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NASDAQ · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS · SMALL CAP

Sanuwave Health, Inc. SNWV

16 fiscal years on record · USD · FY2025 reported · SEC filings only
$44.1M
▲ 35.0% YoY
$11.8M
$1.9M
▼ 1.6% YoY

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

Sanuwave is a medical device company providing directed energy products into the wound care space, focused on 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, backed by an intellectual property portfolio of over 60 patents. In the year ended December 31, 2025, the company had total revenues of $44.1 million, a 35% increase from revenues of $32.6 million in the year ended December 31, 2024, with UltraMIST systems and consumables representing approximately 99% of 2025 revenues. The UltraMIST system delivers low frequency, non-thermal ultrasound to target tissues using a fluid mist to transmit energy in a non-contact, pain free fashion, penetrating deep into wound beds to promote healing while reducing inflammation, killing bacteria and biofilms, and increasing the growth of blood vessels in the wound and peri-wound. As of December 31, 2025, the company had a total of 55 full time employees in the United States, of which 15 were engaged in research and development, and none are represented by a labor union or covered by a collective bargaining agreement. The company was formed as a Nevada corporation in 2004, with corporate headquarters at 9600 W. 76th Street, Suite 118, Eden Prairie, MN, 55344.

Written from the business description in SANUWAVE Health, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 26 March 2026. Every sentence was checked against that document before publication.

Growth

USD 44.1M
Revenue, FY2025 · full 16-year series below
Revenue $M Net income $M
FY2025 · Revenue 44.1 · Net income 11.8
20M40M-15M-30M
201020132016201920222025
Compound annual growth
+38.1%
+61.1%
+46.5%
+31.5%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +61.1% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

27 cents
of every revenue dollar became profit
Operating margin Net margin
FY2025 · Operating 11.2% · Net 26.8%
-500%-1000%-1500%
201020172025
ROE

Not applicable: equity was zero or negative in this period, so return on equity has no meaning.

Three returns, three denominators.
Return on equityNot applicable: equity was zero or negative in this period, so return on equity has no meaning.
Return on capital employedNot applicable: capital employed was zero or negative in this period, so return on capital employed has no meaning.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF 1.9
1M2M-5M-10M
201020172025

Total assetsUSD 37.3M
EquityUSD 1.6M
CashUSD 12.0M
Gross debtUSD 21.9M
Net debtUSD 9.9M
Current ratio1.38×

Net debt stands at 614% of equity.

The 16-year record

16 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
SNWV, 16-year financial record
Metric 2025202420232022202120202019201820172016201520142013201220112010
Revenue $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0
Operating income $B0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B0.00.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.00.00.00.00.00.00.00.00.00.00.00.00.00.00.0−0.0
Net income $B0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Free cash flow $B0.00.0−0.0◌−0.0−0.0−0.0−0.0−0.0−0.0◌−0.0◌−0.0−0.0◌
EPS, diluted $0.41−7.41−12.19−0.02−0.05−0.08−0.05−0.08−0.04−0.06−0.08−0.12−0.40−0.30−0.52−1.15
Dividend / sh $◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌◌
Payout % — not applicable: no dividend————————————————
ROE % — not applicable: negative equity————————————————
Shares out B0.010.010.000.550.480.470.290.160.140.140.060.060.040.020.020.01

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 79 reconciliationsAUDITED

Reconciled in 16 of the 16 fiscal years we could check. Six checks were skipped: the balance sheet is not tagged before 2010. Three checks were skipped: EPS is not tagged before 2010. Three checks were skipped: revenue is not tagged before 2010.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivitySurgical & Medical Instruments & Apparatus
Listed onNASDAQ
Incorporated inNevada
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2010

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