Sanuwave Health reports Q3 EPS 46c vs. ($6.49) last year

Reports Q3 revenue $11.45M vs. $9.36M last year. “Despite the headwinds in the quarter arising from uncertainty about proposed reimbursement changes to certain wound care modalities, particularly skin substitutes/allografts, Sanuwave achieved record revenues in Q3 2025 for both systems and applicators, achieving 22% year on year growth against the difficult comparison of Q3 last year when a large order drove 89% year on year growth,” said CEO Morgan Frank. “System sales in particular were a bright spot with 155 systems sold in the quarter. Applicator sales were also an all-time high despite being suppressed by lower patient volumes treated by our providers. It looked to us as though the whole industry sort of ‘took its foot off the gas’ for a minute as it waited for clarity on proposed reimbursement changes and that concerns about compliance and audits led practitioners to adopt, at the margin, a cautious ‘wait and see’ attitude on initiating a number of kinds of advanced wound care regimens for patients. On Friday, October 31, 2025, after close of business, CMS published its final rule for 2026 Medicare physician fees. 2026 reimbursement for the 97610 code was in line with our expectations of a slight increase versus 2025 and was not affected by cuts to other modalities. Times of sudden change can make for bumpy periods, and while it’s still very early to assess industry reaction to the new CMS rule, our sense is that any certainty is better than such large uncertainty and that the market will now move to adapt. We’re seeing a lot of inbound interest from customers and distribution partners and our sales pipeline remains robust. This continues to make us highly optimistic about the future.”