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Sanuwave Health, Inc. (SNWV) stock

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NASDAQ: SNWV Nasdaq Health Care Equipment Next results ~November 6, 2026

C+ Fundamentals grade

Sanuwave Health, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$9.3

Revenue-to-maturity cash-flow model

Base case. Range ~$7.3–$12 across our lower- and higher-growth cases (7.699999999999999%–17.7% a year).

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 21 sales by directors and officers, last 12 monthsInsider trades
  • Funds25 adding, 39 cuttingOf 10 active managers that changed their stake, 8 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Sanuwave Health files

Where Sanuwave Health stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $44m, up 12.7% on a year earlier, slower than the 22.5% growth a quarter earlier. Free-cash-flow margin rose to 9.6% from -0.3% a year earlier. Operating margin narrowed to 3.4% from 14.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 2 of our 2 financial-health checks.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Sanuwave Health, Inc.'s trailing-twelve-month revenue grew 12.7% year on year, with a free-cash-flow margin of 9.6%. Where it stands out: net margin of 34.7% ranks 3 of 133 health care equipment companies we cover. Where it lags: change in growth rate of -9.9pp ranks 109 of 129 health care equipment companies we cover.

Current signal Net margin expanding: TTM net margin reached 34.7%, up 137.1pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Net cash. Cash exceeds long-term debt by $0.0bn.

Things to watch

  • Growth slowing. The growth rate is 9.9 points lower than a quarter earlier.
  • Margins narrowing. Operating margin is down 10.8 points on a year ago.
  • Share dilution. Diluted shares rose 78.4% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 90% and a beta of 1.1 against the S&P 500.
  • Insiders selling. 4 insiders sold $12M of stock over the past 365 days and none bought (0% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 28% of net income over the last 12 months.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.03 against an average estimate of $0.17: missed by 82.3%
Revenue
$10m, down 3.1% on a year earlier
Share reaction
-1.5% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 6, 2026

Sanuwave Health's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.1%
  • 1 week+16.4%
  • 1 month+23.9%
  • This year-80.4%
  • 1 year-78.2%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$44M
Operating margin
3.4%
Net margin
34.7%
EPS (TTM, diluted)
$1.70

Growth

Revenue growth
+12.7%
Change in growth rate
−9.9 pts

Cash

Free cash flow (TTM)
$4.2M
FCF margin
9.6%
Stock pay % of revenue
13.4%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value Sanuwave Health, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.14 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$9.3 ~$7.3–$12 Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. ~$38 ~$35–$61 Left out: out of range vs price (6.47x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Price-to-sales vs peers Sales per share times peers' typical price-to-sales; used only when earnings are negative. ~$5.0 ~$5.9–$25 Included, half weight
Combined value Weighted average of the models that apply: the primary model (revenue-to-maturity model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$8.5 ~$5.0–$9.3 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Sanuwave Health, Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

Sanuwave Health, Inc.: market value and multiples by fiscal year
At fiscal year end 20242025Now
Share price$23.00$29.84$5.85
Market value$205m$271m$52m
+ Net debt (− = net cash)−$10m$10m$4m
Enterprise value$195m$281m$56m
Multiples
Price / sales 6.3x6.2x1.2x
Price / earnings —22.9x3.4x
Price / free cash flow 104.5x140.1x12.3x
EV / EBITDA 42.1x47.5x21.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

33 /100

Weak moat

How hard Sanuwave Health's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -30.4% of total assets over 8 years.

  • Pricing power 12 / 20

    Gross margin has been a median 69.1%, moving by 14.9 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -187.6%; its worst year was -867.8%.

  • Cash conversion 1 / 20

    Free cash flow was positive in 1 of 9 years, at a median -143.2% of revenue.

  • Discipline 10 / 20

    The diluted share count fell 93.2% over five years; stock-based pay has been a median 40.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, after the close.

Analysts' consensus

No analyst estimates are published for Sanuwave Health, Inc.: too few analysts cover it.

