SANUWAVE Health Reports 61% Revenue Growth to $9.3 Million, Net Loss Increases to $5.7 Million

SANUWAVE Health, Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2025. The company achieved revenues of $9.3 million, marking a 61% increase from $5.8 million in the same period of 2024. This growth was primarily driven by a 32% increase in the quantity of UltraMIST® disposables sold and a 128% increase in UltraMIST® systems sold. The average selling price for disposables and systems also rose by 8% during the quarter. Despite the revenue growth, SANUWAVE reported a net loss of $5.7 million, compared to a net loss of $4.5 million in the prior year, largely due to an increase in the change in fair value of derivative liabilities.

The company’s operating income improved to $1.0 million, a turnaround from an operating loss of $1.1 million in the same quarter of the previous year. This improvement reflects the effectiveness of SANUWAVE's strategic initiatives, including revenue growth efforts and a capital raise from a private placement in October 2024. However, total operating expenses increased to $6.4 million from $5.3 million, driven by higher general and administrative costs, which included $0.8 million in stock-based compensation.

In terms of operational metrics, SANUWAVE's total assets increased to $30.9 million as of March 31, 2025, up from $30.1 million at the end of 2024. The company’s cash and cash equivalents decreased to $8.5 million from $10.2 million, while accounts receivable rose to $3.9 million from $3.3 million. The company also reported a total stockholders' deficit of $17.3 million, compared to $12.7 million at the end of the previous fiscal year. The increase in liabilities, particularly the senior secured debt, which rose to $26.0 million from $25.3 million, raises concerns about the company's liquidity as it approaches the maturity of this debt in September 2025.

Strategically, SANUWAVE's common stock began trading on The Nasdaq Global Market under the ticker symbol “SNWV” on March 7, 2025, which is expected to enhance its visibility and access to capital markets. The company is actively engaged in discussions with lenders to refinance its debt, which is critical for maintaining operational stability. Management has expressed confidence that the actions taken thus far, along with planned initiatives, will enable the company to meet its obligations and continue as a going concern.

Looking ahead, SANUWAVE remains focused on expanding its market presence and improving its financial health. The company is monitoring its financial position closely and is committed to executing its strategic initiatives effectively to ensure long-term stability. However, the ongoing challenges related to its accumulated deficit and upcoming debt obligations underscore the need for continued vigilance in managing its financial resources.