Sanuwave Health Financials
This page shows Sanuwave Health (SNWV) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Sanuwave Health has an operating margin of 16.6%, meaning the company retains $17 of operating profit per $100 of revenue. This strong profitability earns a score of 83/100, reflecting efficient cost management and pricing power. This is up from -2.6% the prior year.
Sanuwave Health's revenue surged 60.0% year-over-year to $32.6M, reflecting rapid business expansion. This strong growth earns a score of 100/100.
Sanuwave Health's current ratio of 0.43 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
Sanuwave Health has a free cash flow margin of 6.0%, earning a moderate score of 30/100. The company generates positive cash flow after capital investments, but with room for improvement.
Sanuwave Health scores -7.97, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($213.5M) relative to total liabilities ($42.8M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Sanuwave Health passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Sanuwave Health generates $-0.08 in operating cash flow ($2.5M OCF vs -$31.4M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Sanuwave Health generated $32.6M in revenue in fiscal year 2024. This represents an increase of 60.0% from the prior year.
Sanuwave Health's EBITDA was $6.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1244.7% from the prior year.
Sanuwave Health generated $2.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 143.3% from the prior year.
Sanuwave Health reported -$31.4M in net income in fiscal year 2024. This represents a decrease of 21.6% from the prior year.
Sanuwave Health earned $-7.03 per diluted share (EPS) in fiscal year 2024. This represents an increase of 42.3% from the prior year.
Sanuwave Health held $10.2M in cash against $0 in long-term debt as of fiscal year 2024.
Sanuwave Health had 9M shares outstanding in fiscal year 2024. This represents an increase of 180.9% from the prior year.
Sanuwave Health's gross margin was 75.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 4.8 percentage points from the prior year.
Sanuwave Health's operating margin was 16.6% in fiscal year 2024, reflecting core business profitability. This is up 19.3 percentage points from the prior year.
Sanuwave Health's net profit margin was -96.1% in fiscal year 2024, showing the share of revenue converted to profit. This is up 30.4 percentage points from the prior year.
Sanuwave Health invested $673K in research and development in fiscal year 2024. This represents an increase of 16.2% from the prior year.
Sanuwave Health invested $490K in capex in fiscal year 2024, funding long-term assets and infrastructure.
SNWV Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $11.5M+12.7% | $10.2M+8.8% | $9.3M-9.5% | $10.3M+44.2% | $7.2M+23.8% | $5.8M-17.3% | $7.0M+41.2% | $5.0M |
| Cost of Revenue | $2.5M+14.5% | $2.2M+12.7% | $2.0M-14.3% | $2.3M+18.9% | $1.9M+21.3% | $1.6M-26.6% | $2.2M+52.9% | $1.4M |
| Gross Profit | $8.9M+12.2% | $8.0M+7.8% | $7.4M-8.2% | $8.0M+53.5% | $5.2M+24.7% | $4.2M-13.1% | $4.8M+36.6% | $3.5M |
| R&D Expenses | $345K+77.8% | $194K-6.7% | $208K+35.1% | $154K-21.0% | $195K+19.6% | $163K+13.2% | $144K-12.7% | $165K |
| SG&A Expenses | $4.8M+19.1% | $4.0M-9.6% | $4.5M+35.8% | $3.3M+78.8% | $1.8M-50.0% | $3.7M+84.1% | $2.0M-25.6% | $2.7M |
| Operating Income | $1.5M-21.8% | $1.9M+90.4% | $986K-60.9% | $2.5M+26.6% | $2.0M+289.7% | -$1.1M-201.2% | $1.0M+295.5% | -$531K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | $4K | $0 |