Earnings against estimates

Sanuwave Health, Inc.: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Dec 2025 $0.17 $0.03 −82.3%
Sept 2025 $0.32 $0.46 +43.8%
Jun 2025 −$0.09 $0.01 +111.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Positioning

Short interest
4.1%
of tradable shares
Days to cover
3.99
at average volume
Short interest, 1 month
−2%
to October 15, 2026
Held by institutions
37%
of shares
Held by insiders
1.3%
of shares
Employees
55
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −79.8%

$28.94 on October 31, 2025 to $5.85

Sanuwave Health, Inc.: share-price change split into its parts
PartThenNowEffect
Revenue (last 12 months) $39m $44m +12.7%
P/S multiple 4.6x 1.2x −73.9%
Share count 6m 9m −31.3%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Sanuwave Health, Inc.: yearly return, monthly win rate and worst fall against the S&P 500
Calendar year 20252026 to date
Return
SNWV+30%−80%
Industry peers (median)−16%−13%
S&P 500+18%+11%
Months that ended higher
SNWV50%36%
S&P 50075%46%
Largest fall from a high during the year
SNWV−41%−87%
S&P 500−19%−9%

Worst fall since October 18, 2024: 91% from August 22, 2025 to September 10, 2026. Getting back needed a 1025% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$4.00 – $35.34
From 52-week high
−83.4%
vs 50-day average
+20.7%
vs 200-day average
−56.3%
Volatility (1 year)
90%
Beta vs S&P 500
1.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±11.0%
After a week
7 up, 5 down
typical move ±13.2%
After a month
4 up, 8 down
typical move ±13.7%
Sanuwave Health, Inc.: share-price change after each results release
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −1.5% +0.5% −20.1% −26.6%
July 13, 2026 +2.4% −0.4% −45.2% −52.9%
May 12, 2026 +18.4% +0.4% +4.3% −8.2%
April 16, 2026 +12.8% +1.5% +4.6% −7.8%
March 26, 2026 −6.6% −3.5% −15.2% −7.4%
November 7, 2025 +29.7% +1.7% +24.8% +11.6%
August 8, 2025 +24.5% +0.6% +12.5% +5.2%
July 14, 2025 −4.3% −0.2% +10.1% +19.9%
May 9, 2025 −3.2% +3.2% +2.4% −2.3%
April 8, 2025 +3.2% +8.8% −2.9% +4.5%
March 21, 2025 +21.0% +1.8% +14.2% −10.9%
January 14, 2025 −3.9% +2.0% −2.5% −7.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Sanuwave Health, Inc. in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Sanuwave Health, Inc.
$10M $20M $30M $40M $50M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $18.9M Revenue (TTM), FY23 Q4: $20.4M Revenue (TTM), FY24 Q1: $22.4M Revenue (TTM), FY24 Q2: $24.9M Revenue (TTM), FY24 Q3: $29.3M Revenue (TTM), FY24 Q4: $32.6M Revenue (TTM), FY25 Q1: $36.2M Revenue (TTM), FY25 Q2: $39.1M Revenue (TTM), FY25 Q3: $41M Revenue (TTM), FY25 Q4: $44.1M Revenue (TTM), FY26 Q1: $44.3M Revenue (TTM), FY26 Q2: $44M $44M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $18.9M
FY23 Q4 $20.4M
FY24 Q1 $22.4M
FY24 Q2 $24.9M
FY24 Q3 $29.3M
FY24 Q4 $32.6M
FY25 Q1 $36.2M
FY25 Q2 $39.1M
FY25 Q3 $41M
FY25 Q4 $44.1M
FY26 Q1 $44.3M
FY26 Q2 $44M
Revenue growth, TTM YoY Sanuwave Health, Inc.
