SANUWAVE Health, Inc.
- Open
- 9.80
- Day high
- 10.21
- Day low
- 9.24
- Prev close
- 9.85
- Volume
- 86K
- Mkt cap
- $86M
- P/E (TTM)
- 5.7
- EPS (TTM)
- $1.76
- P/B
- 46.8
- P/S
- 1.9
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$2.2M over the last 3 months (0 open-market buys, 11 sales)
- 🏛Institutions accumulating (13F)
SANUWAVE Health, Inc. (SNWV) is a Healthcare company listed on NASDAQ. The stock is down 70% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 11 sales (SEC Form 4).
SANUWAVE Health, Inc. (SNWV) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SNWV earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 13, 2026 | $-0.14 | $-0.17 | -21.4% | $10M | +0.2% |
| Mar 27, 2026 | $0.17 | $0.03 | -82.4% | $13M | +1.1% |
| Nov 7, 2025 | $0.32 | $0.46 | +43.8% | $11M | -13.4% |
| Aug 8, 2025 | $-0.09 | $0.01 | +111.1% | $10M | -18.8% |
| May 9, 2025 | — | $-0.66 | — | $9M | — |
| Mar 20, 2025 | — | $-1.21 | — | $10M | — |
| Nov 7, 2024 | — | $-6.49 | — | $9M | — |
| May 9, 2024 | — | $-1.46 | — | $6M | — |
| Mar 21, 2024 | — | $11.11 | — | $7M | — |
| Nov 9, 2023 | — | $-3.70 | — | $5M | — |
| Aug 11, 2023 | — | $-3.70 | — | $5M | — |
| May 12, 2023 | — | $-7.41 | — | $4M | — |
SNWV insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 4, 2026 | Opaleye Management Inc.10 percent owner | Sell | 500 | $16.11 |
| May 4, 2026 | Opaleye Management Inc.10 percent owner | Sell | 10,081 | $16.11 |
| May 4, 2026 | Opaleye Management Inc.10 percent owner | Sell | 24,000 | $16.15 |
| May 4, 2026 | Opaleye Management Inc.10 percent owner | Sell | 1,000 | $16.15 |
| Apr 30, 2026 | Opaleye Management Inc.10 percent owner | Sell | 2,500 | $18.47 |
| Apr 30, 2026 | Opaleye Management Inc.10 percent owner | Sell | 23,360 | $17.25 |
| Apr 30, 2026 | Opaleye Management Inc.10 percent owner | Sell | 1,000 | $17.25 |
| Apr 30, 2026 | Opaleye Management Inc.10 percent owner | Sell | 43,788 | $18.47 |
| Apr 21, 2026 | Opaleye Management Inc.10 percent owner | Sell | 11,267 | $20.46 |
| Apr 21, 2026 | Opaleye Management Inc.10 percent owner | Sell | 202 | $20.50 |
| Apr 21, 2026 | Opaleye Management Inc.10 percent owner | Sell | 5,000 | $20.46 |
| Dec 15, 2025 | MANCHESTER MANAGEMENT CO LLCother: Director by Deputization | Sell | 6,500 | $21.04 |
| Dec 15, 2025 | MANCHESTER MANAGEMENT CO LLCother: Director by Deputization | Sell | 13,500 | $31.28 |
| Dec 10, 2025 | MANCHESTER MANAGEMENT CO LLCother: Director by Deputization | Sell | 8,625 | $30.39 |
| Dec 10, 2025 | MANCHESTER MANAGEMENT CO LLCother: Director by Deputization | Sell | 125,400 | $30.75 |
Source: SNWV SEC Form 4 filings, latest May 4, 2026. For informational purposes only — not investment advice.
See the full SNWV insider & 13F page →SANUWAVE Health, Inc. company profile
Overview
SANUWAVE Health, Inc. (NASDAQ:SNWV) is a medical device company founded in 2005 and headquartered in Suwanee, Georgia. The company specializes in developing and commercializing shock wave technology for regenerative medicine applications. SANUWAVE went public in 2009 and recently uplisted to NASDAQ in March 2025 after trading on lower exchanges. The company has transformed from a research-focused organization into a commercial-stage medical device manufacturer, experiencing significant revenue growth and expanding its market presence in wound care and other therapeutic applications.
Business
SANUWAVE operates in the medical device industry, specifically focusing on shock wave therapy technology for regenerative medicine. Shock wave therapy uses high-energy acoustic waves to stimulate the body's natural healing processes by promoting tissue regeneration, improving blood circulation, and encouraging new blood vessel formation (angiogenesis). The company's primary product is the UltraMIST system, a non-contact ultrasound therapy device that delivers low-frequency ultrasound waves to treat various types of wounds. Unlike traditional wound care methods that require direct contact with the wound, UltraMIST operates without touching the wound surface, reducing infection risk and patient discomfort. The technology works by creating microscopic bubbles in wound fluid that collapse and generate therapeutic energy, promoting cellular activity and accelerating healing. SANUWAVE's product portfolio includes several key offerings: 1. UltraMIST Systems (approximately 42% of revenue): The capital equipment that healthcare facilities purchase, with a list price of $35,000 per unit. These systems are placed in hospitals, skilled nursing facilities, wound care centers, and physician practices. 2. Consumable Applicators (approximately 58% of revenue): Single-use components required for each treatment session. These generate recurring revenue as facilities continue treating patients with their installed systems. 3. dermaPACE and orthoPACE systems: Additional shock wave devices for treating diabetic foot ulcers and orthopedic conditions like tendinopathies and bone fractures, though these represent smaller revenue segments. The company's technology platform, called Pulsed Acoustic Cellular Expression (PACE), has applications beyond wound care, including potential uses in orthopedic, plastic surgery, and cardiac treatments. SANUWAVE primarily serves the wound care market, which includes treatment of diabetic foot ulcers, pressure ulcers, venous leg ulcers, and surgical wounds.
