NASDAQ : SNWV
SANUWAVE Health, Inc. — Financial statements
Healthcare · Medical Devices · United States
Last price 5.15 USD (Oct 30, 2026, 4:00 PM EST) · Market cap 44.30M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
SANUWAVE Health, Inc. (SNWV) reported revenue of 44.02M USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 44.02M | 44.05M | 32.63M | 20.40M | 16.74M | 13.01M |
| Revenue | 44.02M | 44.05M | 32.63M | 20.40M | 16.74M | 13.01M |
| Cost of Revenue | 10.42M | 10.08M | 8.08M | 6.04M | 4.33M | 4.99M |
| Gross Profit | 33.60M | 33.97M | 24.55M | 14.36M | 12.41M | 8.02M |
| Selling, General & Admin | 27.28M | 25.22M | 17.67M | 13.57M | 20.03M | 20.28M |
| Research & Development | 2.24M | 1.35M | 673.00K | 579.00K | 567.00K | 1.10M |
| Operating Expenses | 30.53M | 27.46M | 19.13M | 14.90M | 21.36M | 22.17M |
| Operating Income | 3.07M | 6.51M | 5.42M | -540.00K | -8.95M | -14.14M |
| Interest Expense | -3.46M | -6.25M | -13.78M | -15.62M | -14.13M | -7.09M |
| Currency Exchange Gain (Loss) | -4.00K | |||||
| Other Non Operating Income (Expenses) | 12.76M | 8.87M | -31.95M | -9.64M | 16.64M | -2.62M |
| EBT Excluding Unusual Items | 12.37M | 9.14M | -40.31M | -25.80M | -6.44M | -23.86M |
| Asset Writedown | -196.00K | -196.00K | ||||
| Other Unusual Items | 3.18M | 2.96M | 7.26M | -3.85M | -3.37M | |
| Pretax Income | 15.35M | 11.90M | -33.06M | -25.80M | -10.29M | -27.23M |
| Income Tax Expense | 92.00K | 86.00K | 27.00K | 4.00K | 2.00K | 28.00K |
| Net Income | 15.26M | 11.81M | -33.08M | -25.81M | -10.29M | -27.26M |
| Net Income to Common | 15.26M | 11.81M | -33.08M | -25.81M | -10.29M | -27.26M |
| Shares Outstanding (Basic) | 8.58M | 8.56M | 4.46M | 2.12M | 1.47M | 1.38M |
| Shares Outstanding (Diluted) | 9.10M | 9.08M | 4.46M | 2.12M | 1.47M | 1.38M |
| EPS (Basic) | 1.78 | 1.38 | -7.41 | -12.19 | -7.02 | -19.72 |
| EPS (Diluted) | 0.78 | 0.41 | -7.41 | -12.19 | -7.50 | -19.72 |
| Free Cash Flow | 4.21M | 1.93M | 1.97M | -4.54M | -17.17M | -6.94M |
| Free Cash Flow Per Share | 0.46 | 0.21 | 0.44 | -2.14 | -11.72 | -5.02 |
| Gross Margin | 76.33% | 77.11% | 75.23% | 70.41% | 74.13% | 61.68% |
| Operating Margin | 6.97% | 14.78% | 16.60% | -2.65% | -53.47% | -108.70% |
| Profit Margin | 34.66% | 26.82% | -101.38% | -126.52% | -61.48% | -209.52% |
| Free Cash Flow Margin | 9.56% | 4.39% | 6.02% | -22.25% | -102.55% | -53.33% |
| EBITDA | 4.26M | 7.49M | 6.21M | 488.00K | -8.00M | -12.91M |
| EBITDA Margin | 9.68% | 16.99% | 19.01% | 2.39% | -47.78% | -99.20% |
| D&A For EBITDA | 1.19M | 974.00K | 788.00K | 1.03M | 952.00K | 1.24M |
| EBIT | 3.07M | 6.51M | 5.42M | -540.00K | -8.95M | -14.14M |
| EBIT Margin | 6.97% | 14.78% | 16.60% | -2.65% | -53.47% | -108.70% |
| Effective Tax Rate | 0.60% | 0.72% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 9.38M | 11.96M | 10.24M | 1.80M | 1.15M | 619.00K |
| Cash & Short-Term Investments | 9.38M | 11.96M | 10.24M | 1.80M | 1.15M | 619.00K |
| Receivables | 5.80M | 5.42M | 3.33M | 3.31M | 4.03M | 2.42M |
| Inventory | 7.07M | 5.93M | 4.15M | 2.95M | 868.00K | 1.04M |
| Prepaid Expenses | 954.00K | 1.31M | 682.00K | 1.72M | 570.00K | 326.00K |
| Total Current Assets | 23.20M | 24.63M | 18.40M | 9.78M | 6.62M | 4.40M |
| Property, Plant & Equipment | 3.21M | 2.36M | 732.00K | 938.00K | 856.00K | 1.01M |
| Goodwill | 7.26M | 7.26M | 7.26M | 7.26M | 7.26M | 7.26M |
| Other Intangible Assets | 2.89M | 3.03M | 3.73M | 4.43M | 5.14M | 5.84M |
| Long-Term Deferred Charges | 49.00K | 68.00K | ||||
| Other Long-Term Assets | 106.00K | |||||
| Total Assets | 36.60M | 37.34M | 30.12M | 22.42M | 19.87M | 18.62M |
| Accounts Payable | 3.31M | 3.25M | 3.73M | 5.71M | 4.40M | 7.64M |
| Accrued Expenses | 6.87M | 6.25M | 5.79M | 10.53M | 11.77M | 9.50M |
| Short-Term Debt | 25.30M | 31.45M | 40.67M | 26.97M | ||
| Current Portion of Long-Term Debt | 5.60M | 5.64M | 158.00K | |||
| Current Portion of Leases | 5.00K | 157.00K | 301.00K | |||
| Current Unearned Revenue | 632.00K | 388.00K | 193.00K | 92.00K | 60.00K | 48.00K |
| Other Current Liabilities | 1.76M | 2.16M | 10.10M | 16.98M | 3.32M | 11.95M |
| Total Current Liabilities | 18.17M | 17.85M | 45.42M | 64.75M | 60.22M | 56.26M |
| Long-Term Debt | 13.58M | 16.32M | 875.00K | |||
| Long-Term Leases | 1.52M | 854.00K | 191.00K | 492.00K | 438.00K | 118.00K |
| Long-Term Unearned Revenue | 543.00K | 701.00K | 300.00K | 347.00K | 230.00K | 293.00K |
| Long-Term Deferred Tax Liabilities | 28.00K | |||||
| Total Liabilities | 33.82M | 35.72M | 45.91M | 65.59M | 60.88M | 57.58M |
| Common Stock | 9.00K | 9.00K | 9.00K | 3.00K | 549.00K | 482.00K |
| Additional Paid-In Capital | 247.57M | 244.28M | 238.69M | 176.98M | 152.75M | 144.58M |
| Retained Earnings | -244.81M | -242.69M | -254.50M | -220.05M | -194.24M | -183.95M |
| Comprehensive Income & Other | 10.00K | 10.00K | 10.00K | -111.00K | -67.00K | -73.00K |
| Shareholders' Equity | 2.79M | 1.62M | -15.79M | -43.18M | -41.01M | -38.96M |
| Total Liabilities & Equity | 36.60M | 37.34M | 30.12M | 22.42M | 19.87M | 18.62M |
| Total Debt | 20.71M | 22.97M | 25.80M | 31.94M | 41.11M | 28.12M |
| Net Cash (Debt) | -11.33M | -11.01M | -15.56M | -30.15M | -39.95M | -27.50M |
