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Sanuwave Health Inc.

SNWV Healthcare Medical Devices

Sanuwave Health Inc.’s revenue for fiscal 2025 (year ended December 2025) was $44.1 million, up 35.0% from fiscal 2024.

Revenue
−3.13%
EPS
−224.2%
Free cash flow
+86.8%
Total debt
−28.4%

Quarter to June 2026, against a year earlier

2.22 0.03 −1.33%
Market cap
$19.4M
P/E
1.3×
Fwd P/E
−211×
Dividend yield
—
F-score
6/9
Altman Z
−2.97
Beneish M
−0.90
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 7.20
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell 2 — — — 3 — — — — — — —
Insider Ownership 5.36%

Capital & Financial Ratios $m

Size
Market Cap 19.35
Revenue ttm 44.02
Net income ttm 15.26
Free cash flow ttm 9.37
Net debt Q 9.80
Valuation
P/E 1.26
Forward P/E (211.00) (negative: loss-making)
Price / sales 0.44
Forward P/S Powerpack
Price / FCF 2.06
Price / book 6.91 (above 6: high)
Financial health
Current ratio Q 1.28
Debt / equity Q 6.88 (above 2: weak)
Interest coverage Q (0.54)
Growth
Revenue growth Q −3.13% (below 0%: shrinking)
Operating income growth Q −119.47% (below 0%: shrinking)
EPS, this year −119.51% (below 0%: weak)
EPS, next year A +562.50% (at or above 15%: strong)
Revenue, next year A +16.57% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A —

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 0.7×, against a ten-year median of 4.2×; over the ten years it ranged from 0.7× in 2026 to 9.6× in 2025.

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2 10 12 9
Receivables 3 3 5 6
Inventory 3 4 6 7
Other — — — —
10 18 25 23
2023 2024 2025 Q'26
Payables 6 4 3 3
ST’ Debt 23 25 6 6
Other 24 8 0 1
65 45 18 18

Compound Annual Growth %

10y 5y 3y
Sales 46.53% 61.12% 38.05%
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q1 FY26 Estimate −0.14 Actual −0.17

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q2 FY25 −0.09 0.01 Beat by 0.10
Q3 FY25 0.32 0.46 Beat by 0.14
Q4 FY25 0.17 0.03 Miss by 0.14
Q1 FY26 −0.14 −0.17 Miss by 0.03

EPS $

Mar Jun Sep Dec Year
’26 (0.17) (0.08) — — —
’25 (0.72) 0.06 0.39 0.83 0.41
’24 (1.46) 1.77 (6.49) (1.58) (7.41)
’23 (7.41) (3.70) (9.95) — (12.19)
’22 (3.70) 0.70 (0.75) (3.70) (7.41)
’21 (3.53) (6.16) (3.04) (6.76) (19.48)
’20 (3.70) (3.70) (12.17) (9.88) (30.30)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 10 10 — — —
’25 9 10 11 13 44
’24 6 7 9 10 33
’23 4 5 5 7 20
’22 3 4 4 5 17
’21 2 3 4 4 13
’20 0 0 1 2 4
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 0 0 — — —
’25 (2) 1 1 3 4
’24 1 (1) 1 1 2
’23 0 (1) (2) (1) (5)
’22 (3) (2) (8) (4) (17)
’21 (3) (2) (1) 0 (6)
’20 (3) (2) (5) (3) (13)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 0 0 — — —
’25 (2) 0 6 4 7
’24 1 (1) 1 1 2
’23 0 (1) (2) (1) (5)
’22 (3) (1) (8) (5) (17)
’21 (3) (2) (1) 0 (7)
’20 (3) (3) (4) (3) (13)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1 1 2 1 4 13 17 20 33 44 44 +47.0% 51 65 — +21.0%
Gross margin, % 58.93 67.24 62.50 47.61 71.36 61.68 74.13 70.41 75.23 77.11 76.33 +18.2 pt
EBT (6) (6) (12) (10) (31) (27) (10) (26) (33) 12 15 n/m
EBT margin, % (465.63) (749.88) (628.69) (1,013.88) (762.56) (209.31) (61.47) (126.50) (101.29) 27.01 34.87 +492.6 pt
Net income (6) (6) (12) (10) (31) (27) (10) (26) (33) 12 15 n/m
Per share, $
Per share, $ Revenue 4.74 1.97 4.58 1.87 3.97 9.30 11.28 9.64 7.31 5.14 5.12 +0.9%
Earnings (22.22) (14.81) (29.63) (18.52) (29.81) (20.96) (7.41) (12.19) (7.03) 1.38 1.78 n/m
Cash flow (11.01) (4.08) (8.97) (11.66) (12.46) (4.58) (11.57) (2.14) 0.55 0.45 0.61 n/m
Capex (0.03) 0.00 (0.11) (0.10) (0.05) (0.38) 0.22 0.01 (0.11) 0.40 0.48 n/m
Free cash flow (11.04) (4.08) (9.07) (11.76) (12.51) (4.96) (11.35) (2.13) 0.44 0.85 1.09 n/m
Book value (23.78) (26.36) (38.03) (18.31) (13.44) (27.84) (27.64) (20.40) (3.54) 0.19 0.32 n/m
Shares, m 0 0 0 1 1 1 1 2 4 9 9 +45.6%
Valuation, ×
Valuation, × P/E 62.02 62.02 62.02 62.02 62.02 62.02 62.02 62.02 0.00 20.80 1.26 51.7
P/S 1.42 1.42 1.42 1.42 1.42 1.42 1.42 1.42 3.15 5.80 0.44 2.0
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 157.84 6.91 15.8
EV/Sales 2.17 2.17 2.17 2.17 2.17 2.17 2.17 2.17 3.61 6.03 0.66 2.7
EV/FCF 180.56 180.56 180.56 180.56 180.56 180.56 180.56 180.56 59.94 36.33 3.10 154.1
Cash, $m
Cash, $m Operating cash flow (3) (2) (4) (6) (13) (6) (17) (5) 2 4 5 n/m
Capex 0 — 0 0 0 (1) 0 0 0 3 4 n/m
Free cash flow (3) (2) (4) (6) (13) (7) (17) (5) 2 7 9 n/m
Balance, $m
Balance, $m Working capital (7) (10) (15) (10) (28) (52) (54) (55) (27) 7 5 n/m
Net debt 0 0 5 (1) 2 12 13 21 15 10 10 n/m
Shareholders’ equity (7) (10) (15) (10) (14) (39) (41) (43) (16) 2 3 n/m
Returns, %
Returns, % ROA (655.94) (484.99) (946.99) (457.48) (234.29) (130.91) (53.48) (122.05) (125.95) 35.02 43.82 +691.0 pt
ROIC 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 26.60 7.46 +26.6 pt
ROE 100.69 65.96 92.18 82.06 260.18 103.50 25.74 61.31 112.20 (166.66) (254.57) (267.3) pt
People
People Employees 6 8 16 23 43 40 38 31 46 55 — +27.9%
Revenue/emp, $m 0.23 0.09 0.12 0.04 0.09 0.33 0.44 0.66 0.71 0.80 — +14.9%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 26 Oct 2026

