Sanuwave Reports Q1 Revenue of $9.6M
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 1 day ago
0mins
Should l Buy SNWV?
Reports Q1 revenue $9.6M vs $9.3M last year. "The seemingly ubiquitous question in advanced wound care during Q1 was 'When is the turn coming and when will the recovery start?'" said CEO Morgan Frank. "Speaking for Sanuwave, the recovery appears to have begun in February and to have continued thereafter. Q1 started with a sort of "shock pause" as many seemed surprised that the changes in reimbursement for skin subs had actually taken effect, and this seems to have contributed to a very slow first month of the year which, in turn, had a large effect on the overall quarter. The market appeared somewhat frozen. But, at least from our standpoint, we see the ice starting to break up and the quarter got better each month. Q1 applicator sales were up 3% sequentially from Q4 and 15% year over year (again, suppressed by a very slow January) and very nearly eclipsed the all-time applicator revenue figure from Q3 2025. Unit volumes on consumables for Q1 2026 set a new all-time record by a significant margin which we take to be a good sign with regard to utilization recovering. This was driven by both new placements of systems and by activity picking back up at existing users. Revenues lagged unit growth as a function of lower pricing resulting from more of our applicators sales running through resellers and therefore being priced at wholesale. We're continuing to hire salespeople and to expand our reseller network. All in all, we exited the quarter with increasing optimism and a robust pipeline and we expect to see 2026 continue to get better from here."
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Analyst Views on SNWV
Wall Street analysts forecast SNWV stock price to rise
2 Analyst Rating
2 Buy
0 Hold
0 Sell
Moderate Buy
Current: 18.940
Low
53.00
Averages
54.00
High
55.00
Current: 18.940
Low
53.00
Averages
54.00
High
55.00
About SNWV
Sanuwave Health, Inc. is an ultrasound and shock wave technology company. It is a provider of wound care products. It is focused on the research, development, and commercialization of its patented, non-invasive, and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures. It applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, and aesthetic/cosmetic. Its two primary systems are UltraMIST and PACE. The UltraMIST system provides, through a fluid mist, low-frequency, non-contact, and pain free ultrasound energy deep inside the wound bed that promotes healing. The PACE systems use acoustic pressure shockwaves generated by the Company's Pulsed Acoustic Cellular Expression technology to converge at precise selected targets to produce short duration compression burst and are used in both wound and orthopedic applications under the brand names dermaPACE and others.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
SANUWAVE Health Q1 2026 Earnings Call Insights
- Sales System Growth: Despite a market freeze in January, SANUWAVE sold 97 systems in Q1, increasing active systems from 1,292 to 1,382, indicating recovery potential in the advanced wound care market that is expected to drive future revenue growth.
- Revenue and Margin: Q1 2026 revenue totaled $9.6 million, at the low end of guidance, while gross margin was 77.3%, down 177 basis points year-over-year, primarily due to wholesale pricing impacts, highlighting the need for the company to optimize sales channels to enhance profitability.
- Financial Performance Improvement: The net loss was $1.4 million, significantly improved from a net loss of $6.1 million a year ago, mainly due to the absence of a noncash loss from derivative liabilities, demonstrating progress in financial management.
- Future Outlook: The company maintains its full-year revenue guidance of $51 million to $55 million, with expectations of 10% to 15% year-on-year growth in Q2, reflecting management's confidence in market recovery, although challenges such as extended sales cycles and rural economic pressures remain.
See More
SANUWAVE Health Q1 Earnings Report Analysis
- Earnings Performance: SANUWAVE Health reported a Q1 GAAP EPS of -$0.17, missing estimates by $0.03, indicating challenges in profitability, while revenue of $9.62 million, up 3.1% year-over-year, slightly exceeded market expectations, suggesting resilience in sales.
- Ultramist® System Sales: A total of 97 Ultramist® systems were sold in Q1, down from 98 in Q1 2025 and 255 in Q4 2025, reflecting potential fluctuations in market demand that may impact future sales strategies.
- Consumables Revenue Growth: Revenue from Ultramist® consumables increased by 15.0% to $6.7 million, compared to $5.8 million in the same quarter last year, demonstrating success in product value addition, which could enhance overall profitability.
- Financial Outlook: The company forecasts Q2 2026 revenue between $11.1 million and $11.6 million, representing a 10-15% increase from Q2 2025, while reiterating full-year 2026 revenue guidance of $51.0 million to $55.0 million, reflecting confidence in future growth.
See More
Sanuwave Health Reports Q1 2026 Financial Results with Revenue Growth
- Revenue Growth: Q1 2026 revenue reached $9.6 million, a 3.1% increase year-over-year, marking the highest quarterly revenue in company history, indicating a gradual recovery in market demand despite falling short of the targeted 10% growth.
