Revenue growth has decelerated sharply to 3.0% in 2026Q1 from a peak of 89.0% in 2024Q3, even as the company maintains a stable gross margin profile of approximately 77%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 |
|---|
| Sales/Revenue | 44.33M | 44.05M | 32.63M | 20.4M | 16.74M | 13.01M | 4.06M | 1.03M | 1.85M | 738.53K | 1.38M | 965.5K | 847.37K | 800.03K | 769.22K | 802.57K | 728.45K | 660.73K | 0 | 0 | 0 |
| Revenue Growth % | 22.49% | 34.98% | 59.99% | 21.84% | 28.69% | 220.68% | 294.37% | -44.39% | 150.51% | -46.33% | 42.52% | 13.94% | 5.92% | 4.01% | -4.16% | 10.18% | 10.25% | - | - | - | - |
| Cost of Goods Sold | 10.78M | 10.08M | 8.08M | 6.04M | 4.33M | 4.99M | 1.16M | 538.92K | 693.66K | 241.97K | 565.13K | 284.96K | 219.97K | 189.79K | 220.26K | 261.89K | 250.33K | 225.79K | 0 | 0 | 0 |
| COGS % of Revenue | - | 22.89% | 24.77% | 29.59% | 25.87% | 38.32% | 28.64% | 52.39% | 37.49% | 32.76% | 41.07% | 29.51% | 25.96% | 23.72% | 28.63% | 32.63% | 34.36% | 34.17% | - | - | - |
| Gross Profit | 33.55M | 33.97M | 24.55M | 14.36M | 12.41M | 8.02M | 2.9M | 489.81K | 1.16M | 496.56K | 810.93K | 680.54K | 627.39K | 610.24K | 548.96K | 540.68K | 478.12K | 434.94K | 0 | 0 | 0 |
| Gross Margin % | 75.68% | 77.11% | 75.23% | 70.41% | 74.13% | 61.68% | 71.36% | 47.61% | 62.51% | 67.24% | 58.93% | 70.49% | 74.04% | 76.28% | 71.37% | 67.37% | 65.64% | 65.83% | - | - | - |
| Gross Profit Growth % | - | 38.37% | 70.93% | 15.73% | 54.67% | 177.17% | 491.05% | -57.64% | 132.88% | -38.77% | 19.16% | 8.47% | 2.81% | 11.16% | 1.53% | 13.08% | 9.93% | - | - | - | - |
| Operating Expenses | 30.71M | 29.02M | 19.13M | 14.9M | 21.36M | 22.17M | 28.09M | 9.28M | 8.34M | 4.32M | 4.13M | 5.22M | 6.59M | 6.59M | 6.61M | 9.35M | 12.12M | 9.09M | 26.21K | 34.06K | 13.29K |
| OpEx % of Revenue | - | 65.89% | 58.63% | 73.06% | 127.6% | 170.38% | 692.51% | 902.49% | 450.62% | 585.08% | 300.06% | 540.48% | 777.81% | 823.25% | 859.48% | 1164.98% | 1663.28% | 1375.08% | - | - | - |
| Selling, General & Admin | 28.44M | 26.79M | 17.67M | 13.57M | 20.03M | 20.28M | 18.88M | 8.03M | 7.33M | 3M | 2.67M | 2.74M | 3.27M | 3.96M | 4.52M | 6.29M | 7.1M | 5.03M | 26.21K | 34.06K | 13.29K |
| SG&A % of Revenue | - | 60.82% | 54.15% | 66.54% | 119.64% | 155.89% | 465.44% | 780.68% | 396.35% | 406.81% | 194.31% | 283.29% | 385.79% | 495.38% | 587.86% | 784.1% | 974.76% | 760.74% | - | - | - |
| Research & Development | 1.8M | 1.35M | 673K | 579K | 567K | 1.1M | 1.25M | 1.18M | 1.66M | 1.29M | 1.13M | 2.17M | 3M | 2.3M | 1.76M | 2.73M | 3.88M | 3.39M | 0 | 0 | 0 |
| R&D % of Revenue | - | 3.07% | 2.06% | 2.84% | 3.39% | 8.46% | 30.71% | 114.89% | 89.93% | 175.01% | 82.02% | 225.05% | 354.13% | 287.07% | 229.09% | 340.29% | 532.52% | 512.65% | - | - | - |
| Other Operating Expenses | 466K | 880K | 789K | 752K | 766K | 784K | 7.97M | 71.21K | 9.95K | 0 | 326.61K | 310.37K | 321.04K | 326.33K | 327.13K | 325.79K | 1.14M | 671.86K | 0 | 0 | 0 |
| Operating Income | 2.83M | 4.95M | 5.42M | -540K | -8.95M | -14.14M | -25.2M | -8.79M | -7.18M | -3.82M | -3.32M | -4.44M | -5.96M | -5.98M | -6.06M | -8.81M | -11.81M | -8.65M | -26.21K | -34.06K | -13.29K |
| Operating Margin % | 6.4% | 11.23% | 16.6% | -2.65% | -53.47% | -108.7% | -621.15% | -854.87% | -388.11% | -517.85% | -241.01% | -459.63% | -703.77% | -746.97% | -788.12% | -1097.61% | -1620.92% | -1309.25% | - | - | - |
| Operating Income Growth % | - | -8.71% | 1103.15% | 93.97% | 36.7% | 43.88% | -186.55% | -22.48% | -87.75% | -15.32% | 25.27% | 25.58% | 0.21% | 1.42% | 31.18% | 25.39% | -36.49% | -32898.5% | 23.03% | -156.28% | - |
| EBITDA | 4.42M | 6.23M | 6.56M | 488K | -8M | -12.91M | -24.19M | -8.72M | -7.16M | -3.8M | -2.99M | -4.13M | -5.64M | -5.65M | -5.74M | -8.48M | -10.67M | -7.98M | -10.84M | -34.06K | -13.29K |
| EBITDA Margin % | 9.98% | 14.14% | 20.11% | 2.39% | -47.78% | -99.2% | -596.2% | -847.95% | -386.9% | -514.59% | -217.28% | -427.49% | -665.88% | -706.18% | -745.59% | -1057.02% | -1464.93% | -1207.57% | - | - | - |
| EBITDA Growth % | -48.88% | -5.09% | 1244.67% | 106.1% | 38.01% | 46.64% | -177.29% | -21.87% | -88.35% | -27.11% | 27.56% | 26.85% | 0.13% | 1.49% | 32.39% | 20.5% | -33.75% | 26.37% | -31718.55% | -156.28% | - |
| D&A (Non-Cash Add-back) | 1.59M | 1.28M | 1.15M | 1.03M | 952K | 1.24M | 1.01M | 71.21K | 22.33K | 24.07K | 326.61K | 310.37K | 321.04K | 326.33K | 327.13K | 325.79K | 1.14M | 671.86K | 0 | 0 | 0 |
| EBIT | 20.84M | 18.14M | -17.71M | -10.18M | 3.84M | -20.14M | -28.4M | -8.59M | -7.14M | -4.4M | -3.32M | -4.54M | -5.53M | -9.42M | -6.07M | -8.81M | -11.64M | -8.45M | -11.42M | -11.35M | 23.83K |
| Net Interest Income | -4.94M | -6.25M | -13.64M | -15.62M | -14.13M | -7.09M | -2.54M | -1.84M | -4.5M | -1.14M | -854.98K | -399.83K | -453.72K | -2.54M | -331.74K | -472.15K | -961.59K | -739.85K | -306.84K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 4.94M | 6.25M | 13.64M | 15.62M | 14.13M | 7.09M | 2.54M | 1.84M | 4.5M | 1.14M | 854.98K | 399.83K | 440.94K | 2.54M | 331.74K | 472.15K | 961.59K | 739.85K | 1.83K | 35 | 240 |
| Other Income/Expense | 13.3M | 6.95M | -36.76M | -25.26M | -1.34M | -13.09M | -5.74M | -1.64M | -4.45M | -1.71M | -3.12M | -372.51K | -10.59K | -5.98M | -339.17K | -1.43M | -3.35M | -536.2K | -359.37K | -35 | 36.88K |
| Pretax Income | 16.14M | 11.9M | -31.34M | -25.8M | -10.29M | -27.23M | -30.94M | -10.43M | -11.63M | -5.54M | -6.44M | -4.81M | -5.97M | -11.95M | -6.4M | -10.24M | -15.16M | -9.19M | -28.05K | -34.09K | 23.59K |
| Pretax Margin % | 36.4% | 27.01% | -96.05% | -126.5% | -61.47% | -209.31% | -762.56% | -1013.86% | -628.7% | -749.86% | -467.93% | -498.22% | -705.02% | -1494.29% | -832.21% | -1275.75% | -2081.47% | -1390.41% | - | - | - |
