Sanuwave Health (SNWV)
NASDAQ:SNWV
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Sanuwave Health
(NASDAQ:SNWV)
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Rating:50Neutral
Price Target:
$17.50
▼(-44.09% Downside)
Action:ReiteratedDate:04/01/26
The score is held back mainly by balance-sheet fragility and uneven cash conversion despite a strong 2025 earnings rebound, plus very weak technicals with the stock in a clear downtrend. Valuation is moderate (P/E ~21.6) but lacks dividend support, while the latest earnings call was mixed—strong operating momentum offset by CMS-driven disruption and cautious near-term guidance.
Positive Factors
High Gross Margins & Consumables
Sustained ~77% gross margin and rising consumable volumes indicate a durable, high-margin core product economics. Strong consumable attachment supports recurring revenue and margin resiliency, improving long-term cash generation as installed base and usage scale.
Negative Factors
Thin Equity & High Leverage Relative to Equity
Very low shareholder equity after years of deficits leaves minimal loss-absorbing capacity and constrains capital flexibility. High debt-to-equity magnifies downside risk if revenues or margins slip and limits the company’s ability to fund strategic initiatives without external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
High Gross Margins & Consumables
Sustained ~77% gross margin and rising consumable volumes indicate a durable, high-margin core product economics. Strong consumable attachment supports recurring revenue and margin resiliency, improving long-term cash generation as installed base and usage scale.
Read all positive factors
Sanuwave Health (SNWV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$148.08M
Dividend YieldN/A
Average Volume (3M)78.76K
Price to Earnings (P/E)10.5
Beta (1Y)0.75
Revenue Growth40.89%
EPS Growth-749.65%
CountryUS
Employees46
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.87
Shares Outstanding8,594,209
10 Day Avg. Volume75,518
30 Day Avg. Volume78,757
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)157.84
Price to Sales (P/S)5.80
P/FCF Ratio132.13
Enterprise Value/Market Cap1.13
Enterprise Value/Revenue3.81
Enterprise Value/Gross Profit5.08
Enterprise Value/Ebitda26.98
Forecast
1Y Price Target
$51.00Price Target Upside62.94% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.94
Revenue Forecast (FY)$57.95M
Sanuwave Health Business Overview & Revenue Model
Company Description
SANUWAVE Health, Inc., a shock wave technology company, researches, develops, and commercializes noninvasive, high-energy, and acoustic shock waves for regenerative medicine and other applications in the United States and internationally. Its shoc...
How the Company Makes Money
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Sanuwave Health Earnings Call Summary
Earnings Call Date:Mar 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 08, 2026
Earnings Call Sentiment Positive
The earnings call presented a mix of strong financial performance and clear operational momentum against meaningful industry headwinds. Highlights include record Q4 revenue ($13.4M, +30% YoY), strong full-year revenue growth (+35%) and an 89% increase in full-year adjusted EBITDA, a record number of UltraMIST system placements (624 units, +67% YoY) and improved liquidity (cash $12M). Offsetting these positives are significant external challenges driven by CMS reimbursement changes and aggressive audits that have pressured some customers (leading to 168 discontinued systems), a sales-tax restatement that added roughly $1.6M of G&A expense in 2025 (and similar prior-year impacts), inventory write-offs related to sunsetting product lines, elevated operating expenses, and near-term guidance that is modest (Q1 up 3%–10% YoY) while the company executes a channel shift to resellers and works through manufacturing qualification timing. Management communicated a clear strategy to capitalize on the market disruption (select reseller partnerships, reseller wholesale placements, focus on active systems and new 'baby elephant' customers) and expects improvement through 2026, but uncertainty remains in the near term.Positive Updates
Record Quarterly Revenue
Q4 revenue of $13.4 million, a new company quarterly record, up 30% year-over-year (from $10.3M) and in line with guidance ($13M–$14M).
