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Sanuwave Health
(NASDAQ:SNWV)
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Rating:51Neutral
Price Target:
$5.50
▲(18.03% Upside)
Action:Reiterated
Date:09/26/26
The score is primarily held back by financial risk (thin equity base and leverage) and uncertainty around revenue durability, reinforced by guidance withdrawal tied to CMS reimbursement disruption. Technicals also indicate a weak longer-term trend. These negatives are partly offset by very low valuation (P/E ~2.8) and signs of operational progress in recurring revenue and cash generation.
Positive Factors
Recurring consumables growth
Growth in consumables and applicator volumes supports a more repeatable revenue stream than one-time equipment sales. Continued utilization also indicates customer engagement with the platform, which can improve revenue visibility and strengthen the installed-base economics over the next several quarters.
Negative Factors
CMS reimbursement uncertainty
Potentially lower reimbursement for UltraMIST could weaken provider economics and reduce demand or treatment utilization across affected settings. Because management withdrew fiscal 2026 guidance pending the CMS final rule, the regulatory change creates a material and persistent source of revenue and planning uncertainty.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring consumables growth
Growth in consumables and applicator volumes supports a more repeatable revenue stream than one-time equipment sales. Continued utilization also indicates customer engagement with the platform, which can improve revenue visibility and strengthen the installed-base economics over the next several quarters.
Read all positive factors
Sanuwave Health (SNWV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$44.13M
Dividend YieldN/A
Average Volume (3M)54.03K
Price to Earnings (P/E)3.1
Beta (1Y)1.39
Revenue Growth12.02%
EPS GrowthN/A
CountryUS
Employees55
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)1.67
Shares Outstanding8,602,309
10 Day Avg. Volume41,701
30 Day Avg. Volume54,030
Financial Highlights & Ratios
PEG Ratio-0.18
Price to Book (P/B)157.84
Price to Sales (P/S)5.80
P/FCF Ratio132.13
Enterprise Value/Market Cap2.21
Enterprise Value/Revenue2.22
Enterprise Value/Gross Profit2.95
Enterprise Value/Ebitda4.96
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.08
Revenue Forecast (FY)$51.35M
Sanuwave Health Business Overview & Revenue Model
Company Description
SANUWAVE Health, Inc. is a shockwave technology company, which engages in the development and commercialization of patented noninvasive, biological response activating devices. Its portfolio of healthcare products and product candidates activate b...
How the Company Makes Money
Sanuwave Health makes money primarily by commercializing its shockwave-based wound-healing device platform through sales and/or distribution arrangements. Revenue is expected to come from (1) sales of capital equipment (the device system) to healt...
Sanuwave Health Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 06, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: strong execution on the recurring applicator/consumables business with record unit volumes, positive adjusted EBITDA and a solid liquidity position, contrasted with severe near-term headwinds in system sales driven by used-system cannibalization and industry disruption from CMS reimbursement changes. Management is responding by diversifying into stickier hospital and other indications and investing in R&D, but it has withdrawn guidance due to regulatory uncertainty. Highlights around recurring revenue growth and balance sheet health are meaningful, but the magnitude of the capital-sales decline, reimbursement risk, and the guidance withdrawal temper near-term outlook.Positive Updates
Record Applicator Unit Volumes
Applicator unit volumes set an all-time record: up 13% sequentially from Q1 and up 27% year-over-year, indicating strong demand and customer confidence in UltraMIST.
Negative Updates
Overall Revenue Decline
Total revenue for Q2 was $9.7M, a 3% decrease versus $10.1M in Q2 2025, reflecting top-line pressure driven by weaker capital/system sales.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Applicator Unit Volumes
Applicator unit volumes set an all-time record: up 13% sequentially from Q1 and up 27% year-over-year, indicating strong demand and customer confidence in UltraMIST.
