Sanuwave Health (SNWV) Q4 2024 earnings summary

Executive summary

• Achieved record Q4 2024 revenue of $10.3M, up 47% year-over-year, and full-year revenue of $32.6M, up 60% from 2023, driven by UltraMist systems and consumables.

• Placed 135 UltraMist systems in Q4, up 71% year-over-year, ending 2024 with 1,047 systems in the field.

• Consumables sales were $5.9M in Q4, up 68% year-over-year, comprising 58% of total revenue.

• Company was cash-generative from operations for the second consecutive quarter, even after interest payments.

• Major capital structure simplification, including a reverse split, $10.3M PIPE transaction, and NASDAQ uplisting, strengthened the financial position.

Financial highlights

• Q4 2024 revenue: $10.3M, up from $7.0M in Q4 2023 (47% growth); full-year 2024 revenue: $32.6M, up 60% from 2023.

• Gross margin improved to 77.9% in Q4 2024 from 69.1% in Q4 2023; full-year gross margin was 75.2%.

• Q4 operating income was $2.5M, up 143% year-over-year; full-year operating income was $5.4M.

• Q4 net loss was $12.7M, mainly due to non-cash derivative liability changes; full-year net loss was $31.4M.

• Adjusted EBITDA for Q4 2024 was $3.7M, up from $0.7M in Q4 2023; full-year Adjusted EBITDA was $7.2M.

Outlook and guidance

• Q1 2025 revenue guidance: $8.4M–$9.0M, representing 45–55% growth year-over-year.

• Full-year 2025 revenue guidance: $48M–$50M, targeting 47–53% year-over-year growth.

• Q1 expected to be seasonally slower, but drop from Q4 projected to be less than prior year.

• Management expects continued positive cash flow from operations after cash interest expense.