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. In the quarter to June 2026, revenue fell 3.13%, EPS fell 224.2%, free cash flow grew 86.8% and total debt fell 28.4%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Sanuwave Health Inc. (SNWV) Beneish M-score
Sanuwave Health Inc.'s Beneish M-score for fiscal 2025 is −0.90; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −0.90 | 6.89 |
| FY2024 | −7.78 | (0.81) |
| FY2023 | −6.97 | (6.54) |
| FY2022 | −0.43 | 6.02 |
| FY2021 | −6.45 | (9.99) |
| FY2020 | 3.54 | 5.66 |
| FY2019 | −2.12 | 31.24 |
| FY2018 | −33.36 | (15.07) |
| FY2017 | −18.29 | (4.08) |
| FY2016 | −14.22 | (4.35) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 1.21 | — | 1.11 | |
| Gross margin index | 0.98 | — | 0.52 | |
| Asset quality index | 0.76 | — | 0.31 | |
| Sales growth index | 1.35 | — | 1.20 | |
| Depreciation index | 1.64 | — | 0.19 | |
| SG&A index | 1.03 | — | −0.18 | |
| Total accruals to total assets | 0.21 | — | 0.99 | |
| Leverage index | 0.61 | — | −0.20 | |
| Beneish M-score | Flagged by the model | −0.90 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| RPID Rapid Micro Biosystems, Inc. compare | −5.1× |
| TLIS Talis Biomedical Corporation compare | −4.9× |
| SRTS Sensus Healthcare, Inc. compare | −3.7× |
| TELA TELA Bio, Inc. compare | −3.3× |
| XTNT Xtant Medical Holdings, Inc. compare | −3.1× |
| MDAI Spectral AI, Inc. compare | −2.7× |
| SNWV Sanuwave Health Inc. | −0.9× |
| NNOX Nano-X Imaging Ltd. compare | — |
| COCH Envoy Medical, Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI