+35.1%
Q4 24	+47.6%	+31.0%
Q1 25	+61.5%	+22.2%
Q2 25	+41.9%	+60.3%
Q3 25	+22.3%	+34.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q3 22	$0	0.0%
Q4 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$975.0K	10.4%
Q2 25	$1M	11.1%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$178.0K	$2M	$2M
Q1 22	$166.0K	$2M	$2M
Q2 22	$171.0K	$4M	$2M
Q3 22	$157.0K	$3M	$2M
Q4 22	$73.0K	$4M	$2M
Q1 23	$131.0K	$3M	$1M
Q2 23	$139.0K	$1M	$978.0K
Q3 23	$165.0K	$3M	$1M
Q4 23	$143.0K	$2M	$1M
Q1 24	$163.0K	$4M	$1M
Q2 24	$195.0K	$2M	$1M
Q3 24	$161.0K	$3M	$2M
Q4 24	$154.0K	$3M	$2M
Q1 25	$208.0K	$4M	$2M
Q2 25	$194.0K	$4M	$2M
Q3 25	$345.0K	$5M	$2M

Revenue Segments

Quarter	Accessory and Parts Revenue	License and Other	Product	Rental Income	Consumables and Parts	License Fees and Other	System Revenue
Q1 22	$2M	$15.0K	$645.0K	$343.0K	—	—	—
Q2 22	$3M	$13.0K	$862.0K	$344.0K	—	—	—
Q3 22	$3M	$5.0K	$902.0K	$247.0K	—	—	—
Q3 23	—	—	—	—	$3M	$38.0K	$2M
Q1 24	—	—	—	—	$4M	$5.0K	$1M
Q2 24	—	—	$2M	—	$5M	$15.0K	—
Q3 24	—	—	$4M	—	$6M	$10.0K	—
Q1 25	—	—	—	—	$6M	$5.0K	$3M
Q2 25	—	—	—	—	$7M	$10.0K	$3M
Q3 25	—	—	—	—	$7M	$5.0K	$4M

Revenue by Geography

Quarter	Non-US	United States
Q1 22	$16.0K	$3M
Q2 22	—	$4M
Q3 23	$43.0K	$5M
Q1 24	$142.0K	$6M
Q2 24	$46.0K	$7M
Q3 24	$31.0K	$9M
Q1 25	$15.0K	$9M
Q2 25	$16.0K	$10M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$313.0K	$0	$313.0K
Q2 22	$1M	$0	$1M
Q3 22	$1M	$0	$1M
Q4 22	$1M	$0	$1M
Q1 23	$106.0K	$0	$106.0K
Q2 23	$332.0K	$0	$332.0K
Q3 23	$1M	$0	$1M
Q4 23	$2M	$0	$2M
Q1 24	$3M	$0	$3M
Q2 24	$2M	$0	$2M
Q3 24	$3M	$0	$3M
Q4 24	$10M	$0	$10M
Q1 25	$9M	$0	$9M
Q2 25	$8M	$0	$8M
Q3 25	$10M	$0	$10M
Q4 25	$12M	$0	$12M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	1M	+0.7%	+35.7%
Q1 22	1M	+0.7%	+1.3%
Q2 22	1M	+3.4%	+4.8%
Q3 22	1M	+3.3%	+8.2%
Q4 22	1M	-1.0%	+6.4%
Q1 23	2M	+3.6%	+9.4%
Q2 23	2M	+1.3%	+7.2%
Q3 23	2M	+53.3%	+59.1%
Q4 23	3M	+27.7%	+105.4%
Q1 24	3M	+1.9%	+102.1%
Q2 24	4M	+19.4%	+138.3%
Q3 24	3M	-13.9%	+33.8%
Q4 24	4M	+20.1%	+25.7%
Q1 25	9M	+123.5%	+175.8%
Q2 25	9M	+7.3%	+147.7%
Q3 25	9M	-0.3%	+187.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$106.5K	40
Q1 22	$79.9K	40
Q2 22	$97.0K	40
Q3 22	$104.2K	40
Q4 22	$144.7K	38
Q1 23	$99.3K	38
Q2 23	$123.0K	38
Q3 23	$130.3K	38
Q4 23	$225.6K	31
Q1 24	$186.6K	31
Q2 24	$231.0K	31
Q3 24	$301.9K	31
Q4 24	$224.5K	46
Q1 25	$203.1K	46
Q2 25	$221.0K	46
Q3 25	$248.9K	46

Revenue / Employee