0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 21.9% Revenue growth, TTM YoY, FY23 Q4: 21.8% Revenue growth, TTM YoY, FY24 Q1: 29.4% Revenue growth, TTM YoY, FY24 Q2: 37.4% Revenue growth, TTM YoY, FY24 Q3: 55.0% Revenue growth, TTM YoY, FY24 Q4: 60.0% Revenue growth, TTM YoY, FY25 Q1: 61.5% Revenue growth, TTM YoY, FY25 Q2: 57.0% Revenue growth, TTM YoY, FY25 Q3: 39.9% Revenue growth, TTM YoY, FY25 Q4: 35.0% Revenue growth, TTM YoY, FY26 Q1: 22.5% Revenue growth, TTM YoY, FY26 Q2: 12.7% 12.7%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 21.9%
FY23 Q4 21.8%
FY24 Q1 29.4%
FY24 Q2 37.4%
FY24 Q3 55.0%
FY24 Q4 60.0%
FY25 Q1 61.5%
FY25 Q2 57.0%
FY25 Q3 39.9%
FY25 Q4 35.0%
FY26 Q1 22.5%
FY26 Q2 12.7%
Operating margin (TTM) Sanuwave Health, Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -16.1% Operating margin (TTM), FY23 Q4: -2.6% Operating margin (TTM), FY24 Q1: 0.6% Operating margin (TTM), FY24 Q2: 3.5% Operating margin (TTM), FY24 Q3: 9.8% Operating margin (TTM), FY24 Q4: 11.8% Operating margin (TTM), FY25 Q1: 15.9% Operating margin (TTM), FY25 Q2: 14.2% Operating margin (TTM), FY25 Q3: 12.1% Operating margin (TTM), FY25 Q4: 11.2% Operating margin (TTM), FY26 Q1: 7.3% Operating margin (TTM), FY26 Q2: 3.4% 3.4%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -16.1%
FY23 Q4 -2.6%
FY24 Q1 0.6%
FY24 Q2 3.5%
FY24 Q3 9.8%
FY24 Q4 11.8%
FY25 Q1 15.9%
FY25 Q2 14.2%
FY25 Q3 12.1%
FY25 Q4 11.2%
FY26 Q1 7.3%
FY26 Q2 3.4%
FCF margin (TTM) Sanuwave Health, Inc.
-100% -50% 0% 50% FY22 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY22 Q3: -84.9% FCF margin (TTM), FY23 Q4: -22.2% FCF margin (TTM), FY24 Q1: -14.1% FCF margin (TTM), FY24 Q2: -11.8% FCF margin (TTM), FY24 Q3: 1.2% FCF margin (TTM), FY24 Q4: 6.0% FCF margin (TTM), FY25 Q1: -1.9% FCF margin (TTM), FY25 Q2: -0.3% FCF margin (TTM), FY25 Q3: -1.9% FCF margin (TTM), FY25 Q4: 4.4% FCF margin (TTM), FY26 Q1: 9.0% FCF margin (TTM), FY26 Q2: 9.6% 9.6%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY22 Q3 -84.9%
FY23 Q4 -22.2%
FY24 Q1 -14.1%
FY24 Q2 -11.8%
FY24 Q3 1.2%
FY24 Q4 6.0%
FY25 Q1 -1.9%
FY25 Q2 -0.3%
FY25 Q3 -1.9%
FY25 Q4 4.4%
FY26 Q1 9.0%
FY26 Q2 9.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Sanuwave Health, Inc.: annual financial statements
Fiscal year 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 1 1 1 1 1 1 1 1 2 2 4 13 17 20 33 44 44
Gross profit 0 1 1 1 1 1 1 0 1 0 3 8 12 14 25 34 34
EBITDA −11 −9 −6 −6 −6 −4 −3 −4 −7 −9 −25 −13 −8 0 5 6 3
Operating income −12 −9 −6 −6 −6 −4 −3 −4 −7 −9 −25 −14 −9 −1 4 5 2
Net income −15 −10 −6 −11 −6 −5 −6 −6 −12 −10 −31 −27 −10 −26 −33 12 15
Diluted EPS −$0.29 −$0.13 −$0.07 −$0.10 −$0.03 −$0.02 −$0.01 −$0.01 −$0.02 −$0.01 −$0.02 −$0.01 −$0.01 −$3.05 −$3.71 $0.41 $1.70
Growth (year on year)
Revenue — +10.2% −4.2% +4.0% +5.9% +13.9% +42.5% −46.3% +150.5% −17.4% +165.4% +220.7% +28.7% +21.8% +60.0% +35.0% +12.7%
EBITDA — — — — — — — — — — — — — — +850.0% +27.7% −58.9%
Operating income — — — — — — — — — — — — — — — +28.5% −72.9%
Margins
Gross margin 65.6% 67.4% 71.4% 76.3% 74.0% 70.5% 58.9% 67.2% 62.5% 32.0% 71.4% 61.7% 74.1% 70.4% 75.2% 77.1% 76.3%
EBITDA margin <−999% <−999% −785.5% −744.5% −702.1% −459.3% −239.6% −514.6% −386.9% −570.6% −613.8% −99.2% −47.8% 2.4% 14.2% 13.4% 5.9%
Operating margin <−999% <−999% −788.1% −747.0% −703.8% −459.6% −241.0% −517.8% −388.1% −575.3% −621.1% −108.7% −53.5% −2.6% 11.8% 11.2% 3.4%