| Income Tax | 86K | 86K | 27K | 4K | 2K | 28K | 0 | 0 | 45.01K | 0 | 3.12M | 0 | 0 | 0 | 0 | 0 | -239.97K | -1.2M | -1.5K | 1.6K | 1.6K |
| Effective Tax Rate % | 0.53% | 0.72% | -0.09% | -0.02% | -0.02% | -0.1% | 0% | 0% | -0.39% | 0% | -48.47% | 0% | 0% | 0% | 0% | 0% | 1.58% | 13.1% | 5.35% | -4.69% | 6.78% |
| Net Income | 16.05M | 11.81M | -31.37M | -25.81M | -10.29M | -27.26M | -30.94M | -10.43M | -11.63M | -5.54M | -6.44M | -4.81M | -5.97M | -11.3M | -6.4M | -10.24M | -14.92M | -6.15M | -26.55K | -35.69K | 21.99K |
| Net Margin % | 36.21% | 26.82% | -96.13% | -126.52% | -61.48% | -209.52% | -762.56% | -1013.86% | -628.7% | -749.86% | -467.93% | -498.22% | -705.02% | -1412.41% | -832.21% | -1275.75% | -2048.53% | -931.26% | - | - | - |
| Net Income Growth % | 149.35% | 137.65% | -21.56% | -150.72% | 62.24% | 11.89% | -196.62% | 10.33% | -110.03% | 13.99% | -33.86% | 19.48% | 47.13% | -76.52% | 37.48% | 31.39% | -142.52% | -23075.29% | 25.61% | -262.33% | - |
| Net Income (Continuing) | 16.05M | 11.81M | -31.37M | -25.81M | -10.29M | -27.26M | -30.94M | -10.43M | -11.63M | -5.54M | -6.41M | -4.81M | -5.97M | -11.95M | -6.4M | -10.24M | -14.92M | -7.98M | -11.39M | -11.62M | 21.99K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 655.06K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.87 | 0.41 | -7.03 | -12.19 | -7.02 | -19.72 | -30.68 | -19.26 | -29.17 | -15.00 | -22.50 | -30.00 | -45.00 | -150.00 | -112.50 | -195.00 | -431.25 | -251.25 | -281.25 | -363.75 | 0.81 |
| EPS Growth % | 111.39% | 105.83% | 42.33% | -73.65% | 64.4% | 35.72% | -59.26% | 33.95% | -94.45% | 33.33% | 25% | 33.33% | 70% | -33.33% | 42.31% | 54.78% | -71.64% | 10.67% | 22.68% | -45007.41% | - |
| EPS (Basic) | - | 1.38 | -7.03 | -12.19 | -7.02 | -19.72 | -30.68 | -19.26 | -29.17 | -15.00 | -22.50 | -30.00 | -45.00 | -150.00 | -112.50 | -195.00 | -431.25 | -251.25 | -0.85 | -363.75 | 0.81 |
| Diluted Shares Outstanding | 8.59M | 9.08M | 4.46M | 2.12M | 1.47M | 1.38M | 1.01M | 541.44K | 398.77K | 370.24K | 286.99K | 168.07K | 128.57K | 75.02K | 55.77K | 52.33K | 34.47K | 30.41K | 33.36K | 33.36K | 27.17K |
| Basic Shares Outstanding | 8.59M | 8.56M | 4.46M | 2.12M | 1.47M | 1.38M | 1.01M | 541.44K | 398.77K | 370.24K | 286.99K | 168.07K | 128.57K | 75.02K | 55.77K | 52.33K | 34.47K | 30.41K | 33.36K | 33.36K | 27.17K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Reimbursement and regulatory dependency
According to the most recent quarterly data, SNWV's revenue growth has decelerated to 3.0% in 2026Q1, a significant departure from the 89.0% peak observed in 2024Q3, suggesting that the initial momentum from the UltraMIST acquisition may be normalizing as the installed base reaches a temporary saturation point.
