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Sanuwave Health
(NASDAQ:SNWV)
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Rating:52Neutral
Price Target:
$6.00
▲(1.18% Upside)
Action:Reiterated
Date:08/09/26
SNWV scores 52 primarily due to improved recent profitability/cash flow and debt reduction, but the overall profile is capped by balance-sheet fragility and uncertain revenue durability. Technicals are weak with the stock in a clear downtrend, partly offset by an inexpensive P/E. The latest earnings call adds caution given guidance withdrawal and CMS reimbursement risk despite strength in recurring consumables.
Positive Factors
Recurring consumables growth
Sustained growth in applicator and consumables revenue points to a transition toward higher‑frequency, recurring revenue streams that are more predictable and margin-accretive. Over 2–6 months this supports cash conversion, customer stickiness and a defensible revenue base versus one-time system sales.
Negative Factors
Revenue volatility
Large and rapid top-line swings indicate demand unpredictability and make earnings and cashflow less reliable. Durable planning, hiring, and R&D allocation become harder; persistent volatility can erode margins and capital buffers if recurring revenue growth doesn’t fully offset capital sales declines.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables growth
Sustained growth in applicator and consumables revenue points to a transition toward higher‑frequency, recurring revenue streams that are more predictable and margin-accretive. Over 2–6 months this supports cash conversion, customer stickiness and a defensible revenue base versus one-time system sales.
Read all positive factors
Sanuwave Health (SNWV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$50.58M
Dividend YieldN/A
Average Volume (3M)78.76K
Price to Earnings (P/E)3.4
Beta (1Y)1.35
Revenue Growth12.02%
EPS GrowthN/A
CountryUS
Employees55
SectorHealthcare
Sector Strength45
IndustryMedical - Equipment & Services
Share Statistics
EPS (TTM)1.67
Shares Outstanding8,602,309
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.08
Revenue Forecast (FY)$51.35M
Sanuwave Health Business Overview & Revenue Model
Company Description
SANUWAVE Health, Inc. is a shockwave technology company, which engages in the development and commercialization of patented noninvasive, biological response activating devices. Its portfolio of healthcare products and product candidates activate b...
How the Company Makes Money
SANUWAVE makes money primarily by selling or licensing its shock wave therapy medical devices and associated consumables and services to healthcare providers and facilities. Revenue is generated through (1) product sales of shock wave therapy syst...
Sanuwave Health Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: strong execution on the recurring applicator/consumables business with record unit volumes, positive adjusted EBITDA and a solid liquidity position, contrasted with severe near-term headwinds in system sales driven by used-system cannibalization and industry disruption from CMS reimbursement changes. Management is responding by diversifying into stickier hospital and other indications and investing in R&D, but it has withdrawn guidance due to regulatory uncertainty. Highlights around recurring revenue growth and balance sheet health are meaningful, but the magnitude of the capital-sales decline, reimbursement risk, and the guidance withdrawal temper near-term outlook.Positive Updates
Record Applicator Unit Volumes
Applicator unit volumes set an all-time record: up 13% sequentially from Q1 and up 27% year-over-year, indicating strong demand and customer confidence in UltraMIST.
Negative Updates
Overall Revenue Decline
Total revenue for Q2 was $9.7M, a 3% decrease versus $10.1M in Q2 2025, reflecting top-line pressure driven by weaker capital/system sales.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Applicator Unit Volumes
Applicator unit volumes set an all-time record: up 13% sequentially from Q1 and up 27% year-over-year, indicating strong demand and customer confidence in UltraMIST.
