Core Insights - Sanuwave Health, Inc. reported record revenues of $11.5 million for Q3 2025, marking a 22% increase from $9.4 million in Q3 2024, the highest quarterly revenues in the company's history [1][6][5] - The gross margin for Q3 2025 was 77.9%, up from 75.5% in Q3 2024 [1][6] - The company anticipates Q4 2025 revenues between $13 million and $14 million, projecting full-year revenues of $44 million to $45 million, representing a 35-39% increase compared to the full year 2024 [2][7] Financial Performance - Q3 2025 operating income was $1.5 million, down from $2.0 million in Q3 2024, with stock-based compensation costs of $1.4 million included in Q3 2025 [2][6] - Net income for Q3 2025 was $10.3 million, a significant recovery from a net loss of $20.7 million in Q3 2024, primarily due to a non-cash gain of $6.1 million from the change in fair value of derivative liabilities [6][25] - Adjusted EBITDA for Q3 2025 was $3.5 million, compared to $2.1 million for the same period last year [6][25] Sales and Market Dynamics - The company sold 155 UltraMist® systems in Q3 2025, an all-time quarterly record, compared to 124 in Q3 2024 [5][6] - UltraMist® consumables revenue increased by 26% to $6.8 million in Q3 2025, representing 99% of Sanuwave's overall revenues [6][5] - Despite industry headwinds related to proposed reimbursement changes, Sanuwave's sales pipeline remains robust, with increased inbound interest from customers and distribution partners [5][6] Industry Context - The CEO noted that the industry experienced a cautious approach due to uncertainty regarding reimbursement changes, but the final rule for 2026 Medicare physician fees provided some clarity, which is expected to positively influence market adaptation [5][6] - The company is focused on the research, development, and commercialization of non-invasive medical systems for wound care and regenerative medicine [9][10]

Financial Performance - Revenue for Q3 2023 reached $5 million, a 19% increase compared to $4.2 million in Q3 2022[15] - Revenue for the nine months ended September 30, 2023, totaled $13.4 million, also a 19% increase compared to $11.2 million for the same period in 2022[15] - UltraMist consumables revenue increased by 24% to $3.1 million, constituting 62% of overall revenues in Q3 2023[15] - Net loss for the three months ended September 30, 2023, was $23.7 million, compared to a net loss of $1.1 million for the same period in 2022, primarily due to non-cash losses on the fair value of derivative liabilities[15] - Adjusted EBITDA loss for Q3 2023 was $0.3 million, an improvement of $1.9 million compared to a loss of $2.2 million in Q3 2022[15] Operational Highlights - 55 UltraMist systems were sold in Q3 2023, an increase from 28 in Q1 2023 and 49 in Q2 2023[15] - Gross margin was 71% for the three months ended September 30, 2023, slightly down from 72% in the same period last year[15] Future Outlook - The company anticipates Q4 2023 revenue will increase approximately 15% to 25% as compared to Q4 2022[17] Corporate Developments - In July 2023, the company issued Asset-Backed Secured Promissory Notes, receiving total proceeds of approximately $3 million[19] - SANUWAVE Health entered into a merger agreement with Sweat Equity Partners and Mercury Life Sciences-affiliated SEP Acquisition Corp in August 2023, with the combined company expected to trade on Nasdaq under the symbol "SNWV"[19]

Financial Performance - Sanuwave Health, Inc achieved record quarterly revenues of $72 million in Q2 2024, a 53% increase compared to $47 million in Q2 2023[13, 15] - Gross margin for Q2 2024 was 73%, slightly down from 74% in Q2 2023[14, 15] - GAAP Operating Income reached $20 million in Q2 2024, an improvement of $11 million from Q2 2023[14, 15] - Net income for Q2 2024 was $66 million, compared to a net loss of $73 million in Q2 2023[15] - Adjusted EBITDA for Q2 2024 was $15 million, a significant increase from $171 thousand in Q2 2023[16] Revenue Drivers - UltraMist consumables revenue increased by 67% to $47 million in Q2 2024, representing 65% of total revenues, compared to $28 million in the same quarter last year[15] - 72 UltraMist systems were sold in Q2 2024, up from 49 in Q2 2023 and 43 in Q1 2024[15] Future Outlook - The company forecasts Q3 2024 revenue to increase by 65-75% compared to Q3 2023, projecting revenues of $8-85 million[14, 17] Capital Structure - Sanuwave secured 100% participation in its note and warrant exchange offer, simplifying the company's capital structure[18]

Financial Performance - Q1 2025 revenues reached $9.3 million, marking a 61% increase from $5.8 million in Q1 2024, representing the highest quarterly revenues in the company's history [1][5] - Gross margin for Q1 2025 was 79.0%, up from 72.6% in Q1 2024 [1][5] - GAAP Operating Income for Q1 2025 was $1.0 million, an increase of $2.0 million compared to Q1 2024 [1][5] - The company reported a net loss of $5.7 million in Q1 2025, compared to a net loss of $4.5 million in Q1 2024 [5][21] Sales and Market Activity - The company sold 98 UltraMist® systems in Q1 2025, which is 128% more than the 43 systems sold in the same quarter last year [3][5] - UltraMist® consumables revenue increased by 43% to $5.8 million in Q1 2025, accounting for 99% of the company's overall revenues [5][21] Future Guidance - The company provides guidance for Q2 2025 revenue growth of 40-50% compared to Q2 2024, estimating revenues between $10.0 million and $10.7 million [4][5] - Full year 2025 revenue guidance is reiterated at $48-50 million, indicating a 47-53% increase compared to full year 2024 revenue [4][5] Operational Strategy - The company is focused on expanding its commercial operations and clinical teams to support ongoing growth while enhancing profitability [3] - The company has achieved comfortable inventory levels for both systems and applicators, allowing for aggressive engagement with larger customers [3]