Sanuwave Health Inc. (SNWV) vs Xtant Medical Holdings, Inc. (XTNT)

Sanuwave Health Inc. and Xtant Medical Holdings, Inc. are both Medical Devices companies. Xtant Medical Holdings, Inc. is the larger, with a market value of $52.9M against $41.7M — 1.3× the size. Xtant Medical Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Sanuwave Health Inc. trades at 3.0×. Sanuwave Health Inc. grew revenue faster over the last twelve months: 12.7% against −14.3%. Sanuwave Health Inc. has the higher net margin (34.7% vs −10.2%) and the higher return on invested capital (7.46% vs −12.4%). Across the 18 metrics below, Sanuwave Health Inc. leads on 10 and Xtant Medical Holdings, Inc. on 8.

Valuation

Metric SNWV XTNT Medical Devices median
P/E 3.04 n/m 22.18
P/S 0.98 0.49 2.70
P/B 15.55 1.33 2.46
Price to free cash flow 4.63 n/m 22.53
EV/EBITDA 15.70 n/m 11.78
EV/Sales 1.21 0.60 2.38
Earnings yield 32.94% (20.95%) (8.22%)
Free cash flow yield 21.62% (0.86%) (7.80%)

Profitability

Metric SNWV XTNT Medical Devices median
Gross margin 76.33% 59.39% 56.01%
Operating margin 3.41% (9.58%) (15.03%)
Net margin 34.66% (10.17%) (20.40%)
Free cash flow margin 21.29% (0.42%) (7.24%)
Return on equity (254.57%) (25.16%) (15.32%)
Return on assets 43.82% (12.16%) (19.72%)
Return on invested capital 7.46% (12.43%) (10.33%)

Growth

Metric SNWV XTNT Medical Devices median
Revenue growth (TTM) 12.67% (14.28%) 8.80%
EPS growth (last fiscal year) 118.50% 125.00% —
Revenue growth, 5-year CAGR 61.12% 20.22% 15.23%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric SNWV XTNT Medical Devices median
Debt to equity 6.88 0.57 0.07
Current ratio 1.28 2.16 2.50
Net debt to EBITDA 1.30 0.65 0.49

Dividend

Metric SNWV XTNT Medical Devices median
Dividend yield — — 0.94%
Payout ratio — 0.00 0.00

Size

Metric SNWV XTNT Medical Devices median
Market cap 41.72m 52.87m 172.91m

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