SANUWAVE Health Inc

sanuwave.com

What Do They Do?

Sells UltraMIST ultrasound systems and single-use applicators for wound treatment to healthcare providers and care facilities.

How Do They Make Money?

Consumables, parts and accessories account for the largest share of sales; customers also buy systems, generally paying when goods ship. Extended warranties are paid over their term; licensing fees vary by agreement, and rentals run over the rental term while repairs and freight are billed when performed or shipped.

revenue

Segment	Share	How money arrives
Consumables, parts, and accessories revenue Sold outright	59%	Sold outright
System revenue Sold outright	41% FY2022: 34%	Sold outright
Extended warranty Recurring	0.4%	Recurring
License fees Licensed	0.1%	Licensed
Other Mix	0.5%	Mix

Who Are Their Customers?

Hospitals, clinics and other care facilities use UltraMIST; systems are sold through the company’s direct sales representatives, independent distributors and resellers.

Do Revenues Turn Into Profits?

Yes. It kept 27 cents of every revenue dollar as net income in FY2025 and turned 4 cents into free cash flow.

Operating income, FY2025

11% of revenue

▲ +29% vs FY2024 ($3.8M, 12%)

Net income, FY2025

27% of revenue

▲ Now profitable vs FY2024 (−$33.1M, −101%)

Free cash flow, FY2025

4% of revenue

▼ −2% vs FY2024 ($2M, 6%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −3%; vs $10.1M in Q2 FY2025
Net income: ▼ Now a loss; vs $551K in Q2 FY2025

Consumables, parts, and accessories revenue share of revenue vs 64.8% in Q2 FY2025

Aug 6, 2026 Withdraws fiscal 2026 guidance The company said it would not provide quarterly or annual guidance until there is greater clarity on market and reimbursement conditions.
Jun 16, 2026 Cuts second-quarter revenue guidance The revised Q2 revenue range was $8.5 to $9.5 million, below earlier guidance.

Growing. Revenue grew 3.4x in 4 years, from $13M in FY2021 to $44.1M in FY2025, about 36% a year.

A narrower wound-care focus The older report described commercialization of medical systems for skin, musculoskeletal and vascular repair; the latest centers the business on wound care and markets UltraMIST as its only commercial product.

Revenue over time

Consumables, parts, and accessories revenue System revenue Extended warranty License fees Other License Fees and Other Consumables and Parts Revenue

$50M$25M$0

FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Solventum, Smith & Nephew, Molnlycke Health Care, Essity, Coloplast, Convatec, Organogenesis, MiMedx Group, Integra LifeSciences, Vericel, Kerecis, Arobella Medical, NanoVibronix, SoftWave Tissue Regeneration Technologies, MolecuLight, and MIMOSA Diagnostics

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