SANUWAVE Health, Inc.

Listed Company

SNWVCIK 0001417663NasdaqNon-AcceleratedSmaller ReportingSurgical & Medical Instruments & ApparatusNevadaFY ends Dec 31

Period

FY 2025

Revenue

$44.05M

Net Income

$11.81M

Total Assets

$37.34M

Equity

$1.62M

Shares Out

8.59M

Op. Cash Flow

$3.88M

Business

SANUWAVE Health, Inc. develops and markets directed energy medical devices that promote repair and regeneration of tissue, musculoskeletal, and vascular structures in wound care. Its primary products are the UltraMIST® system, which delivers low-frequency non-contact ultrasound via a sterile applicator, and the PACE® family of shockwave-based systems (dermaPACE, orthoPACE, Profile) used for wound and orthopedic applications. The company operates by selling systems and recurring consumables across its product lines and supporting manufacturing, regulatory, and IP functions. Products are marketed primarily in the United States, with PACE systems also sold in the European Union, through direct sales representatives and independent distributors to hospitals, wound centers, clinics, skilled nursing facilities, and mobile wound care providers.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	44	33	20	17	13
Cost of revenues	10	8	6	4	5
Gross Margin	34	25	14	12	8
General and administrative	19	13	9	13	12
Selling and marketing	7	6	5	7	9
Research and development	1	673,000	579,000	567,000	1
Depreciation and amortization	880,000	789,000	752,000	766,000	784,000
Total Operating Expenses	29	21	15	21	22
Operating Income	5	4	−540,000	−9	−14
Interest expense	—	−13	—	−13	−7
(Loss) Gain on extinguishment of debt	−477,000	6	0	−418,000	204,000
Change in fair value of derivative liabilities	8	−31	−10	17	−3
Loss on impairment of assets	−196,000	0	—	—	—
Other expense	−42,000	−893,000	−19,000	−9,000	—
Other income (See Note 20)	6	3	0	—	—
Total Other Income (Expense)	7	−37	−25	−1	−13
Net Income (Loss) Before Income Taxes	12	−33	−26	−10	−27
Income tax expense	86,000	27,000	4,000	2,000	28,000
Net Income (Loss)	12	−33	−26	−10	−27
Foreign currency translation adjustments	0	121,000	−44,000	6,000	−11,000
Total Comprehensive Income (Loss)	12	−33	−26	−10	−27
Basic (in dollars per share)	1.38	−7.41	−12.19	−0.02	−0.05
Diluted (in dollars per share)	0.41	−7.41	−12.19	−0.02	−0.05
Basic (in shares)	9	4	2	549	518
Diluted (in shares)	9	4	2	549	518

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2025 2025-09-30	FY 2025 2025-06-30	FY 2025 2025-03-31	FY 2024 2024-12-31
Cash and cash equivalents	12	—	—	—	10
Accounts receivable, net of allowance of $1,265 and $1,147, respectively	5	—	—	—	3
Inventory	6	—	—	—	4
Prepaid expenses and other current assets	1	—	—	—	682,000
Total Current Assets	25	—	—	—	18
Property and equipment, net	2	—	—	—	303,000
Right of use assets, net	390,000	—	—	400,000	429,000
Intangible assets, net	3	—	—	—	4
Goodwill	7	—	—	—	7
Secured revolving credit facility debt issuance costs, net	68,000	—	—	—	0
Total Non-Current Assets	13	—	—	—	12
Total Assets	37	—	—	—	30
Current portion of secured term loan	6	—	—	—	0
Senior secured debt	0	—	—	—	25
Accounts payable	3	—	—	—	4
Accrued expenses	8	8	7	7	8
Warrant liability	0	—	—	—	8
Current portion of operating lease liabilities	157,000	—	—	—	126,000
Current portion of finance lease liabilities	0	—	—	—	175,000
Current portion of contract liabilities	388,000	299,000	231,000	194,000	193,000
Accrued interest	24,000	—	—	—	0
Other	7,000	—	—	—	33,000
Total Current Liabilities	18	24	50	51	45
Secured term loan, net of current portion and debt issuance costs	16	—	—	—	0
Secured revolving credit facility	655,000	—	—	—	0
Operating lease liabilities, less current portion	854,000	—	—	—	125,000
Finance lease liabilities, less current portion	0	—	—	—	66,000
Contract liabilities, less current portion	701,000	575,000	410,000	319,000	300,000
Total Non-Current Liabilities	18	—	—	—	491,000
Total Liabilities	36	43	52	52	46
Commitments and Contingencies (Note 21)	—	—	—	—	—
Preferred stock	0	—	—	—	0
Common stock	9,000	—	—	—	9,000
Additional paid-in capital	244	—	—	—	239
Accumulated deficit	−243	−250	−260	−261	−254
Accumulated other comprehensive loss	10,000	—	—	—	10,000
Total Stockholders Equity (Deficit)	2	−8	−19	−21	−16
Total Liabilities and Stockholders Equity (Deficit)	37	—	—	—	30

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	5	2	0	—	0
Depreciation and amortization	974,000	788,000	1	952,000	1
Amortization of right-of-use assets	309,000	357,000	—	—	—
Provision for credit losses	202,000	77,000	781,000	253,000	442,000
Loss on disposal and impairment of assets	210,000	0	—	—	—
Change in fair value of derivative liabilities	−8	31	10	−17	3
Gain on sale of patents	−5	0	—	—	—
Amortization of debt issuance and debt discounts	1	6	7	5	3
Write-off of inventory related to PACE disposal	500,000	0	—	—	—
Gain on lease modification	−7,000	0	—	—	—
Accrued interest and accrued interest, related parties	0	3	6	3	2
Proceeds from tenant improvement funds	586,000	0	—	—	—
Accounts receivable	−2	−486,000	−53,000	−2	−395,000
Inventory	−2	−1	−3	—	2
Prepaid expenses and other assets	−724,000	−79,000	−206,000	—	—
Accounts payable	−521,000	−1	2	−3	3
Accrued expenses and contract liabilities	2	2	−2	69,000	4
Operating leases	−156,000	0	—	—	—
Net Cash Provided by Operating Activities	4	2	−5	−17	−6
Purchases of property and equipment	−2	−490,000	0	—	−529,000
Proceeds from sale of patents	5	0	—	—	—
Net Cash Provided by (Used in) Investing Activities	3	−490,000	21,000	332,000	−529,000
Repayment of principal secured term loan	−1	0	—	—	—
Proceeds from secured term loan	23	0	—	—	—
Proceeds from secured revolving credit facility	655,000	0	—	—	—
Payment of debt issuance costs	−371,000	0	—	—	—
Proceeds from exercises of stock options	556,000	0	—	—	0
Payment of note payable	−28	−4	—	—	—
Proceeds from sale of common stock	0	10	0	—	—
Payments to factoring	0	−1	—	—	—
Principal payments on finance leases	−242,000	−208,000	−170,000	−237,000	−199,000
Net Cash Flows Provided by Financing Activities	−6	6	5	17	5
Effect of Exchange Rates on Cash and Cash Equivalents	0	121,000	−50,000	−13,000	−1,000
Net Change in Cash and Cash Equivalents During Period	2	8	644,000	534,000	−2
Cash paid for interest	4	4	2	4	3
Cash paid for state income taxes	27,000	4,000	—	—	—
Capitalize default interest into senior secured debt	549,000	4	—	—	—
Shares granted in lieu of board of director fees	77,000	0	—	—	—
Stock options granted in lieu of cash bonus	117,000	0	—	—	—
Right-of-use assets obtained in exchange for lease liabilities	430,000	0	—	—	—
Lease liabilities reduced upon lease modification	99,000	0	—	—	—
Purchases of property and equipment in accounts payable	45,000	0	—	—	—
RSUs granted in exchange for services	10,000	0	—	—	—
Shares issued for settlement of debt	0	9	—	—	0
Write off deferred merger costs	0	1	0	—	—
Warrants issued in conjunction with senior secured promissory note payable and convertible promissory notes payable	0	4	2	4	—
Conversion of warrants to common stock	0	41	0	—	—
Conversion of asset-based secured promissory notes to convertible promissory notes	0	5	0	—	—

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