Net margin <−999% <−999% −832.2% <−999% −705.0% −498.2% −467.9% −749.9% −628.7% −682.3% −762.6% −209.5% −61.5% −126.5% −101.4% 26.8% 34.7%
Free-cash-flow margin — <−999% −558.0% — −789.2% — −233.3% −207.0% −198.1% −422.9% −314.8% −53.3% — −22.2% 6.0% 4.4% 9.6%
Cash flow
Cash from operations −6 −9 −4 −4 −7 −3 −3 −2 −4 −6 −13 −6 −17 −5 2 4 5
Capital spending — 0 0 — 0 — 0 0 0 0 0 1 — 0 0 2 1
Free cash flow — −9 −4 — −7 — −3 −2 −4 −6 −13 −7 — −5 2 2 4
Stock-based pay 3 1 1 1 0 1 1 1 2 0 0 0 — 0 2 5 6
Free cash flow after stock pay — −10 −6 — −7 — −4 −2 −6 −7 −13 −7 — −5 0 −3 −2
Balance sheet
Cash 0 4 0 0 4 0 0 1 0 2 2 1 1 2 10 12 9
Total debt 0 0 5 2 0 0 5 — — 1 32 26 22 7 0 22 13
Net debt (negative = net cash) −0 −4 5 2 −4 −0 5 −1 −0 −1 29 26 21 5 −10 10 4
Diluted shares 52m 78m 84m 113m 193m 252m 430m 555m 598m 814m 1,513m 2,073m 2,198m 8m 9m 9m 9m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · June 30, 2026
What it owns · $37m
Short-term assets $23mLonger-term assets $13m
What it owes, and who funded it · $37m
Short-term liabilities $18mLonger-term liabilities $16mShareholders' equity $3m
  • Short-term assets cover short-term liabilities $23m of assets due within a year against $18m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $23m short-term assets against $16m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Sanuwave Health, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
5.1%
of revenue
Days sales outstanding
48 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Growth, margins and cash generation against peers
Last 12 months unless stated SNWV MYO TLSI KRMD CLPT SENS Median
Revenue, last 12 months $44m $43m $45m $45m $45m $49m $99m
Revenue growth, last 12 months 12.7% 6.1% 25.2% 22.4% 32.5% 90.6% 9.2%
Revenue growth, 3-year average 34.4% 35.4% 45.1% 15.3% 26.8% 38.0% 13.5%
Revenue growth, latest quarter −3.1% 21.3% 1.7% 18.2% 36.3% 117.8% 10.2%
Gross margin 76.3% 68.4% 85.8% 62.4% 61.4% 54.9% 61.2%
Operating margin 3.4% −27.1% −67.7% −3.7% −70.6% −223.2% −8.5%
Operating margin, 3-year average 7.0% −31.6% −122.3% −13.3% −66.2% −261.7% −17.9%
Net margin 34.7% −33.5% −62.6% −4.0% −79.4% −225.3% −12.0%
Cash from operations / revenue 11.9% −16.4% −50.6% 3.1% −103.6% −197.6% −1.9%
Free-cash-flow margin 9.6% −19.2% −51.6% 1.6% −105.9% −199.5% −3.9%
Free-cash-flow margin, 3-year average −0.8% −31.0% −119.5% −2.7% −58.5% −230.3% −7.0%
Stock pay / revenue 13.4% 6.4% 23.6% 6.1% 18.4% 23.2% 6.1%
Change in share count 78.4% 5.9% 73.8% 2.5% 6.7% −2.8% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 12.7% 9.1% 57 of 129
Change in growth rate Growth -9.9pp -0.6pp 109 of 129
Gross margin Profitability 76.3% 61.9% 27 of 123
Operating margin Profitability 3.4% -8.3% 42 of 132
Net margin Profitability 34.7% -12.0% 3 of 133
Free-cash-flow margin Cash generation 9.6% -3.4% 30 of 128
Stock pay as % of revenue Cash generation 13.4% 6.1% 86 of 123
Long-term debt as % of assets Balance sheet 39.8% 24.2% 68 of 87
Days sales outstanding Balance sheet 48 days 57 days 35 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Consumables Parts and Accessories Revenue $25.8M 58.6% ▲ 22.2%
System Revenue $17.8M 40.5% ▲ 61.2%
Other Revenue $206,000 0.5% ▼ 32.7%
Extended Warranty $172,000 0.4% ▲ 81.1%
License Fees $20,000 0.0% ▼ 55.6%