Read all positive updates
Company Guidance
SANUWAVE withdrew its fiscal 2026 revenue guidance and will not provide quarterly or annual guidance until there is greater clarity, planning to reassess after CMS issues its final rule in Q4 2026 (60‑day comment period through Sept. 14 with a final rule expected around the first week of November). The move follows proposed CMS actions that would increase hospital outpatient reimbursement for UltraMIST by 14% for 2027 but would cut the Physician Fee Schedule payment for CPT 97610 from the current ~$397 average to roughly $316 (RVUs: work 0.39, practice expense 9.24, malpractice 0.01; total 9.64 × conversion factor 32.8409 ≈ $316.59). Management cited Q2 operating results and industry pressures as drivers of caution: Q2 revenue was $9.7M (‑3% YoY), system revenue fell ~34% to $2.3M while consumables/applicators rose ~12% to $7.3M (applicator units +27% YoY; applicator revenue +13% YoY), active systems were 1,411 (up 29 QoQ), adjusted EBITDA was +$1.2M (vs. $3.2M prior year), and cash was $9.4M at June 30, 2026.Sanuwave Health Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 43.90M | 44.05M | 32.63M | 20.40M | 16.74M | 13.01M |
| Gross Profit | 33.01M | 33.97M | 24.55M | 14.36M | 12.41M | 8.02M |
| EBITDA | 19.63M | 19.43M | -16.56M | -9.15M | 4.79M | -18.90M |
| Net Income | 14.31M | 11.81M | -31.37M | -25.81M | -10.29M | -27.26M |
Balance Sheet | ||||||
| Total Assets | 36.60M | 37.34M | 30.12M | 22.42M | 19.87M | 18.62M |
| Cash, Cash Equivalents and Short-Term Investments | 9.38M | 11.96M | 10.24M | 1.80M | 1.15M | 619.00K |
| Total Debt | 20.71M | 22.97M | 25.50M | 30.45M | 38.98M | 28.39M |
| Total Liabilities | 33.82M | 35.72M | 42.84M | 65.59M | 60.88M | 57.58M |
| Stockholders Equity | 2.79M | 1.62M | -12.72M | -43.18M | -41.01M | -38.96M |
Cash Flow | ||||||
| Free Cash Flow | 6.19M | 1.93M | 1.97M | -4.54M | -16.15M | -6.94M |
| Operating Cash Flow | 5.22M | 3.88M | 2.46M | -4.54M | -17.17M | -6.41M |
| Investing Cash Flow | 4.15M | 3.43M | -490.00K | 21.00K | 332.00K | -529.00K |
| Financing Cash Flow | -8.49M | -5.59M | 6.35M | 5.21M | 17.38M | 5.12M |
Sanuwave Health Technical Analysis
Negative
4.66
Price Trends
4.81
Positive
6.74
Negative
13.85
Negative
Market Momentum
0.07
Positive
50.39
Neutral
45.92
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SNWV, the sentiment is Negative. The current price of 4.66 is below the 20-day moving average (MA) of 5.20, below the 50-day MA of 4.81, and below the 200-day MA of 13.85, indicating a neutral trend. The MACD of 0.07 indicates Positive momentum. The RSI at 50.39 is Neutral, neither overbought nor oversold. The STOCH value of 45.92 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SNWV.
Sanuwave Health Risk Analysis
Sanuwave Health disclosed 31 risk factors in its most recent earnings report. Sanuwave Health reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Sanuwave Health Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $460.30M | 46.66 | 12.69% | ― | 31.63% | 65.86% | |
74 Outperform | $531.42M | 21.52 | 11.49% | ― | 17.22% | 74.89% | |
67 Neutral | $368.69M | 25.66 | 10.30% | ― | 25.21% | 6.14% | |
54 Neutral | $440.44M | -3.67 | -165.83% | ― | 90.63% | -11.42% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $44.13M | 3.07 | 1728.10% | ― | 12.02% | ― | |
49 Neutral | $483.66M | -66.30 | -10.31% | ― | 15.09% | 65.57% |
* Healthcare Sector Average
SNWV
Sanuwave Health
5.13
-25.91
-83.47%
CERS
Cerus
2.40
0.90
60.00%
SENS
Senseonics Holdings
8.33
1.13
15.69%
TCMD
Tactile Systems Technology
23.46
8.11
52.83%
VMD
Viemed Healthcare
9.68
2.82
41.11%
BWAY
Brainsway
11.63
3.34
40.26%
Sanuwave Health Corporate Events
Delistings and Listing ChangesRegulatory Filings and Compliance
Sanuwave Health Faces Nasdaq Listing Compliance Challenges
Negative
Sep 25, 2026
On September 23, 2026, Sanuwave Health received a notice from Nasdaq’s Listing Qualifications Department stating that its Market Value of Listed Securities had been below the $50 million minimum required for continued listing on the Nasdaq G...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.