| Net Income | $10.3M+878.7% | $1.1M+118.6% | -$5.7M+55.5% | -$12.7M-294.3% | $6.6M+244.9% | -$4.5M-124.8% | $18.2M+176.9% | -$23.7M |
| EPS (Diluted) | $0.46+4500.0% | $0.01+101.5% | $-0.66+22.4% | $-0.85 | $1.77+221.2% | $-1.46 | $-2.21 | $-9.95 |
SNWV Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $35.6M+7.7% | $33.0M+7.1% | $30.9M+2.4% | $30.1M+43.3% | $21.0M-9.9% | $23.3M+4.1% | $22.4M+10.2% | $20.3M |
| Current Assets | $22.6M+12.2% | $20.2M+7.1% | $18.8M+2.4% | $18.4M+110.9% | $8.7M-19.5% | $10.8M+10.7% | $9.8M+32.3% | $7.4M |
| Cash & Equivalents | $9.6M+13.0% | $8.5M-0.1% | $8.5M-17.0% | $10.2M+316.1% | $2.5M-16.2% | $2.9M+63.4% | $1.8M+64.1% | $1.1M |
| Inventory | $6.8M+15.3% | $5.9M+8.3% | $5.5M+31.5% | $4.1M+51.9% | $2.7M+11.0% | $2.5M-16.6% | $3.0M+72.3% | $1.7M |
| Accounts Receivable | $4.6M+20.1% | $3.8M-0.5% | $3.9M+16.1% | $3.3M+5.5% | $3.2M+4.9% | $3.0M-9.2% | $3.3M+2.6% | $3.2M |
| Goodwill | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M |
| Total Liabilities | $38.5M-19.4% | $47.8M-0.7% | $48.1M+12.4% | $42.8M-29.3% | $60.6M-14.5% | $70.9M+8.1% | $65.6M-24.0% | $86.3M |
| Current Liabilities | $19.6M-57.9% | $46.5M-1.6% | $47.3M+11.6% | $42.3M-29.4% | $60.0M-14.6% | $70.2M+8.4% | $64.8M-24.2% | $85.4M |
| Long-Term Debt | $17.5M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | -$2.9M+80.2% | -$14.8M+14.6% | -$17.3M-36.0% | -$12.7M+67.9% | -$39.6M+16.8% | -$47.6M-10.2% | -$43.2M+34.5% | -$66.0M |
| Retained Earnings | -$245.7M+4.0% | -$256.0M+0.4% | -$257.1M-2.3% | -$251.4M-15.3% | -$218.0M+2.9% | -$224.6M-2.1% | -$220.0M+7.7% | -$238.3M |
SNWV Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.1M+8.9% | $993K+165.5% | -$1.5M-304.7% | $741K+210.9% | -$668K-160.7% | $1.1M+185.6% | -$1.3M+36.9% | -$2.0M |
| Capital Expenditures | $525K-54.7% | $1.2M+615.4% | $162K-31.4% | $236K+156.5% | $92K-19.3% | $114K+167.5% | -$169K | $0 |
| Free Cash Flow | $556K+434.9% | -$166K+90.1% | -$1.7M-432.5% | $505K+166.4% | -$760K-177.1% | $986K+167.8% | -$1.5M+28.7% | -$2.0M |
| Investing Cash Flow | $4.5M+486.1% | -$1.2M-615.4% | -$162K+31.4% | -$236K-156.5% | -$92K+19.3% | -$114K-164.4% | $177K+1261.5% | $13K |
| Financing Cash Flow | -$4.5M-2864.0% | $161K+382.5% | -$57K-100.9% | $6.5M+2262.4% | $274K+552.4% | $42K-97.7% | $1.9M-3.9% | $1.9M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SNWV Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.9%-0.4pp | 78.3%-0.7pp | 79.0%+1.2pp | 77.9%+4.7pp | 73.2%+0.5pp | 72.6%+3.5pp | 69.1%-2.3pp | 71.5% |
| Operating Margin | 12.8%-5.7pp | 18.5%+7.9pp | 10.5%-13.9pp | 24.4%-3.4pp | 27.8%+46.0pp | -18.1%-33.0pp | 14.8%+25.6pp | -10.7% |
| Net Margin | 90.2%+79.8pp | 10.4%+71.1pp | -60.8%+62.7pp | -123.5%-215.1pp | 91.6%+169.9pp | -78.3%-338.9pp | 260.7%+739.2pp | -478.5% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 29.0%+25.8pp | 3.2%+21.6pp | -18.4%+23.9pp | -42.3%-73.6pp | 31.2%+50.6pp | -19.4%-100.8pp | 81.3%+197.9pp | -116.5% |
| Current Ratio | 1.16+0.7 | 0.43+0.0 | 0.40-0.0 | 0.43+0.3 | 0.150.0 | 0.150.0 | 0.15+0.1 | 0.09 |
| Debt-to-Equity | -5.98-2.7 | -3.24-0.5 | -2.78+0.6 | -3.37-1.8 | -1.53-0.0 | -1.49+0.0 | -1.52-0.2 | -1.31 |
| FCF Margin | 4.9%+6.5pp | -1.6%+16.3pp | -18.0%-22.9pp | 4.9%+15.5pp | -10.6%-27.6pp | 17.0%+37.8pp | -20.8%+20.4pp | -41.1% |
Note: Shareholder equity is negative (-$12.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.43), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Sanuwave Health's annual revenue?
