SANUWAVE Health, Inc. (SNWV) Financial Statements
Industry: Surgical & Medical Instruments & Apparatus
In fiscal 2025, SANUWAVE Health reported revenue of $44.1M, up 35.0% from $32.6M the year before. Net income was $11.8M (a 26.8% net margin), or $0.41 per diluted share. Gross margin was 77.1% and operating margin was 11.2%. Operating activities generated $3.9M of cash, leaving $1.9M of free cash flow. At fiscal year end, SANUWAVE Health held $37.3M in total assets against $35.7M in total liabilities, including $12.0M of cash and equivalents.
Open the full interactive SANUWAVE Health financials → Quarterly statements, key ratios, valuation history and price charts.
SANUWAVE Health Key Stats
| Share Price | $5.61 |
|---|---|
| Market Cap | $48.3M |
| P/E Ratio | 13.7 |
| Revenue YoY Growth | +35.0% |
| 52-Week Range | $4.00 – $35.34 |
| Shares Outstanding | 8.6 million (basic, 2026 Q2) |
SANUWAVE Health Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $4.1M | $13.0M | $16.7M | $20.4M | $32.6M | $44.1M |
| Cost of Goods Sold | — | — | $324,000 | $484,000 | $482,000 | $590,000 |
| Gross Profit | $2.9M | $8.0M | $12.4M | $14.4M | $24.6M | $34.0M |
| Operating Income | -$25.2M | -$14.1M | -$9.0M | -$540,000 | $5.4M | $4.9M |
| Pre-Tax Income | -$30.9M | -$27.2M | -$10.3M | -$25.8M | -$31.3M | $11.9M |
| Income Tax | $0 | $28,000 | $2,000 | $4,000 | $27,000 | $86,000 |
| Net Income | -$30.9M | -$27.3M | -$10.3M | -$25.8M | -$31.4M | $11.8M |
| Diluted EPS | -$0.08 | -$0.05 | -$0.02 | -$0.03 | -$7.03 | $0.41 |
SANUWAVE Health Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $11.5M | $13.1M | $9.6M | $9.7M |
| Net Income | $10.3M | $6.1M | -$1.4M | -$682,000 |
| Diluted EPS | $0.46 | $0.67 | -$0.17 | -$0.08 |
SANUWAVE Health Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.4M | $619,000 | $1.2M | $1.8M | $10.2M | $12.0M |
| Current Assets | $7.9M | $4.4M | $6.6M | $9.8M | $18.4M | $24.6M |
| Total Assets | $23.0M | $18.6M | $19.9M | $22.4M | $30.1M | $37.3M |
| Current Liabilities | $36.2M | $56.3M | $60.2M | $64.8M | $42.3M | $17.8M |
| Total Long-Term Debt | $15.1M | $26.3M | — | — | — | $21.9M |
| Total Liabilities | $36.7M | $57.6M | $60.9M | $65.6M | $42.8M | $35.7M |
| Shareholders' Equity | -$13.7M | -$39.0M | -$41.0M | -$43.2M | -$12.7M | $1.6M |
SANUWAVE Health Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$12.7M | -$6.4M | -$17.2M | -$4.5M | $2.5M | $3.9M |
| Cash From Investing | -$20.1M | -$529,000 | $332,000 | $21,000 | -$490,000 | $3.4M |
| Cash From Financing | $33.4M | $5.1M | $17.4M | $5.2M | $6.4M | -$5.6M |
| Free Cash Flow | -$12.8M | -$6.9M | — | — | $2.0M | $1.9M |
Figures from SANUWAVE Health's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full SANUWAVE Health financials page for every line item.
SANUWAVE Health Company Profile
| Ticker | SNWV |
|---|---|
| Exchange | Nasdaq |
| Industry | Surgical & Medical Instruments & Apparatus |
| Headquarters | Eden Prairie, Minnesota |
| Incorporated in | Nevada |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0001417663 |
Frequently Asked Questions
What was SANUWAVE Health's revenue in fiscal 2025?
SANUWAVE Health (SNWV) reported revenue of $44.1M for fiscal 2025.
What is SANUWAVE Health's annual revenue history?
SANUWAVE Health's annual revenue by fiscal year: 2020: $4.1M; 2021: $13.0M; 2022: $16.7M; 2023: $20.4M; 2024: $32.6M; 2025: $44.1M.
What was SANUWAVE Health's net income in fiscal 2025?
SANUWAVE Health reported net income of $11.8M for fiscal 2025.
What was SANUWAVE Health's earnings per share (EPS) in fiscal 2025?
SANUWAVE Health's diluted EPS was $0.41 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did SANUWAVE Health generate in fiscal 2025?
SANUWAVE Health generated $1.9M of free cash flow in fiscal 2025.
What was SANUWAVE Health's revenue last quarter?
In its most recent reported quarter (2026 Q2), SANUWAVE Health reported revenue of $9.7M.
How much debt does SANUWAVE Health have?
SANUWAVE Health reported $21.9M of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of SANUWAVE Health are outstanding?
SANUWAVE Health reported a weighted average of 8.6 million basic shares outstanding in 2026 Q2.
What is SANUWAVE Health's market cap?
Based on its latest closing price, SANUWAVE Health (SNWV) has a market capitalization of about $48.3M.
When does SANUWAVE Health's fiscal year end?
SANUWAVE Health's fiscal year end, as registered with the SEC, is December 31.
Where is SANUWAVE Health headquartered?
SANUWAVE Health lists its business address in Eden Prairie, Minnesota in its SEC filings.