Sanuwave Health Announces Preliminary Revenue Results for the Third Quarter 2025 (Ended September 30, 2025)

Rhea-AI Summary

Sanuwave (NASDAQ: SNWV) reported preliminary Q3 2025 revenues of $11.4M–$11.6M, the highest quarterly revenue in company history, up 22%–24% vs Q3 2024 and 12%–14% sequentially. First nine months 2025 revenue rose 39%–40% vs YTD 2024. Q3 results missed prior guidance of $12.0M–$12.7M and management lowered 2025 annual revenue guidance from $48M–$50M to $44M–$46M. Company cited near-term reimbursement uncertainty for some wound-care modalities that delayed purchases, but said UltraMIST reimbursement (97610) is not affected and may increase slightly in 2026. Full Q3 2025 results are planned for release on or around November 7, 2025.

Positive

• Q3 2025 revenue of $11.4M–$11.6M
• Q3 revenue up 22%–24% YoY
• First nine months 2025 revenue up 39%–40% YoY
• Record number of systems sold in Q3 2025

Negative

• Q3 missed prior guidance of $12.0M–$12.7M
• 2025 annual guidance reduced to $44M–$46M from $48M–$50M
• Near-term market disruption from proposed reimbursement changes delayed purchases

Insights

Commercial Strategy & Financials Analyst

Q3 showed record quarterly revenue but missed guidance and prompted a lowered full-year outlook.

Sanuwave reported preliminary Q3 revenue of $11.4–11.6M, a year/year increase of 22–24% and sequential growth of 12–14%, and sold a record number of systems. Management reduced 2025 revenue guidance from $48–50M to $44–46M and noted reimbursement uncertainty in the wound-care market that delayed purchases early in the quarter.

The business mechanism is clear: durable device sales drove the record quarterly result, but near-term demand proved sensitive to reimbursement policy signals. Key risks include the evolving reimbursement landscape and the company missing its prior guidance for the first time under current leadership. The preliminary numbers may still change during quarter-end close.

Watch for the audited Q3 release around Nov 7, 2025, the management call replay through Oct 27, 2025, any details on 97610 reimbursement trajectories for 2026, and actual close-adjusted revenue and margin disclosures; these items will matter over the next 30–60 days.

Sanuwave announces preliminary revenues of $11.4 million to $11.6 million for the third quarter ended September 30, 2025. This represents the highest quarterly revenues in Company history.

Q3 2025 revenue increased between 22% and 24% vs Q3 2024 and between 12% and 14% sequentially vs the prior quarter

First nine months of 2025 revenue increased 39-40% vs first nine months of 2024.

EDEN PRAIRIE, Minn., Oct. 06, 2025 (GLOBE NEWSWIRE) -- Sanuwave Health, Inc. (the "Company" or "Sanuwave”) (NASDAQ: SNWV), a leading provider of next-generation FDA-approved wound care products, today announced that revenues for the third quarter of 2025 are expected to be in the range of $11.4 to $11.6 million, an increase of 22% to 24% over Q3 2024. This number is below the $12-$12.7 million range of guidance given in the Company’s Q2 2025 earnings release issued on August 8, 2025.

“Q3 turned out of be a more challenging quarter than we expected,” said CEO Morgan Frank. “The wound care space has had quite a lot of uncertainty around the proposed reimbursement changes for certain treatment modalities, particularly skin substitutes/grafts. This uncertainty seems to have frozen the market a bit, particularly early in the quarter. Purchase decisions were delayed and patient counts reduced as providers seemed to take a ‘wait and see’ approach to potential changes. This made for a difficult environment. All in all, I think the team did well to achieve 12-14% sequential growth during this period and 22-24% vs the ‘pig through a python’ quarter last year. Despite the headwinds, we sold a record number of systems in the quarter. That said, we fell short of our target and of our guidance (the first time this has happened in my tenure as CEO). The quarter started slowly, and we simply could not make up the ground despite ending on a high note with September being the highest revenue month in Sanuwave history. That said, based on the performance in Q3, we feel it prudent at this time to alter our 2025 annual revenue guidance from $48-$50 million to $44-$46 million.

As many have asked, UltraMIST reimbursement is not affected by the potential changes in allograft reimbursement and, while it is not yet final, based upon the guidance we have seen so far, we expect reimbursement for the 97610 code to increase very slightly in 2026 as compared to 2025. While the current disruption has been a near-term challenge, we suspect it represents a significant future opportunity, and we continue to feel good about our pipeline and our progress.”

The Company will host a conference call to discuss these numbers on October 6, 2025 at 5:30pm ET.

Telephone access to the call will be available by dialing the following numbers:

Participant Dial-in Information 

Toll Free: 1-800-267-6316

Toll/International: 1-203-518-9783

Conference ID: SANUWAVE

OR click the link for instant telephone access to the event:
https://viavid.webcasts.com/starthere.jsp?ei=1738423&tp_key=183915dcd6

A replay will be made available through October 27, 2025:

Toll-Free: 1-844-512-2921 or 1-412-317-6671

Replay Access ID: 11160198

The Company plans to release its full Q3 2025 results on or around November 7, 2025.

The preliminary revenue results described herein are based on management’s initial analysis of the third quarter ended September 30, 2025, and may be subject to adjustments based on the Company’s completion of its quarter-end financial close process.

About Sanuwave

Sanuwave Health is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures.

Sanuwave’s end-to-end wound care portfolio of regenerative medicine products and product candidates help restore the body’s normal healing processes. Sanuwave applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and cardiac/endovascular conditions.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future financial results, production expectations, plans for future business development activities and expectations regarding the impact of changes in tariff rates. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with regulatory oversight, the Company’s ability to manage its capital resources, competition and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.

Contact: investors@sanuwave.com

FAQ

What were Sanuwave (SNWV) preliminary revenues for Q3 2025?

Preliminary Q3 2025 revenues were $11.4M–$11.6M, the company’s highest quarterly revenue.

How did Sanuwave Q3 2025 revenue compare year-over-year and sequentially?

Q3 2025 revenue rose 22%–24% vs Q3 2024 and 12%–14% sequentially versus Q2 2025.

Why did Sanuwave lower its 2025 revenue guidance on October 6, 2025?

Management cited near-term reimbursement uncertainty that delayed provider purchase decisions, prompting guidance cut to $44M–$46M.

Did Sanuwave miss its Q3 2025 guidance and what was the prior range?

Yes; Q3 2025 preliminary revenue missed prior guidance of $12.0M–$12.7M issued August 8, 2025.

What did Sanuwave say about UltraMIST reimbursement (code 97610)?

The company said UltraMIST reimbursement is not affected by the proposed allograft changes and expects a slight increase for code 97610 in 2026 based on available guidance.

When will Sanuwave release full Q3 2025 financial results?

The company plans to release full Q3 2025 results on or around November 7, 2025.