Negative Updates
CMS Reimbursement Shock and Industry Audits
CMS cut reimbursement for skin substitutes to ~ $127/cm2 (a ~90%–95% price reduction in the category) and adopted a 'bill only what you apply' policy plus aggressive audits; this created major industry disruption, caused practitioner revenue pressure, and contributed to reduced customer counts and patient volumes for some customers.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly Revenue
Q4 revenue of $13.4 million, a new company quarterly record, up 30% year-over-year (from $10.3M) and in line with guidance ($13M–$14M).
Read all positive updates
Company Guidance
SANUWAVE guided Q1 revenue of $9.6M–$10.3M (up ~3%–10% year‑over‑year) and gave a preliminary full‑year revenue growth range of 16%–25% versus 2024 (implying roughly $51.2M–$55.1M on a $44.1M 2024 base), noting Q1 is expected to be muted by CMS reimbursement disruption but the back half of the year looks stronger; management did not give an EBITDA target (flagging a modeling rule‑of‑thumb that incremental revenue falls through to EBITDA at about a 50% rate), said it will update estimates as more data come in, is targeting channel inventory of ~8–10 weeks, and noted 32% of Q4 revenue came through resellers/distributors (up from 26% in Q3 and versus a 2024 full‑year reseller mix of 36%).Sanuwave Health Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 44.05M | 32.63M | 20.40M | 16.74M | 13.01M |
| Gross Profit | 33.09M | 24.55M | 14.36M | 12.41M | 8.02M |
| EBITDA | 6.23M | -16.56M | -9.15M | 4.79M | -18.90M |
| Net Income | 11.81M | -31.37M | -25.81M | -10.29M | -27.26M |
Balance Sheet | |||||
| Total Assets | 37.34M | 30.12M | 22.42M | 19.87M | 18.62M |
| Cash, Cash Equivalents and Short-Term Investments | 11.96M | 10.24M | 1.80M | 1.15M | 619.00K |
| Total Debt | 22.97M | 25.50M | 30.45M | 38.98M | 28.39M |
| Total Liabilities | 35.72M | 42.84M | 65.59M | 60.88M | 57.58M |
| Stockholders Equity | 1.62M | -12.72M | -43.18M | -41.01M | -38.96M |
Cash Flow | |||||
| Free Cash Flow | 1.93M | 1.97M | -4.54M | -16.15M | -6.94M |
| Operating Cash Flow | 3.88M | 2.46M | -4.54M | -17.17M | -6.41M |
| Investing Cash Flow | 3.43M | -490.00K | 21.00K | 332.00K | -529.00K |
| Financing Cash Flow | -5.59M | 6.35M | 5.21M | 17.38M | 5.12M |
Sanuwave Health Technical Analysis
Negative
31.30
Price Trends
21.92
Negative
26.19
Negative
30.73
Negative
Market Momentum
-1.48
Negative
36.59
Neutral
40.50
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNWV, the sentiment is Negative. The current price of 31.3 is above the 20-day moving average (MA) of 18.56, above the 50-day MA of 21.92, and above the 200-day MA of 30.73, indicating a bearish trend. The MACD of -1.48 indicates Negative momentum. The RSI at 36.59 is Neutral, neither overbought nor oversold. The STOCH value of 40.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SNWV.
Sanuwave Health Risk Analysis
Sanuwave Health disclosed 40 risk factors in its most recent earnings report. Sanuwave Health reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sanuwave Health Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $374.06M | 19.35 | 10.87% | ― | 18.90% | 29.22% | |
74 Outperform | $578.65M | 14.77 | 12.01% | ― | 27.37% | 269.84% | |
62 Neutral | $551.47M | 34.75 | 9.26% | ― | 9.28% | 21.00% | |
53 Neutral | $368.97M | -25.12 | -26.42% | ― | 13.03% | 21.28% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $280.70M | -2.77 | -104.17% | ― | 31.94% | 36.59% | |
50 Neutral | $148.08M | 10.46 | -141.56% | ― | 40.89% | -749.65% |
* Healthcare Sector Average
SNWV
Sanuwave Health
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.