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Sanuwave Health
Sanuwave Health (SNWV) investor relations material
Sanuwave Health Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved record Q3 2025 revenue of $11.5 million, up 22% year-over-year and 13% sequentially, with strong UltraMIST system and consumable sales; 155 systems sold, bringing total field units to 1,416.
Net income for Q3 2025 was $10.3 million, reversing a $20.7 million loss in Q3 2024, driven by a $6.1 million non-cash gain from derivative liabilities and a $5 million patent sale.
Operating income for Q3 2025 was $1.5 million, down from $2.0 million in Q3 2024, mainly due to higher non-cash stock-based compensation.
Applicator/consumable revenue reached $6.8 million, up 26% year-over-year and 6% sequentially, representing 59% of total revenue.
Earnings per share (diluted) was $1.20, compared to a loss of $6.49 per share in Q3 2024.
Financial highlights
Gross margin improved to 77.9% in Q3 2025 from 75.5% a year ago, reflecting cost reductions and pricing initiatives.
Adjusted EBITDA for Q3 2025 was $3.5 million, up from $2.1 million in Q3 2024.
Cash and cash equivalents at quarter-end were $9.6 million; total current assets were $22.6 million.
Operating expenses increased year-over-year, mainly due to $1.4 million in stock-based compensation and higher headcount.
Interest expense declined 53% in Q3 2025, reflecting debt refinancing and note conversion to equity.
Outlook and guidance
Q4 2025 revenue guidance is $13–$14 million, representing 26–36% year-over-year growth; full-year 2025 revenue expected at $44–$45 million, up 35–39% over 2024.
Management believes recent debt refinancing and capital initiatives have alleviated substantial doubt about going concern for at least 12 months.
Plans to grow sales rep headcount and refine the mix between direct and distributor channels.
Beyond one-time gains, what drives profitability
Update on internal control remediation efforts
UltraMIST® growth strategy with new financing
Capitalize on skin sub market changes
What is the optimal sales channel mix?
Rental model for hospital capital budgets
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Next Sanuwave Health earnings date
Q4 202520 Mar, 2026
Sanuwave Health
Next Sanuwave Health earnings date
Q4 202520 Mar, 2026
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