From Sanuwave Health, Inc.'s 10-K filed March 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$32M
Institutions reporting
49
Shares held vs prior quarter
▼ 23.0%
Positions opened / closed
12 / 24

Top buyers and sellers, Q2 2026: 25 institutions bought and 39 sold ; the biggest buyer was Solas Capital Management, LLC (+323K shares) and the biggest seller Opaleye Management Inc (−675K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Solas Capital Management, LLC $6.1M 611K 19.1% ▲ 112.5%
Awm Investment Company, Inc. $4.5M 455K 14.2% 0.0%
Praetorian Pr LLC $4M 395K 12.3% ▲ 12.9%
Vanguard Capital Management LLC $3.5M 353K 11.0% ▲ 1.1%
Opaleye Management Inc. $3.1M 306K 9.6% ▼ 68.8%
UBS Group AG $2.6M 257K 8.0% ▲ 22.1%
Blackrock, Inc. $1.6M 160K 5.0% ▼ 66.8%
Geode Capital Management, LLC $861,394 86K 2.7% ▼ 49.9%
Citadel Advisors LLC $594,730 59K 1.9% ▲ 228.6%
Vanguard Fiduciary Trust Co $430,970 43K 1.3% ▼ 12.5%
Marshall Wace, LLP $421,250 42K 1.3% New
Goldman Sachs Group Inc $404,260 40K 1.3% ▲ 5.0%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Sanuwave Health, Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Opaleye Management Inc. 10% owner May 1, 2026 Sell 500 $16.11 $8,055
Opaleye Management Inc. 10% owner May 1, 2026 Sell 10,081 $16.11 $162,405
Opaleye Management Inc. 10% owner April 30, 2026 Sell 24,000 $16.15 $387,600
Opaleye Management Inc. 10% owner April 30, 2026 Sell 1,000 $16.15 $16,150
Opaleye Management Inc. 10% owner April 29, 2026 Sell 23,360 $17.25 $402,960
Opaleye Management Inc. 10% owner April 29, 2026 Sell 1,000 $17.25 $17,250
Opaleye Management Inc. 10% owner April 28, 2026 Sell 2,500 $18.47 $46,175
Opaleye Management Inc. 10% owner April 28, 2026 Sell 43,788 $18.47 $808,764
Opaleye Management Inc. 10% owner April 21, 2026 Sell 202 $20.50 $4,141
Opaleye Management Inc. 10% owner April 17, 2026 Sell 11,267 $20.46 $230,523
Opaleye Management Inc. 10% owner April 17, 2026 Sell 5,000 $20.46 $102,300
Manchester Management Pr, Llc 10% owner December 12, 2025 Sell 6,500 $21.04 $136,760

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

  • August 6, 2026
  • July 13, 2026
  • May 12, 2026
  • April 16, 2026
  • March 26, 2026
  • November 7, 2025

Recent SEC filings

Data status

When each part of this page on Sanuwave Health, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Sanuwave Health, Inc. in brief

What does Sanuwave Health, Inc. do?
Sanuwave Health, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Sanuwave Health, Inc.'s stock ticker?
Sanuwave Health, Inc. trades under the ticker SNWV on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Sanuwave Health, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Sanuwave Health, Inc. reported revenue of $44M, 12.7% higher than a year earlier, according to its SEC filings.
What is Sanuwave Health, Inc.'s free cash flow?
Sanuwave Health, Inc.'s free-cash-flow margin is 9.6% of revenue over the trailing twelve months, ranking 30 of the 128 health care equipment companies we cover.
Who are Sanuwave Health, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Solas Capital Management, LLC, Awm Investment Company, Inc. and Praetorian Pr LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Sanuwave Health, Inc.'s market cap?
On November 2, 2026, Sanuwave Health, Inc.'s market capitalisation was about $52.4M, with a price-to-earnings ratio of 3.4 and net debt of $3.5M. Market figures come from third-party market data and may be delayed.
Who are Sanuwave Health, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Sanuwave Health, Inc. are Myomo, Inc., Trisalus Life Sciences, Inc., Koru Medical Systems, Inc., Clearpoint Neuro, Inc. and Senseonics Holdings, Inc. The side-by-side comparison below sets their revenue, margins and growth against Sanuwave Health, Inc.'s.
Are insiders buying or selling Sanuwave Health, Inc. stock?
Over the last 12 months, Sanuwave Health, Inc.'s directors and officers reported 0 open-market purchases and 21 sales on Form 4. The insider trading page charts every trade.
When is Sanuwave Health, Inc.'s next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Sanuwave Health, Inc. announces its own schedule.