Financial Performance - Q3 2024 revenues reached $9.4 million, an increase of 89% compared to $5.0 million in Q3 2023, marking an all-time quarterly record for the company[1][5] - Gross margin for Q3 2024 was 75.5%, up from 71.5% in Q3 2023[2][5] - Operating income for Q3 2024 was $2.0 million, an increase of $2.5 million compared to a loss of $0.5 million in Q3 2023[2][5] - Year-to-date net loss for 2024 was $18.6 million, significantly improved from a net loss of $44.0 million in the same period of 2023[5] - Adjusted EBITDA for Q3 2024 was $2.1 million, compared to a loss of $0.3 million in Q3 2023, reflecting an improvement of $2.4 million[5][21] - Revenue for the three months ended September 30, 2024, was $9,360,000, representing a 88.5% increase from $4,953,000 in the same period of 2023[27] - Operating income for the three months ended September 30, 2024, was $1,953,000, a significant improvement from an operating loss of $531,000 in the same period of 2023[27] - Net loss for the three months ended September 30, 2024, was $20,657,000, a decrease from a net loss of $23,700,000 in the same period of 2023[27] - Net loss for the nine months ended September 30, 2024, was $18,624,000, an improvement from a net loss of $44,042,000 in the same period of 2023[32] Revenue Forecast - The company expects Q4 2024 revenue to be between $9.7 million and $10.5 million, representing a 40-50% increase from Q4 2023[7] - The company forecasts total revenues for 2024 to exceed $32 million, representing a 57% increase compared to the full year 2023[7] Product Sales - The company sold 124 UltraMist® systems in Q3 2024, up from 55 in Q3 2023 and 72 in Q2 2024[5] - UltraMist® consumables revenue increased by 75% to $5.4 million, accounting for 58% of total revenues in Q3 2024[5] Cash Flow and Liquidity - Net cash provided by operating activities was $1,714,000, compared to a net cash used of $3,253,000 in the prior year[32] - Cash at the end of the period increased to $3,259,000 from $1,095,000 in the previous year[32] - The company reported a net change in cash during the period of $1,462,000, compared to a decrease of $58,000 in the prior year[32] Debt and Liabilities - Total liabilities and stockholders' deficit as of September 30, 2024, was $21,844,000, down from $22,416,000 at the end of 2023[26] - The accumulated deficit increased to $(238,673,000) as of September 30, 2024, from $(220,049,000) at the end of 2023[26] - The company reported a gain on extinguishment of debt of $5,205,000 during the nine months ended September 30, 2024[27] - Cash paid for interest increased to $3,189,000 from $984,000 year-over-year[32] - The company capitalized default interest into senior secured debt amounting to $3,850,000[33] - The conversion of asset-based secured promissory notes to convertible promissory notes amounted to $4,584,000[33] - The company issued shares for the settlement of debt totaling $1,412,000[32] Stock and Shareholder Information - The company raised $10.3 million in a private placement following a 1-for-375 reverse stock split on October 18, 2024[8] - The company had 3,150,062 shares issued and outstanding as of September 30, 2024, reflecting a reverse stock split effective October 18, 2024[26] - The company reported a basic and diluted net loss per share of $6.49 for the three months ended September 30, 2024, compared to $9.95 in the same period of 2023[27] Operating Expenses - Total operating expenses for the three months ended September 30, 2024, were $5,114,000, an increase from $4,072,000 in the same period of 2023[27] - The company reported a net cash flows used in investing activities were $254,000, compared to $156,000 in the previous year[32] - Warrants issued in conjunction with convertible promissory notes totaled $3,633,000, up from $570,000 in the previous period[33]
SANUWAVE Health Inc(SNWV) - 2024 Q3 - Quarterly Results