Read all positive updates
Company Guidance
SANUWAVE withdrew its fiscal 2026 revenue guidance and will not provide quarterly or annual guidance until there is greater clarity, planning to reassess after CMS issues its final rule in Q4 2026 (60‑day comment period through Sept. 14 with a final rule expected around the first week of November). The move follows proposed CMS actions that would increase hospital outpatient reimbursement for UltraMIST by 14% for 2027 but would cut the Physician Fee Schedule payment for CPT 97610 from the current ~$397 average to roughly $316 (RVUs: work 0.39, practice expense 9.24, malpractice 0.01; total 9.64 × conversion factor 32.8409 ≈ $316.59). Management cited Q2 operating results and industry pressures as drivers of caution: Q2 revenue was $9.7M (‑3% YoY), system revenue fell ~34% to $2.3M while consumables/applicators rose ~12% to $7.3M (applicator units +27% YoY; applicator revenue +13% YoY), active systems were 1,411 (up 29 QoQ), adjusted EBITDA was +$1.2M (vs. $3.2M prior year), and cash was $9.4M at June 30, 2026.Sanuwave Health Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.90M | 44.05M | 32.63M | 20.40M | 16.74M | 13.01M |
| Gross Profit | 33.01M | 33.97M | 24.55M | 14.36M | 12.41M | 8.02M |
| EBITDA | 19.28M | 19.43M | -16.56M | -9.15M | 4.79M | -18.90M |
| Net Income | 14.31M | 11.81M | -31.37M | -25.81M | -10.29M | -27.26M |
Balance Sheet | ||||||
| Total Assets | 36.60M | 37.34M | 30.12M | 22.42M | 19.87M | 18.62M |
| Cash, Cash Equivalents and Short-Term Investments | 9.38M | 11.96M | 10.24M | 1.80M | 1.15M | 619.00K |
| Total Debt | 20.71M | 22.97M | 25.50M | 30.45M | 38.98M | 28.39M |
| Total Liabilities | 33.82M | 35.72M | 42.84M | 65.59M | 60.88M | 57.58M |
| Stockholders Equity | 2.79M | 1.62M | -12.72M | -43.18M | -41.01M | -38.96M |
Cash Flow | ||||||
| Free Cash Flow | 6.19M | 1.93M | 1.97M | -4.54M | -16.15M | -6.94M |
| Operating Cash Flow | 5.22M | 3.88M | 2.46M | -4.54M | -17.17M | -6.41M |
| Investing Cash Flow | 4.15M | 3.43M | -490.00K | 21.00K | 332.00K | -529.00K |
| Financing Cash Flow | -8.49M | -5.59M | 6.35M | 5.21M | 17.38M | 5.12M |
Sanuwave Health Technical Analysis
Negative
5.93
Price Trends
9.74
Negative
13.73
Negative
21.14
Negative
Market Momentum
-1.15
Negative
30.94
Neutral
32.80
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 5.93 is below the 20-day moving average (MA) of 6.49, below the 50-day MA of 9.74, and below the 200-day MA of 21.14, indicating a bearish trend. The MACD of -1.15 indicates Negative momentum. The RSI at 30.94 is Neutral, neither overbought nor oversold. The STOCH value of 32.80 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 31 risk factors in its most recent earnings report. Sanuwave Health reported the most risks in the "Legal & Regulatory" 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $631.25M | 68.20 | 12.28% | ― | 30.18% | 109.31% | |
72 Outperform | $665.41M | 26.49 | 9.70% | ― | 17.18% | 34.07% | |
67 Neutral | $370.60M | 24.71 | 10.30% | ― | 25.21% | 6.14% | |
55 Neutral | $371.18M | -3.32 | -165.83% | ― | 90.63% | -11.42% | |
52 Neutral | $50.58M | 3.43 | 1728.10% | ― | 12.02% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $473.58M | -69.61 | -10.31% | ― | 15.09% | 65.57% |
* Healthcare Sector Average
SNWV
Sanuwave Health
5.73
-37.01
-86.59%
CERS
Cerus
2.52
1.28
102.41%
SENS
Senseonics Holdings
7.54
-1.79
-19.17%
TCMD
Tactile Systems Technology
29.14
16.97
139.44%
VMD
Viemed Healthcare
9.32
2.03
27.85%
BWAY
Brainsway
15.32
9.27
153.22%
Sanuwave Health Corporate Events
Business Operations and StrategyFinancial Disclosures
Sanuwave Health Cuts Q2 Revenue Guidance Amid Market Pressures
Negative
Jun 16, 2026
On June 16, 2026, Sanuwave Health updated its revenue guidance for the second quarter ended June 30, 2026, now expecting $8.5 million to $9.5 million, below the outlook it provided during its May 13 first-quarter earnings call. The company cited w...
Executive/Board ChangesShareholder Meetings
Sanuwave Health Stockholders Approve Directors and Governance Matters
Positive
Jun 15, 2026
On June 11, 2026, Sanuwave Health, Inc. held its 2026 annual meeting of stockholders, at which shareholders elected five directors—Morgan Frank, Gregory Bazar, Jeffrey Blizard, Ian Miller and James Tyler—to serve until the 2027 annual ...
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.