SANUWAVE Health Reports 3% Revenue Increase to $9.6 Million in Q1 2026

SANUWAVE Health, Inc. reported a modest increase in revenue for the first quarter of 2026, totaling $9.6 million, a 3% rise from $9.3 million in the same period of 2025. The growth was primarily driven by a 22% increase in the quantity of UltraMIST® disposables sold, although the number of UltraMIST® systems sold decreased by 1%. The average selling prices for both disposables and systems declined, contributing to a gross margin of 77%, down from 79% in the prior year. The company recorded a net loss of $1.4 million for the quarter, significantly improved from a net loss of $6.1 million in the same period last year.

Operating expenses increased to $8.6 million from $6.8 million year-over-year, with notable rises in general and administrative expenses, which grew by 8% to $5.3 million, and selling and marketing expenses, which surged by 57% to $2.4 million. Research and development expenses also saw a substantial increase, rising to $0.7 million from $0.2 million. The overall operating loss for the quarter was $1.1 million, a decline from an operating income of $0.6 million in the previous year, largely due to increased operational costs.

In terms of financial position, SANUWAVE's total assets decreased slightly to $37.1 million as of March 31, 2026, from $37.3 million at the end of 2025. The company had cash and cash equivalents of $10.8 million, down from $12.0 million at the end of the previous year. Total liabilities also decreased to $35.3 million, with a notable reduction in the secured term loan from $21.3 million to $19.9 million. The company remains in compliance with all covenants under its JPM Credit Agreement, which provides a $23 million secured term loan and a $5 million revolving credit facility.

Operationally, SANUWAVE continues to focus on its UltraMIST® product line, which accounted for 100% of total revenue in the latest quarter. The company is also addressing material weaknesses in its internal controls over financial reporting, which were identified in previous periods. Management is actively implementing measures to strengthen its control environment. Looking ahead, SANUWAVE anticipates that its current cash position, along with expected cash flows from operations, will be sufficient to meet its working capital needs and debt obligations for at least the next twelve months.