Sanuwave Health reports Q4 adjusted EBITDA $4.77M vs $3.66M last year

Reports Q4 revenue $13.4M, up 29.7% year-over-year. “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.”