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) Piotroski F-score
Sanuwave Health Inc.'s Piotroski F-score for fiscal 2025 is 6 out of 9: 6 of nine tests of profitability, leverage and efficiency passed, up from 5 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 6 | 1.00 |
| FY2024 | 5 | 1.00 |
| FY2023 | 4 | (1.00) |
| FY2022 | 5 | 2.00 |
| FY2021 | 3 | (1.00) |
| FY2020 | 4 | 0.00 |
| FY2019 | 4 | 1.00 |
| FY2018 | 3 | (1.00) |
| FY2017 | 4 | 1.00 |
| FY2016 | 3 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 35.02% | (125.95%) | Pass | 1 |
| Positive operating cash flow | 3.88m | 2.46m | Pass | 1 |
| Rising return on assets | 35.02% | (125.95%) | Pass | 1 |
| Cash flow above net income | (7.94m) | 35.54m | Fail | 0 |
| Falling long-term leverage | 0.48 | 0.00 | Fail | 0 |
| Rising current ratio | 1.38 | 0.41 | Pass | 1 |
| No new shares issued | 8,563,500 | 4,462,900 | Fail | 0 |
| Rising gross margin | 77.11% | 75.23% | Pass | 1 |
| Rising asset turnover | 1.31 | 1.24 | Pass | 1 |
| Piotroski F-score | Mixed | 6 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| XTNT Xtant Medical Holdings, Inc. compare | 8 |
| SNWV Sanuwave Health Inc. | 6 |
| SRTS Sensus Healthcare, Inc. compare | 4 |
| TLIS Talis Biomedical Corporation compare | 4 |
| COCH Envoy Medical, Inc. compare | 3 |
| RPID Rapid Micro Biosystems, Inc. compare | 3 |
| NNOX Nano-X Imaging Ltd. compare | 3 |
| MDAI Spectral AI, Inc. compare | 3 |
| TELA TELA Bio, Inc. compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover