Sanuwave Health Financials
Sanuwave Health (SNWV) reported $44.1M in revenue for fiscal year 2025, up 35.0% from the prior fiscal year. This page shows its 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).
High gross margins are finally covering overhead, pushing this former cash-burner toward a self-funding operating model.
Profit turned positive before cash conversion fully caught up: FY2025 net income reached$11.8M while operating cash flow was only$3.9M . With free cash flow at$1.9M and both receivables and inventory rising from FY2024, the improvement appears real but still constrained by working-capital demands created by growth.
Between FY2023 and FY2025, revenue rose from
The near-term balance sheet is less strained because cash reached
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Sanuwave Health's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Sanuwave Health scores -6.59, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($40.2M) relative to total liabilities ($35.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Sanuwave Health passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Sanuwave Health generates $0.33 in operating cash flow ($3.9M OCF vs $11.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Sanuwave Health generated $44.1M in revenue in fiscal year 2025. This represents an increase of 35.0% from the prior year.
Sanuwave Health's EBITDA was $5.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 27.7% from the prior year.
Sanuwave Health reported $11.8M in net income in fiscal year 2025. This represents an increase of 135.7% from the prior year.
Cash & Balance Sheet
Sanuwave Health generated $1.9M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 1.6% from the prior year.
Sanuwave Health held $12.0M in cash against $16.1M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Sanuwave Health's gross margin was 77.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.9 percentage points from the prior year.
Sanuwave Health's operating margin was 11.2% in fiscal year 2025, reflecting core business profitability. This is down 0.6 percentage points from the prior year.
Sanuwave Health's net profit margin was 26.8% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Sanuwave Health's ROE was 729.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity.
Capital Allocation
Sanuwave Health invested $1.4M in research and development in fiscal year 2025. This represents an increase of 101.0% from the prior year.
Sanuwave Health invested $1.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 296.3% from the prior year.
Not reported for fiscal year 2025.
SNWV Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $44.0M | $44.1M+35.0% | $32.6M+60.0% | $20.4M+21.8% | $16.7M+28.7% | $13.0M+220.7% | $4.1M+165.4% | $1.5M-17.4% | $1.9M+150.5% | $739K-46.3% | $1.4M+42.5% | $966K+13.9% | $847K+5.9% | $800K+4.0% | $769K-4.2% | $803K |
| Cost of Revenue | $10.4M | $10.1M+24.7% | $8.1M+34.0% | $6.0M+39.3% | $4.3M-13.1% | $5.0M+329.1% | $1.2M+115.6% | $539K-22.3% | $694K+186.7% | $242K-57.2% | $565K+98.3% | $285K+29.5% | $220K+15.9% | $190K-13.8% | $220K-15.9% | $262K |
| Gross Profit | $33.6M | $34.0M+38.4% | $24.6M+70.9% | $14.4M+15.7% | $12.4M+54.7% | $8.0M+177.2% | $2.9M+491.0% | $490K-57.6% | $1.2M+132.9% | $497K-38.8% | $811K+19.2% | $681K+8.5% | $627K+2.8% | $610K+11.2% | $549K+1.5% | $541K |
| R&D Expenses | $2.2M | $1.4M+101.0% | $673K+16.2% | $579K+2.1% | $567K-48.5% | $1.1M-11.6% | $1.2M+5.4% | $1.2M+20.4% | $982K-24.1% | $1.3M+14.5% | $1.1M-48.1% | $2.2M-27.6% | $3.0M+30.7% | $2.3M+30.3% | $1.8M-35.5% | $2.7M |
| SG&A Expenses | $20.3M | $19.4M+50.0% | $12.9M+48.9% | $8.7M-30.9% | $12.6M+7.4% | $11.7M-14.8% | $13.7M+113.1% | $6.4M-5.4% | $6.8M+126.7% | $3.0M+12.4% | $2.7M-2.2% | $2.7M-16.3% | $3.3M-17.5% | $4.0M-12.4% | $4.5M-28.1% | $6.3M |
| Operating Income | $1.5M | $4.9M+28.5% | $3.8M+812.6% | -$540K+94.0% | -$9.0M+36.7% | -$14.1M+43.9% | -$25.2M-186.5% | -$8.8M-22.5% | -$7.2M-87.7% | -$3.8M-15.3% | -$3.3M+25.3% | -$4.4M+25.6% | -$6.0M+0.2% | -$6.0M+1.4% | -$6.1M+31.2% | -$8.8M |
| Interest Expense | N/A | N/A | $12.6M | N/A | $12.8M+85.5% | $6.9M+239.9% | $2.0M+10.3% | $1.8M-59.2% | $4.5M+294.5% | $1.1M+33.3% | $855K+113.8% | $400K-7.8% | $434K+20.4% | $360K+11.5% | $323K-31.5% | $472K |
| Income Tax | N/A | $86K+218.5% | $27K+575.0% | $4K+100.0% | $2K-92.9% | $28K | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | $15.3M | $11.8M+135.7% | -$33.1M-28.2% | -$25.8M-150.7% | -$10.3M+62.2% | -$27.3M+11.9% | -$30.9M-196.6% | -$10.4M | N/A | -$5.5M+14.0% | -$6.4M-33.9% | -$4.8M+19.5% | -$6.0M | N/A | -$6.4M+37.5% | -$10.2M |
| EPS (Diluted) | — | $0.41 | -$7.41 | -$12.19 | -$0.02+60.0% | -$0.05+37.5% | -$0.08 | -$0.05 | N/A | N/A | N/A | N/A | N/A | N/A | -$0.30+42.3% | -$0.52 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SNWV Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $37.3M+24.0% | $30.1M+34.4% | $22.4M+12.8% | $19.9M+6.7% | $18.6M-19.1% | $23.0M+580.9% | $3.4M+187.2% | $1.2M-7.9% | $1.3M+27.3% | $1.0M+4.9% | $958K-79.5% | $4.7M+193.8% | $1.6M-14.2% | $1.9M-70.0% | $6.2M |
| Current Assets | $24.6M+33.9% | $18.4M+88.0% | $9.8M+47.8% | $6.6M+50.5% | $4.4M-44.5% | $7.9M+216.6% | $2.5M+131.1% | $1.1M-10.0% | $1.2M+31.8% | $914K+43.7% | $636K-84.2% | $4.0M+527.3% | $643K+11.0% | $579K-87.3% | $4.6M |
| Cash & Equivalents | $12.0M+16.8% | $10.2M+469.7% | $1.8M+55.9% | $1.2M+86.3% | $619K-74.6% | $2.4M+38.4% | $1.8M+382.9% | $365K-50.1% | $730K+446.7% | $134K-12.7% | $153K-95.7% | $3.5M+1845.6% | $182K+159.2% | $70K-98.2% | $3.9M |
| Inventory | $5.9M+43.0% | $4.1M+40.6% | $3.0M+240.0% | $868K-16.5% | $1.0M-64.8% | $3.0M+444.4% | $543K+51.7% | $358K+54.5% | $232K-0.2% | $232K-18.6% | $285K+4.8% | $272K+10.5% | $246K-15.9% | $293K-26.1% | $396K |
| Accounts Receivable | $5.4M+62.9% | $3.3M+0.5% | $3.3M-17.7% | $4.0M+66.8% | $2.4M+2.5% | $2.4M+3018.8% | $76K-67.8% | $235K+53.9% | $153K-66.9% | $461K+518.9% | $74K-13.8% | $86K-38.2% | $140K+59.1% | $88K+7.7% | $82K |
| Goodwill | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M0.0% | $7.3M | $0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $35.7M-22.2% | $45.9M-30.0% | $65.6M+7.7% | $60.9M+5.7% | $57.6M+56.7% | $36.7M+173.3% | $13.4M-18.7% | $16.5M+48.2% | $11.2M+41.0% | $7.9M+15.8% | $6.8M+9.9% | $6.2M-19.4% | $7.7M-7.8% | $8.4M+8.7% | $7.7M |
| Current Liabilities | $17.8M-60.7% | $45.4M-29.9% | $64.8M+7.5% | $60.2M+7.0% | $56.3M+55.5% | $36.2M+191.4% | $12.4M-24.7% | $16.5M+47.7% | $11.2M+41.0% | $7.9M+432.0% | $1.5M-76.1% | $6.2M+165.4% | $2.3M-21.7% | $3.0M+28.9% | $2.3M |
| Long-Term Debt | $16.1M | N/A | N/A | N/A | $875K+511.9% | $143K | N/A | N/A | N/A | $5.4M | N/A | N/A | N/A | $5.4M | N/A |
| Total Equity | $1.6M+110.3% | -$15.8M+64.5% | -$44.5M-8.6% | -$41.0M-5.3% | -$39.0M-184.0% | -$13.7M-36.3% | -$10.1M+34.5% | -$15.4M-55.4% | -$9.9M-43.0% | -$6.9M-17.6% | -$5.9M-278.9% | -$1.6M+74.7% | -$6.1M+6.0% | -$6.5M-324.3% | -$1.5M |
| Retained Earnings | -$242.7M+4.6% | -$254.5M-15.7% | -$220.0M-13.3% | -$194.2M-5.6% | -$183.9M-17.4% | -$156.7M-24.6% | -$125.8M-7.8% | -$116.6M-11.1% | -$105.0M-5.6% | -$99.4M-6.9% | -$93.0M-5.5% | -$88.2M-7.3% | -$82.2M-15.9% | -$70.9M-9.9% | -$64.5M |
SNWV Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.2M | $3.9M+57.9% | $2.5M+154.1% | -$4.5M+73.6% | -$17.2M-167.9% | -$6.4M+49.6% | -$12.7M-98.4% | -$6.4M-77.0% | -$3.6M-136.8% | -$1.5M+52.2% | -$3.2M+7.9% | -$3.5M+48.0% | -$6.7M-70.2% | -$3.9M+8.5% | -$4.3M+51.4% | -$8.8M |
| Capital Expenditures | $978K | $1.9M+296.3% | $490K | $0 | N/A | $529K+898.1% | $53K-1.7% | $54K+25.8% | $43K | $0-100.0% | $10K | N/A | $9K | N/A | $2K-95.2% | $42K |
| Free Cash Flow | $4.2M | $1.9M-1.6% | $2.0M+143.3% | -$4.5M | N/A | -$6.9M+45.7% | -$12.8M-97.5% | -$6.5M-76.4% | -$3.7M-139.6% | -$1.5M+52.4% | -$3.2M | N/A | -$6.7M | N/A | -$4.3M+51.6% | -$8.9M |
| Investing Cash Flow | $4.1M | $3.4M+800.6% | -$490K-2433.3% | $21K-93.7% | $332K+162.8% | -$529K+97.4% | -$20.1M-37077.2% | -$54K-25.8% | -$43K | $0+100.0% | -$9K-108.8% | $100K+1228.8% | -$9K-218.1% | $8K+472.9% | -$2K+95.2% | -$42K |
| Financing Cash Flow | -$8.5M | -$5.6M-187.9% | $6.4M+21.9% | $5.2M-70.0% | $17.4M+239.5% | $5.1M-84.7% | $33.4M+325.5% | $7.9M+136.9% | $3.3M+56.7% | $2.1M-34.0% | $3.2M | N/A | $10.1M+149.6% | $4.0M+795.8% | $450K-96.4% | $12.4M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SNWV Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 77.1%+1.9pp | 75.2%+4.8pp | 70.4%-3.7pp | 74.1%+12.4pp | 61.7%-9.7pp | 71.4%+39.3pp | 32.0%-30.5pp | 62.5%-4.7pp | 67.2%+8.3pp | 58.9%-11.6pp | 70.5%-3.5pp | 74.0%-2.2pp | 76.3%+4.9pp | 71.4%+4.0pp | 67.4% |
| Operating Margin | 11.2%-0.6pp | 11.8%+14.4pp | -2.6%+50.8pp | -53.5% | -108.7% | -621.1% | -575.3% | -388.1% | -517.8% | -241.0% | -459.6% | -703.8% | -747.0% | -788.1% | -1097.6% |
| Net Margin | 26.8% | -101.4% | -126.5% | -61.5% | -209.5% | -762.6% | -682.3% | N/A | -749.9% | -467.9% | -498.2% | -705.0% | N/A | -832.2% | -1275.8% |
| Return on Equity | 729.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | 31.6%+141.5pp | -109.8%+5.3pp | -115.1%-63.3pp | -51.8%+94.6pp | -146.4%-12.1pp | -134.3%+174.0pp | -308.4% | N/A | -433.0%+207.7pp | -640.8%-138.8pp | -501.9%-373.9pp | -128.0% | N/A | -345.9%-179.9pp | -166.1% |
| Current Ratio | 1.38+1.0x | 0.41+0.3x | 0.150.0x | 0.110.0x | 0.08-0.1x | 0.220.0x | 0.20+0.1x | 0.070.0x | 0.110.0x | 0.12-0.3x | 0.43-0.2x | 0.65+0.4x | 0.27+0.1x | 0.19-1.8x | 1.97 |
| Debt-to-Equity | 9.97 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| FCF Margin | 4.4%-1.6pp | 6.0%+28.3pp | -22.3% | N/A | -53.3% | -314.8% | -422.9% | -198.0% | -207.0% | -233.3% | N/A | -789.2% | N/A | -558.0% | -1105.7% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Sanuwave Health Ranks
Frequently Asked Questions
What is Sanuwave Health's annual revenue?
Sanuwave Health (SNWV) reported $44.1M in total revenue for fiscal year 2025. This represents a 35.0% 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 35.0% year-over-year, from $32.6M to $44.1M in fiscal year 2025.
Is Sanuwave Health profitable?
Yes, Sanuwave Health (SNWV) reported a net income of $11.8M in fiscal year 2025, with a net profit margin of 26.8%.
What is Sanuwave Health's EBITDA?
Sanuwave Health (SNWV) had EBITDA of $5.9M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sanuwave Health have?
As of fiscal year 2025, Sanuwave Health (SNWV) had $12.0M in cash and equivalents against $16.1M in long-term debt.
What is Sanuwave Health's gross margin?
Sanuwave Health (SNWV) had a gross margin of 77.1% in fiscal year 2025, 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 11.2% in fiscal year 2025, 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 26.8% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Sanuwave Health's return on equity (ROE)?
Sanuwave Health (SNWV) has a return on equity of 729.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Sanuwave Health's free cash flow?
Sanuwave Health (SNWV) generated $1.9M in free cash flow during fiscal year 2025. This represents a -1.6% 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 $3.9M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Sanuwave Health's total assets?
Sanuwave Health (SNWV) had $37.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Sanuwave Health's capital expenditures?
Sanuwave Health (SNWV) invested $1.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Sanuwave Health spend on research and development?
Sanuwave Health (SNWV) invested $1.4M in research and development during fiscal year 2025.
What is Sanuwave Health's current ratio?
Sanuwave Health (SNWV) had a current ratio of 1.38 as of fiscal year 2025, which is considered adequate.
What is Sanuwave Health's debt-to-equity ratio?
Sanuwave Health (SNWV) had a debt-to-equity ratio of 9.97 as of fiscal year 2025, 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 31.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Sanuwave Health's Altman Z-Score?
Sanuwave Health (SNWV) has an Altman Z-Score of -6.59, 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 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 0.33x, considered low quality (accrual-driven). 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 58 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.