Sanuwave Health Inc. vs peers in Medical Devices (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
COCH Envoy Medical, Inc. $55.0M — (loss-making) — (loss-making) +57.14% (above 0%: growing) n/m −22.44% (below 0%: shrinking) (269.70%) (8,389.39%) Compare
SRTS Sensus Healthcare, Inc. $48.1M — (loss-making) — (loss-making) −68.69% (below 0%: shrinking) n/m −201.65% (below 0%: shrinking) 33.58% (138.86%) Compare
MYO Myomo, Inc. $47.1M — (loss-making) — (loss-making) +21.26% (above 0%: growing) n/m +80.02% (above 0%: growing) 72.13% (19.26%) Compare
MDAI Spectral AI, Inc. $44.4M — (loss-making) — (loss-making) −30.42% (below 0%: shrinking) n/m −21.86% (below 0%: shrinking) 31.58% (122.70%) Compare
XTNT Xtant Medical Holdings, Inc. $42.1M — (loss-making) — (loss-making) −34.96% (below 0%: shrinking) n/m −881.96% (below 0%: shrinking) 57.88% (39.81%) Compare
CVRX CVRx, Inc. $39.2M — (loss-making) — (loss-making) −5.84% (below 0%: shrinking) n/m −9.91% (below 0%: shrinking) 86.74% (94.31%) Compare
TELA TELA Bio, Inc. $35.2M — (loss-making) — (loss-making) −4.49% (below 0%: shrinking) n/m −17.72% (below 0%: shrinking) 72.77% (48.12%) Compare
NSPR InspireMD, Inc. $29.7M — (loss-making) — (loss-making) −0.39% (below 0%: shrinking) n/m −26.00% (below 0%: shrinking) (43.70%) (815.64%) Compare
SNWV Sanuwave Health Inc. $19.4M 1.3× — (loss-making) −3.13% (below 0%: shrinking) n/m +86.75% (above 0%: growing) 76.23% (2.88%)
Median of peers $43.3M — — −5.16% — −22.15% 45.73% (108.50%)

All 149 Medical Devices stocks →

Pay and ownership Proxy statement filed 29 April 2026

Ownership

Directors and executive officers, together 14.40%
Morgan Frank 11.80%
Opaleye, L.P. 11.00%
James E. Besser 10.80%
AWM Investment Company, Inc. 7.00%
BlackRock, Inc. 5.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Sanuwave Health Inc. (SNWV) Latest News

5 Nov

Impact 4 · · GlobeNewswire

7 Aug

Impact 4 · transcript
Impact 3 · · MarketBeat
Impact 3 · · Moby

6 Aug

Impact 3 ·
Impact 3 ·

13 Jul

Impact 4 ·

16 Jun

Impact 4 ·

13 May

Impact 4 · · GuruFocus.com
Impact 4 · · Benzinga transcript
Impact 3 · · MarketBeat
Impact 3 · · Moby

12 May

Impact 4 · · GlobeNewswire
Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

1 May

Impact 3 · · Zacks

27 Apr

Impact 4 · · Simply Wall St.

20 Apr

Impact 4 ·

29 Mar

Impact 4 · · Simply Wall St.

28 Mar

Impact 4 · · Moby

27 Mar

Impact 3 · · MarketBeat

26 Mar

Impact 4 · · GlobeNewswire

20 Mar

Impact 3 · · GlobeNewswire

10 Feb

Impact 3 · · Simply Wall St.

5 Feb

Impact 4 ·

14 Jan

Impact 4 · · Simply Wall St.

9 Jan

Impact 4 · · GlobeNewswire

18 Dec

Impact 4 · · Simply Wall St.

10 Dec

Impact 3 · · GlobeNewswire

8 Dec

Impact 4 · · GlobeNewswireMT NewswiresGuruFocus.comMedTech DiveMedical Device NetworkGuruFocus.comSimply Wall St.MT Newswires
stockrow.com/SNWV · Data as of Oct 26, 2026 · For information only; not investment advice. · © 2026 stockrow.com