Revenue model
SANUWAVE operates a razor-and-blade business model where the company sells capital equipment (UltraMIST systems) and generates recurring revenue from consumable applicators used in each treatment. The systems are sold for $35,000 each, while the consumable applicators provide ongoing revenue streams as healthcare facilities treat patients. The company's customers are primarily healthcare providers including hospitals, skilled nursing facilities, long-term care centers, wound care clinics, and physician practices. SANUWAVE sells through multiple channels including a direct sales force, distributors, and internal commercial sales teams. The company has expanded its sales force from 2 to 9 representatives and hired experienced sales leadership to pursue larger enterprise customers. Revenue growth is driven by several factors: 1. System placements create an installed base that generates recurring consumable revenue, 2. Aging population demographics increase demand for wound care treatments, 3. Clinical efficacy of the technology drives adoption and usage rates, and 4. Reimbursement coverage from Medicare and insurance providers makes treatments accessible to patients. Factors that could impact margins include: Manufacturing scale - higher production volumes reduce per-unit costs; Supply chain efficiency - the company has focused on domestic production and inventory management; Competitive pricing pressure - though SANUWAVE has maintained pricing discipline; Regulatory changes affecting reimbursement rates; and Raw material costs for consumable manufacturing. The company has achieved gross margins of approximately 77-79%, benefiting from the high-margin consumable business model.
Competitive moat
SANUWAVE's competitive moat appears moderate but not particularly strong. The company benefits from several defensive characteristics including proprietary shock wave technology, regulatory clearances (FDA approvals), and an established customer base with recurring revenue streams from consumables. The non-contact nature of the UltraMIST technology provides some differentiation from traditional wound care methods. However, the moat faces several vulnerabilities. The medical device industry is highly competitive with large, well-funded competitors who could develop similar technologies or acquire smaller innovators. The company's intellectual property position, while including some patents, may not provide insurmountable barriers to entry for determined competitors with significant R&D resources. The switching costs for customers are relatively low - while facilities make a $35,000 capital investment, this is not prohibitively expensive for larger healthcare systems to replace if superior alternatives emerge. The company's small size (under 1,100 systems in the field) limits its bargaining power with suppliers and customers compared to larger medical device manufacturers. Potential disruption could come from larger medical device companies like 3M, Smith & Nephew, or Medtronic developing competing wound care technologies, or from entirely different therapeutic approaches that prove more effective than shock wave therapy. The company's recent focus on expanding its sales force and pursuing larger enterprise customers suggests management recognizes the need to build scale quickly to strengthen its competitive position.
Risks & safety
The margin of safety appears concerning based on the company's financial metrics and capital structure challenges. • Liquidity and Solvency Risk: Current ratio of 0.40 indicates potential difficulty meeting short-term obligations. With $8.5 million in cash against $47.3 million in current liabilities, the company faces significant working capital constraints. However, recent positive free cash flow of $2.0 million for fiscal 2024 shows operational improvement. • Debt Burden: Total liabilities of $48.1 million exceed total assets of $30.9 million, creating negative book value. The company recently simplified its capital structure and paid off a $2.8 million factoring facility, but debt levels remain elevated relative to company size. • Valuation Metrics: Trading at 62.5x EV/EBITDA and negative book value suggests high valuation risk. The stock has experienced significant volatility, trading between $5.77 and $32.00 over recent quarters. • Other Considerations: Revenue growth of 50%+ provides some fundamental support, but the company operates in a capital-intensive industry requiring continued investment in inventory, manufacturing, and sales expansion. Recent NASDAQ uplisting and capital raising activities have improved access to capital markets.
Recent development
SANUWAVE has undergone significant strategic transformation over the past few years, evolving from a research-focused organization to a commercial-stage medical device company. The most notable development was the NASDAQ uplisting in March 2025, which followed a comprehensive capital structure simplification including convertible note exchanges and a $10.3 million PIPE transaction. The company has dramatically expanded its commercial operations, growing the sales force from 2 to 9 representatives and hiring Tim Wern as Head of Sales, who previously helped scale another medical device company from $50 million to $400 million in revenue. This expansion reflects a strategic shift from transactional sales to a more consultative approach targeting larger enterprise customers and deeper customer partnerships. Manufacturing capabilities have been significantly enhanced, with the company achieving production capacity of 25 UltraMIST systems per week and the ability to double production within 60 days if needed. SANUWAVE has also implemented domestic production strategies and improved inventory management, including stockpiling long-lead time components and developing new manufacturing tools like a four-cavity applicator mold. The company has focused on market expansion within the wound care sector, particularly targeting skilled nursing facilities and long-term care centers. With over 1,100 systems now in the field (up from 647 at the end of 2023), SANUWAVE has built a substantial installed base generating recurring consumable revenue. Recent strategic initiatives include exploring additional clinical applications through retrospective studies and potential prospective trials, particularly focusing on wound recurrence rates and new use cases like split-thickness donor sites. The company has also engaged in intellectual property monetization activities, though details remain confidential.
SNWV company profile · for informational purposes only — not investment advice.
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