| Net Cash Per Share | -1.24 | -1.21 | -3.49 | -14.24 | -27.27 | -19.89 |
| Filing Date Shares Outstanding | 8.60M | 8.59M | 8.55M | 3.04M | 1.46M | 1.38M |
| Total Common Shares Outstanding | 8.60M | 8.59M | 8.54M | 3.04M | 1.46M | 1.28M |
| Working Capital | 5.03M | 6.78M | -27.03M | -54.97M | -53.59M | -51.86M |
| Book Value Per Share | 0.32 | 0.19 | -1.85 | -14.20 | -28.03 | -30.33 |
| Tangible Book Value | -7.36M | -8.67M | -26.79M | -54.87M | -53.41M | -52.06M |
| Tangible Book Value Per Share | -0.86 | -1.01 | -3.14 | -18.04 | -36.50 | -40.53 |
| Machinery | 1.31M | 732.00K | ||||
| Leasehold Improvements | 1.02M | 31.00K |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 15.26M | 11.81M | -33.08M | -25.81M | -10.29M | -27.26M |
| Depreciation & Amortization | 1.37M | 1.28M | 1.15M | 1.03M | 952.00K | 1.24M |
| Other Amortization | 510.00K | 1.46M | 5.52M | 6.91M | 4.95M | 3.23M |
| Loss (Gain) From Sale of Assets | -5.15M | -5.17M | ||||
| Stock-Based Compensation | 5.89M | 4.85M | 1.51M | 224.00K | 888.00K | |
| Provision & Write-off of Bad Debts | 450.00K | 202.00K | 77.00K | 781.00K | 253.00K | 442.00K |
| Other Operating Activities | -10.82M | -6.55M | 28.47M | 15.93M | -12.80M | 6.02M |
| Change in Accounts Receivable | -2.40M | -2.30M | -486.00K | -53.00K | -1.75M | -395.00K |
| Change in Inventory | -1.73M | -2.28M | -1.20M | -2.80M | -72.00K | 1.69M |
| Change in Accounts Payable | -928.00K | -521.00K | -1.42M | 1.55M | -2.55M | 3.18M |
| Change in Other Net Operating Assets | 2.77M | 1.08M | 1.91M | -2.30M | 3.25M | 5.46M |
| Operating Cash Flow | 5.22M | 3.88M | 2.46M | -4.54M | -17.17M | -6.41M |
| Capital Expenditures | -1.01M | -1.94M | -490.00K | -529.00K | ||
| Sale of Property, Plant & Equipment | 5.38M | 5.38M | 21.00K | 332.00K | ||
| Investing Cash Flow | 4.15M | 3.43M | -490.00K | 21.00K | 332.00K | -529.00K |
| Short-Term Debt Issued | 1.80M | 6.02M | 17.56M | 1.91M | ||
| Long-Term Debt Issued | 23.66M | 2.94M | 3.90M | |||
| Total Debt Issued | 23.66M | 23.66M | 1.80M | 6.02M | 20.50M | 5.81M |
| Short-Term Debt Repaid | -27.75M | -5.54M | -639.00K | -2.98M | -493.00K | |
| Long-Term Debt Repaid | -1.68M | -208.00K | -170.00K | -237.00K | -199.00K | |
| Total Debt Repaid | -32.15M | -29.43M | -5.75M | -809.00K | -3.22M | -692.00K |
| Net Debt Issued (Repaid) | -8.50M | -5.77M | -3.95M | 5.21M | 17.28M | 5.12M |
| Issuance of Common Stock | 380.00K | 556.00K | 10.30M | 100.00K | ||
| Other Financing Activities | -371.00K | -371.00K | ||||
| Financing Cash Flow | -8.49M | -5.59M | 6.35M | 5.21M | 17.38M | 5.12M |