The sharp decline in top-line expansion warrants investigation into whether the company is struggling with customer acquisition costs or if the market for acoustic wound therapy is facing competitive headwinds. Investors should monitor whether this slowdown represents a permanent shift in demand or merely a cyclical lull in new clinic placements.
As reported in financial statements, the company maintains a robust gross margin profile, consistently hovering around 77% over the last ten quarters, which underscores the high-value nature of its consumable-driven business model despite the volatility seen in other areas of the income statement.
This high margin suggests that the company possesses significant pricing power within the specialized wound care niche, likely protected by its PMA regulatory status. However, maintaining these levels will depend on the company's ability to defend its reimbursement pathways against potential future adjustments by CMS.
Based on reported figures, operating margins have fluctuated wildly from a negative 18.1% in 2024Q1 to a positive 27.8% in 2024Q2, indicating that the company has yet to achieve a consistent, scalable relationship between its revenue growth and the necessary SG&A investments required for market penetration.
The erratic nature of operating income suggests that management is still in a phase of aggressive experimentation with sales force sizing and clinical education spending. Until SG&A expenses stabilize relative to revenue, the company's path to sustainable operating profitability remains difficult to forecast with high confidence.
Analysis of the income statement reveals a significant disconnect between operating and net income, with net margins occasionally exceeding 90% in periods like 2025Q3, which strongly implies the presence of non-operating gains or tax-related adjustments that mask the underlying performance of the core medical device business.
Investors should exercise caution when interpreting EPS figures, as these non-operating items create a misleading picture of the company's true earnings power. A normalized view of profitability is essential to determine if the business can generate consistent cash flow without relying on one-time accounting events.
Data from the last ten quarters suggests that the company's reliance on high-growth periods is punctuated by sharp contractions, raising concerns among analysts regarding the long-term durability of its revenue model and the potential for future share dilution to fund ongoing operational requirements.
Short-sellers may focus on the inconsistency of the bottom line and the potential for the 'razor-blade' model to fail if consumable pull-through rates do not meet expectations. The company's history of complex financing suggests that capital structure risks remain a primary concern for long-term equity holders.
Quick answers to the most common questions about buying SNWV stock.
For fiscal year 2025, SANUWAVE Health, Inc. (SNWV) reported total revenue of $44.1M.
SANUWAVE Health, Inc. (SNWV) is profitable, generating $11.8M in net income for the fiscal year ending 2025 with a net profit margin of 26.8%.
SANUWAVE Health, Inc. (SNWV) reported an operating income of $4.9M, resulting in an operating profit margin of 11.2%. This margin reflects the operational efficiency of the business before interest and taxes.
SANUWAVE Health, Inc. (SNWV) generated $34.0M in gross profit for the year, representing a gross profit margin of 77.1%. This demonstrates the company's core pricing power and production efficiency.