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Nasdaq · Healthcare

SANUWAVE Health, Inc. (SNWV)

As-reported financials and SEC filings for SANUWAVE Health, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About SANUWAVE Health, Inc.

SANUWAVE Health, Inc. develops and markets medical devices that use noninvasive ultrasound technology for wound care. Its main product, the UltraMIST system, delivers low frequency ultrasound via a fluid mist to promote healing of acute and chronic wounds such as diabetic foot ulcers and surgical wounds. The company serves healthcare providers including hospitals, clinics, nursing homes, and mobile wound care professionals in the United States.

Snapshot

Revenue
$44.1M
Revenue growth (YoY)
36.3%
Net income
$11.8M
Diluted EPS
$0.41
Gross margin
77.1%
Operating margin
11.2%
Net margin
26.8%
FCF margin
4.4%
ROE
729.6%
net income / fiscal-year-end equity
P/E
5.8×
trailing when available, otherwise FY EPS
Market cap
$40.2M
Long-term debt / equity
9.97×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at SANUWAVE Health

  • Revenue grew 36.3% to $44M in FY2025, slower than the 67.9% the year before.
  • Operating margin turned positive at 11.2% in FY2025, from a 124.2% operating loss in FY2021.
  • Most recent quarter Q2 FY2026: revenue $10M, down 4.0% from Q2 FY2025.
  • Free cash flow was $2M in FY2025, 4.4% of revenue.
  • Net income turned positive at $12M in FY2025, from a $33M loss in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where SANUWAVE Health’s fundamentals sit among the 88 medical device companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin77.1%
84th percentile of 77
Operating margin11.2%
73rd percentile of 80
Net margin26.8%
95th percentile of 81
FCF margin4.4%
62nd percentile of 74
Revenue growth (YoY)+36.3%
84th percentile of 87
ROE729.6%
Highest of 79
P/E5.8×
6th percentile of 32
Long-term debt / equity9.97×
98th percentile of 54
Short interest2.78d
40th percentile of 88

SANUWAVE Health’s return on equity of 729.6% is the highest of the 79 medical device companies reporting it. SANUWAVE Health’s long-term debt to equity of 9.97 ranks in the 98th percentile of the 54 medical device companies reporting it. SANUWAVE Health’s net margin of 26.8% ranks in the 95th percentile of the 81 medical device companies reporting it.

No reported insider transactions (codes P/S) in the last 90 days. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among industry peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 3 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+3 quant / multi-strat
Initiated / added
2
1 new, 1 added
Reduced / exited
1
1 trimmed, 0 exited
Combined position
$993,060
reported long value
InvestorAs ofPosition valueSharesChange
Citadel AdvisorsquantQ2 2026$594,73059.5KAdded
AQR Capital ManagementquantQ2 2026$229,08022.9KNew
Millennium ManagementquantQ2 2026$169,25016.9KReduced

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
0
Reported activity
Quiet
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-05-01
filed 2026-05-04
Opaleye Management Inc.10% ownerSell10.1K$16.11$162K
2026-05-01
filed 2026-05-04
Opaleye Management Inc.10% ownerSell500$16.11$8K
2026-04-30
filed 2026-05-04
Opaleye Management Inc.10% ownerSell24.0K$16.15$388K
2026-04-30
filed 2026-05-04
Opaleye Management Inc.10% ownerSell1.0K$16.15$16K
2026-04-29
filed 2026-04-30
Opaleye Management Inc.10% ownerSell23.4K$17.25$403K
2026-04-29
filed 2026-04-30
Opaleye Management Inc.10% ownerSell1.0K$17.25$17K
2026-04-28
filed 2026-04-30
Opaleye Management Inc.10% ownerSell43.8K$18.47$809K
2026-04-28
filed 2026-04-30
Opaleye Management Inc.10% ownerSell2.5K$18.47$46K
2026-04-21
Opaleye Management Inc.10% ownerSell202$20.50$4K
2026-04-17
filed 2026-04-21
Opaleye Management Inc.10% ownerSell11.3K$20.46$231K
2026-04-17
filed 2026-04-21
Opaleye Management Inc.10% ownerSell5.0K$20.46$102K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
304.5K
settled 2026-08-14
Change vs prior
-45.8%
vs previous settlement
Days to cover
2.78
at avg daily volume
Avg daily volume
109.5K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-14304.5K-45.8%2.78
2026-07-31561.5K-8.7%2.47
2026-07-15615.0K-2.5%1.89
2026-06-30630.5K-18.1%1.65
2026-06-15769.9K-1.5%11.31
2026-05-29781.8K-3.5%11.05
2026-05-15810.3K+5.5%6.04
2026-04-30768.3K+14.6%7.91

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$44.1M$32.3M$19.3M$15.5M$11.4M
Gross profit$34.0M$24.2M$13.2M$11.2M$6.4M
Operating income$4.9M$3.8M$-540,000$-9.0M$-14.1M
Net income$11.8M$-33.1M$-25.8M$-10.3M$-27.3M
Diluted EPS$0.41$-3.71$-6.09$-0.01$-0.03

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$12.0M$10.2M$1.8M$1.2M$619,000
Current assets$24.6M$18.4M$9.8M$6.6M$4.4M
Total assets$37.3M$30.1M$22.4M$19.9M$18.6M
Current liabilities$17.8M$45.4M$64.8M$60.2M$56.3M
Long-term debt$16.1M$875,000
Total liabilities$35.7M$45.9M$65.6M$60.9M$57.6M
Total equity$1.6M$-15.8M$-44.5M$-41.0M$-39.0M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$3.9M$2.5M$-4.5M$-17.2M$-6.4M
Capital expenditure$1.9M$490,000$0$529,000
Free cash flow$1.9M$2.0M$-4.5M$-6.9M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$9.7M-4.0%$-682,000$-0.08
Q1 FY2026$9.6M3.5%$-1.4M$-0.17
Q4 FY2025$13.2M28.3%$7.7M$0.87
Q3 FY2025$11.4M22.9%$9.7M
Q2 FY2025$10.1M43.4%$551,000
Q1 FY2025$9.3M63.5%$-6.1M$-0.72
Q4 FY2024$10.3M57.4%$-13.3M$-1.59
Q3 FY2024$9.3M92.7%$-21.2M

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industrySurgical & Medical Instruments & Apparatus
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2007
SEC CIK1417663

Selected SEC filings

10-K2026-03-26
View on EDGAR →
10-Q2026-08-06
View on EDGAR →
10-Q2026-05-12
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K2026-07-13
View on EDGAR →
8-K2026-06-16
View on EDGAR →
8-K2026-06-15
View on EDGAR →

Largest medical device peers

All medical device stocksAll Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.