- Gross Margin Decline: The gross margin for Q1 2026 was 77.3%, down from 79.0% in Q1 2025, primarily due to reduced wholesale pricing on Ultramist® systems and applicators, reflecting challenges in the company's pricing strategy.
- Operating Loss Widening: The operating loss for Q1 2026 was $1.1 million, a significant swing from an operating income of $0.6 million in Q1 2025, highlighting pressures on cost control and market adaptability that impact overall financial health.
- Optimistic Future Outlook: The company forecasts Q2 2026 revenue between $11.1 million and $11.6 million, representing a 10-15% increase, and reiterates full-year revenue guidance of $51.0 million to $55.0 million, indicating management's confidence in market recovery and positive business prospects.
See More
Sanuwave Reports Preliminary Q1 2026 Revenue of $9.6M to $9.7M
- Stable Revenue Outlook: Sanuwave anticipates preliminary revenues for Q1 2026 to be between $9.6 million and $9.7 million, reflecting a 3-4% increase over Q1 2025, indicating resilience amid market fluctuations.
- Market Environment Challenges: Significant changes in reimbursement policies for skin substitutes and allografts have caused many market participants to pause their activities in advanced wound care, resulting in revenues landing at the lower end of the guidance range.
- Sustained Customer Demand: Despite market challenges, Sanuwave engaged with numerous practitioners at the SAWC conference, demonstrating strong interest in the Ultramist product, indicating that the need for patient care remains robust.
- Optimistic Future Outlook: CEO Morgan Frank noted that while the current situation is uncertain, the company's optimism is increasing, with plans to provide further financial details in May regarding Q1 performance.
See More
SANUWAVE Health Reports Record Q4 2025 Earnings
- Record Revenue: SANUWAVE achieved $13.4 million in revenue for Q4 2025, a 30% year-over-year increase, marking the highest quarterly revenue in the company's history, reflecting sustained demand for UltraMIST products and effective execution of its commercial strategy.
- Innovative System Sales: The company sold 624 UltraMIST systems throughout the year, with 255 units sold in Q4 alone, setting a new company record for quarterly sales, indicating strong market demand and effective expansion of sales channels.
- Gross Margin Performance: Although Q4 gross margin was 74.7% due to the impact of sunsetting the PACE product line, the margin could have reached 78.3% without inventory write-offs, demonstrating the company's potential in cost control and product profitability.
- Future Outlook: Management anticipates Q1 2026 revenues between $9.6 million and $10.3 million, representing a 3% to 10% increase year-over-year, and provides a preliminary estimate of 16% to 25% revenue growth for 2025, showcasing confidence in market recovery.
See More
SANUWAVE Health Reports Strong Q4 2025 Earnings Growth
- Significant Revenue Growth: SANUWAVE Health reported Q4 2025 revenue of $13.39 million, reflecting a robust 29.6% year-over-year increase, indicating strong market demand in the advanced wound care sector and enhancing its competitive position.
- Gross Margin Fluctuation: The gross margin for Q4 2025 was 74.7%, down from 77.9% in Q4 2024, yet still above 77.6% in Q3 2025, suggesting some pressure on cost management despite maintaining a healthy margin.
- Adjusted EBITDA Improvement: The adjusted EBITDA for Q4 2025 reached $4.8 million, an increase of $1.1 million compared to $3.7 million in the same period last year, reflecting enhanced operational efficiency and profitability.
- Future Financial Outlook: The company forecasts Q1 2026 revenue between $9.6 million and $10.3 million, below the consensus estimate of $11.08 million, while providing full-year 2026 revenue guidance of $51.0 to $55.0 million, indicating a cautious approach to future growth amidst market expectations.
See More
SANUWAVE Health Q1 2026 Earnings Call Insights
- Sales System Growth: Despite a market freeze in January, SANUWAVE sold 97 systems in Q1, increasing active systems from 1,292 to 1,382, indicating recovery potential in the advanced wound care market that is expected to drive future revenue growth.
- Revenue and Margin: Q1 2026 revenue totaled $9.6 million, at the low end of guidance, while gross margin was 77.3%, down 177 basis points year-over-year, primarily due to wholesale pricing impacts, highlighting the need for the company to optimize sales channels to enhance profitability.
- Financial Performance Improvement: The net loss was $1.4 million, significantly improved from a net loss of $6.1 million a year ago, mainly due to the absence of a noncash loss from derivative liabilities, demonstrating progress in financial management.
- Future Outlook: The company maintains its full-year revenue guidance of $51 million to $55 million, with expectations of 10% to 15% year-on-year growth in Q2, reflecting management's confidence in market recovery, although challenges such as extended sales cycles and rural economic pressures remain.
See More
SANUWAVE Health Q1 Earnings Report Analysis
- Earnings Performance: SANUWAVE Health reported a Q1 GAAP EPS of -$0.17, missing estimates by $0.03, indicating challenges in profitability, while revenue of $9.62 million, up 3.1% year-over-year, slightly exceeded market expectations, suggesting resilience in sales.
