Sanuwave Announces Record Revenues and Financial Results for Q4 and Full Year 2025
Q4 2025 revenues were $13.4 million, up 29.7% from Q4 2024. This was an all-time quarterly record for the Company.
Full year 2025 revenues were $44.1 million up 35.0% from full year 2024 revenues. This was an all-time annual record for the Company.
Q4 2025 gross margin was 74.7%, versus 77.9% in Q4 2024 and 77.6% in Q3 2025.
Full year 2025 gross margin was 77.1% versus 75.2% in 2024.
GAAP Operating Income was $2.0 million for Q4 2025 and $4.9 million for full year 2025.
Company provides guidance for revenues of $9.6-10.3 million (an increase of 3-10%) for Q1 2026 as compared to Q1 2025 and initiates full year 2026 revenue guidance of 16-25% growth vs 2025 ($51.0-55.0 million).
EDEN PRAIRIE, Minn., March 26, 2026 (GLOBE NEWSWIRE) -- Sanuwave Health, Inc. (the "Company" or "Sanuwave”) (NASDAQ: SNWV), a leading provider of next-generation FDA-approved wound care products, is pleased to provide its financial results for the three months and full year ended December 31, 2025.
Q4 2025 ended December 31, 2025
Full year 2025 ended December 31, 2025
“We’re pleased to be, once more, announcing an all-time record quarter for Sanuwave on both revenues and adjusted EBITDA, especially during such challenging times in the wound care space,” said CEO Morgan Frank. “The effects of the CMS reimbursement cut to skin substitutes and an intensification of the CMS audit environment have been dramatically reshaping a number of sectors of wound care, particularly mobile care. Q4 2025 saw the first major reactions to the new pricing with large numbers of mobile wound care providers exiting the space and/or cutting staff. At the same time, we have seen other existing companies and a great many new ones gearing up to enter. It seems very much to be a ‘one tide going out while another tide is coming in’ sort of moment for the space and, while such transitions are inevitably choppy, it seems like a lot of this change will ultimately flow our way. The patients and the wounds have not gone away and neither has the need for care. UltraMIST remains a potent solution ready made for the work and business flow of our customers and the needs of those they care for. Significant numbers of large, skilled distributors and resellers who had been focusing on skin subs and allografts have become interested in repping UltraMIST and we have taken advantage of this new option to dramatically increase our functional number of feet on the street. These gains in Q4 2025 were somewhat offset by lower consumables sales resulting from a confluence of some customers going out of business and others reducing patient volumes in response to an aggressive audit environment. CMS appears to have made a determination to focus heavily on medical necessity and value for money in the wound care space and while this has created a bit of a stutter step in the short run, we see it as a trend that should be long term beneficial to us. We remain more convinced than ever of the potential for this product to help transform wound care.”
Financial Outlook
The Company forecasts Q1 2026 revenue of $9.6 to $10.3 million (3-10% increase from Q1 2025) and initiates full year 2026 revenue guidance of $51.0-55.0 million (16-25% increase as compared to full year 2025 revenue).
As previously announced, a business update will occur via conference call on March 27, 2026 at 8:30 a.m. EST. Materials for the conference call are included on the Company’s website at http://www.sanuwave.com/investors.
Telephone access to the call will be available by dialing the following numbers:
Toll Free:1-800-343-4136
Toll/International: 1-203-518-9843
Conference ID: SANUWAVE
OR click the link for instant telephone access to the event.
https://viavid.webcasts.com/starthere.jsp?ei=1753775&tp_key=6ca0a4cd2b
A replay will be made available through April 10, 2026:
Toll-Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Access ID: 1161147
[1] This is a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” and the reconciliations in this release for further information.
About Sanuwave
Sanuwave Health 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.
Sanuwave's end-to-end wound care portfolio of regenerative medicine products and product candidates helps restore the body’s normal healing processes. Sanuwave applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and cardiac/endovascular conditions.
Non-GAAP Financial Measures
This press release includes certain financial measures that are not presented in our financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). These financial measures are considered "non-GAAP financial measures" and are intended to supplement, and should not be considered as superior to, or a replacement for, financial measures presented in accordance with U.S. GAAP.
The Company uses Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted EBITDA, Adjusted Gross Margin Percentage and Adjusted Operating Income to assess its operating performance. Adjusted EBITDA is Earnings before Interest, Taxes, Depreciation and Amortization adjusted for the change in fair value of derivatives and any significant non-cash or infrequent charges. Adjusted Gross Margin Percentage is gross margin percentage adjusted for inventory write-off. Adjusted Operating Income is operating income adjusted for inventory write-off, sales tax expense and release of historical accrual. EBITDA, Adjusted EBITDA, Adjusted Gross Margin Percentage and Adjusted Operating Income should not be considered as alternatives to net income (loss), gross margin percentage or operating income, as applicable, as a measure of financial performance or any other performance measure derived in accordance with U.S. GAAP, and they should not be construed as an inference that the Company’s future results will be unaffected by unusual or infrequent items. These non-GAAP financial measures are presented in a consistent manner for each period, unless otherwise disclosed. The Company uses these measures for the purpose of evaluating its historical and prospective financial performance, as well as its performance relative to competitors. These measures also help the Company to make operational and strategic decisions. The Company believes that providing this information to investors, in addition to U.S. GAAP measures, allows them to see the Company’s results through the eyes of management, and to better understand its historical and future financial performance. These non-GAAP financial measures are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other U.S. GAAP measures.
EBITDA, Adjusted EBITDA, Adjusted Gross Margin Percentage and Adjusted Operating Income have their limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under U.S. GAAP. For example, some of these limitations are that EBITDA and Adjusted EBITDA:
As presented in the U.S. GAAP to Non-GAAP Reconciliations section below, the Company’s non-GAAP financial measures exclude the impact of certain charges that contribute to our net income (loss), gross margin percentage and operating income, as applicable.
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future financial results, production expectations, plans for future business development activities and expectations regarding the impact of changes in tariff rates. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with regulatory oversight, the Company’s ability to manage its capital resources, competition and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
Contact: investors@sanuwave.com
1 The charges represent a non-recurring state and local sales tax expense related to the restatement of prior period financial statements.
2 The charges represent the net amount of proceeds received of $0.4 million and inventory written down of $0.5 million, as part of the Company's sale and disposal of the PACE product line.
1 The charges represent a non-recurring state and local sales tax expense related to the restatement of prior period financial statements.
2 The charges represent the net amount of proceeds received of $0.4 million and inventory written down of $0.5 million, as part of the Company's sale and disposal of the PACE product line.