| Foreign Exchange Rate Adjustments | 121.00K | -50.00K | -13.00K | -1.00K | ||
| Net Cash Flow | 880.00K | 1.72M | 8.44M | 644.00K | 534.00K | -1.82M |
| Free Cash Flow | 4.21M | 1.93M | 1.97M | -4.54M | -17.17M | -6.94M |
| Free Cash Flow Margin | 9.56% | 4.39% | 6.02% | -22.25% | -102.55% | -53.33% |
| Free Cash Flow Per Share | 0.46 | 0.21 | 0.44 | -2.14 | -11.72 | -5.02 |
| Levered Free Cash Flow | -2.83M | -6.45M | -11.20M | 9.30M | -18.92M | 2.38M |
| Unlevered Free Cash Flow | -1.17M | -4.01M | -8.10M | 12.15M | -15.03M | 3.59M |
| Cash Interest Paid | 2.32M | 3.74M | 4.31M | 1.96M | 3.71M | 2.58M |
| Cash Income Tax Paid | 78.00K | 27.00K | 4.00K | |||
| Change in Working Capital | -2.29M | -4.01M | -1.19M | -3.61M | -1.12M | 9.93M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 49.81M | 255.91M | 196.29M | 14.83M | 12.51M | 81.88M |
| Enterprise Value | 61.14M | 270.76M | 227.78M | 53.46M | 45.23M | 100.51M |
| Last Close Price | 5.15 | 29.84 | 23.00 | 4.87 | 8.55 | 63.75 |
| PE Ratio | 7.41 | 21.66 | ||||
| Forward PE | 38.26 | |||||
| PS Ratio | 1.01 | 5.81 | 6.01 | 0.73 | 0.75 | 6.29 |
| PB Ratio | 15.90 | 158.07 | -12.43 | -0.34 | -0.30 | -2.10 |
| P/FCF Ratio | 10.53 | 132.32 | 99.89 | |||
| P/OCF Ratio | 8.48 | 66.03 | 79.95 | |||
| EV/Sales Ratio | 1.26 | 6.15 | 6.98 | 2.62 | 2.70 | 7.72 |
| EV/EBITDA Ratio | 13.05 | 36.17 | 36.71 | 109.55 | ||
| EV/EBIT Ratio | 18.13 | 41.58 | 42.05 | |||
| EV/FCF Ratio | 13.22 | 140.00 | 115.92 | |||
| Debt / Equity Ratio | 7.43 | 14.19 | -1.63 | -0.74 | -1.00 | -0.72 |
| Debt / EBITDA Ratio | 4.66 | 3.02 | 4.16 | 65.46 | ||
| Debt / FCF Ratio | 4.92 | 11.88 | 13.13 | |||
| Net Debt / Equity Ratio | 4.07 | 6.80 | -0.98 | -0.70 | -0.97 | -0.71 |
| Net Debt / EBITDA Ratio | 2.66 | 1.47 | 2.51 | 61.78 | -4.99 | -2.13 |
| Net Debt / FCF Ratio | 2.69 | 5.69 | 7.92 | -6.64 | -2.33 | -3.96 |
| Asset Turnover | 1.26 | 1.31 | 1.24 | 0.96 | 0.87 | 0.62 |
| Inventory Turnover | 1.60 | 2.00 | 2.28 | 3.16 | 4.54 | 2.50 |
| Quick Ratio | 0.83 | 0.97 | 0.30 | 0.08 | 0.09 | 0.05 |
| Current Ratio | 1.28 | 1.38 | 0.41 | 0.15 | 0.11 | 0.08 |
| Return on Assets (ROA) | 5.51% | 12.07% | 12.89% | -1.60% | -29.07% | -42.45% |
| Return on Invested Capital (ROIC) | 22.32% | |||||
| Return on Capital Employed (ROCE) | 16.70% | 33.40% | -35.40% | 1.30% | 22.20% | 37.60% |
| Earnings Yield | 13.50% | 4.62% | -16.86% | -174.05% | -82.27% | -33.29% |
| FCF Yield | 9.50% | 0.76% | 1.00% | -30.61% | -137.23% | -8.47% |
| Buyback Yield / Dilution | -26.83% | -103.51% | -110.82% | -44.47% | -6.00% | -37.08% |