Sanuwave Health (SNWV) reported $32.6M in total revenue for fiscal year 2024. This represents a 60.0% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sanuwave Health's revenue growing?
Sanuwave Health (SNWV) revenue grew by 60% year-over-year, from $20.4M to $32.6M in fiscal year 2024.
Is Sanuwave Health profitable?
No, Sanuwave Health (SNWV) reported a net income of -$31.4M in fiscal year 2024, with a net profit margin of -96.1%.
What is Sanuwave Health's earnings per share (EPS)?
Sanuwave Health (SNWV) reported diluted earnings per share of $-7.03 for fiscal year 2024. This represents a 42.3% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Sanuwave Health's EBITDA?
Sanuwave Health (SNWV) had EBITDA of $6.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Sanuwave Health's gross margin?
Sanuwave Health (SNWV) had a gross margin of 75.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Sanuwave Health's operating margin?
Sanuwave Health (SNWV) had an operating margin of 16.6% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Sanuwave Health's net profit margin?
Sanuwave Health (SNWV) had a net profit margin of -96.1% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Sanuwave Health's free cash flow?
Sanuwave Health (SNWV) generated $2.0M in free cash flow during fiscal year 2024. This represents a 143.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Sanuwave Health's operating cash flow?
Sanuwave Health (SNWV) generated $2.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Sanuwave Health's total assets?
Sanuwave Health (SNWV) had $30.1M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Sanuwave Health's capital expenditures?
Sanuwave Health (SNWV) invested $490K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Sanuwave Health spend on research and development?
Sanuwave Health (SNWV) invested $673K in research and development during fiscal year 2024.
How many shares does Sanuwave Health have outstanding?
Sanuwave Health (SNWV) had 9M shares outstanding as of fiscal year 2024.
What is Sanuwave Health's current ratio?
Sanuwave Health (SNWV) had a current ratio of 0.43 as of fiscal year 2024, which is below 1.0, which may suggest potential liquidity concerns.
What is Sanuwave Health's debt-to-equity ratio?
Sanuwave Health (SNWV) had a debt-to-equity ratio of -3.37 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sanuwave Health's return on assets (ROA)?
Sanuwave Health (SNWV) had a return on assets of -104.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
Why is Sanuwave Health's debt-to-equity ratio negative or unusual?
Sanuwave Health (SNWV) has negative shareholder equity of -$12.7M as of fiscal year 2024, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Sanuwave Health's Altman Z-Score?
Sanuwave Health (SNWV) has an Altman Z-Score of -7.97, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Sanuwave Health's Piotroski F-Score?
Sanuwave Health (SNWV) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sanuwave Health's earnings high quality?
Sanuwave Health (SNWV) has an earnings quality ratio of -0.08x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Sanuwave Health?
Sanuwave Health (SNWV) scores 53 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.