- Ultramist® System Sales: A total of 97 Ultramist® systems were sold in Q1, down from 98 in Q1 2025 and 255 in Q4 2025, reflecting potential fluctuations in market demand that may impact future sales strategies.
- Consumables Revenue Growth: Revenue from Ultramist® consumables increased by 15.0% to $6.7 million, compared to $5.8 million in the same quarter last year, demonstrating success in product value addition, which could enhance overall profitability.
- Financial Outlook: The company forecasts Q2 2026 revenue between $11.1 million and $11.6 million, representing a 10-15% increase from Q2 2025, while reiterating full-year 2026 revenue guidance of $51.0 million to $55.0 million, reflecting confidence in future growth.
See More
Sanuwave Health Reports Q1 2026 Financial Results with Revenue Growth
- Revenue Growth: Q1 2026 revenue reached $9.6 million, a 3.1% increase year-over-year, marking the highest quarterly revenue in company history, indicating a gradual recovery in market demand despite falling short of the targeted 10% growth.
- Gross Margin Decline: The gross margin for Q1 2026 was 77.3%, down from 79.0% in Q1 2025, primarily due to reduced wholesale pricing on Ultramist® systems and applicators, reflecting challenges in the company's pricing strategy.
- Operating Loss Widening: The operating loss for Q1 2026 was $1.1 million, a significant swing from an operating income of $0.6 million in Q1 2025, highlighting pressures on cost control and market adaptability that impact overall financial health.
- Optimistic Future Outlook: The company forecasts Q2 2026 revenue between $11.1 million and $11.6 million, representing a 10-15% increase, and reiterates full-year revenue guidance of $51.0 million to $55.0 million, indicating management's confidence in market recovery and positive business prospects.
See More
Sanuwave Reports Preliminary Q1 2026 Revenue of $9.6M to $9.7M
- Stable Revenue Outlook: Sanuwave anticipates preliminary revenues for Q1 2026 to be between $9.6 million and $9.7 million, reflecting a 3-4% increase over Q1 2025, indicating resilience amid market fluctuations.
- Market Environment Challenges: Significant changes in reimbursement policies for skin substitutes and allografts have caused many market participants to pause their activities in advanced wound care, resulting in revenues landing at the lower end of the guidance range.
- Sustained Customer Demand: Despite market challenges, Sanuwave engaged with numerous practitioners at the SAWC conference, demonstrating strong interest in the Ultramist product, indicating that the need for patient care remains robust.
- Optimistic Future Outlook: CEO Morgan Frank noted that while the current situation is uncertain, the company's optimism is increasing, with plans to provide further financial details in May regarding Q1 performance.
See More
SANUWAVE Health Reports Record Q4 2025 Earnings
- Record Revenue: SANUWAVE achieved $13.4 million in revenue for Q4 2025, a 30% year-over-year increase, marking the highest quarterly revenue in the company's history, reflecting sustained demand for UltraMIST products and effective execution of its commercial strategy.
- Innovative System Sales: The company sold 624 UltraMIST systems throughout the year, with 255 units sold in Q4 alone, setting a new company record for quarterly sales, indicating strong market demand and effective expansion of sales channels.
- Gross Margin Performance: Although Q4 gross margin was 74.7% due to the impact of sunsetting the PACE product line, the margin could have reached 78.3% without inventory write-offs, demonstrating the company's potential in cost control and product profitability.
- Future Outlook: Management anticipates Q1 2026 revenues between $9.6 million and $10.3 million, representing a 3% to 10% increase year-over-year, and provides a preliminary estimate of 16% to 25% revenue growth for 2025, showcasing confidence in market recovery.
See More
SANUWAVE Health Reports Strong Q4 2025 Earnings Growth
- Significant Revenue Growth: SANUWAVE Health reported Q4 2025 revenue of $13.39 million, reflecting a robust 29.6% year-over-year increase, indicating strong market demand in the advanced wound care sector and enhancing its competitive position.
- Gross Margin Fluctuation: The gross margin for Q4 2025 was 74.7%, down from 77.9% in Q4 2024, yet still above 77.6% in Q3 2025, suggesting some pressure on cost management despite maintaining a healthy margin.
- Adjusted EBITDA Improvement: The adjusted EBITDA for Q4 2025 reached $4.8 million, an increase of $1.1 million compared to $3.7 million in the same period last year, reflecting enhanced operational efficiency and profitability.
- Future Financial Outlook: The company forecasts Q1 2026 revenue between $9.6 million and $10.3 million, below the consensus estimate of $11.08 million, while providing full-year 2026 revenue guidance of $51.0 to $55.0 million, indicating a cautious approach to future growth amidst market expectations.
See More
