Financial Data and Key Metrics Changes - In Q1 2023, revenue amounted to $3.8 million, representing an 18% increase compared to the same period last year, aligning with the guidance of 14% to 20% growth [9][10] - Gross margin decreased to 67% in Q1 2023 from 72% in Q1 2022 due to cost increases associated with servicing refurbished equipment [7][10] - Operating expenses increased by 4.7% year over year, totaling $4.5 million, primarily due to higher general and administrative expenses [9][10] Business Line Data and Key Metrics Changes - The number of treatments reached a record 43,000 in Q1 2023, indicating continued adoption of Ultramist [7] - Units shipped achieved the highest level for the first quarter in company history, reflecting robust demand despite supply chain challenges [7] Market Data and Key Metrics Changes - Demand for products remains strong, with over 20 new accounts added to the pipeline following recent conferences [6] - The company is on track to receive over 400 devices in 2023, compared to 217 sold last year, although it is uncertain if all will be sold [5] Company Strategy and Development Direction - The company is focused on addressing supply chain issues to balance supply and demand, with initiatives aimed at improving automation and reducing costs [8][16] - Management plans to leverage existing infrastructure for profitable growth and aims to achieve record revenue growth and profitability in 2023 [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming supply constraints, indicating that the issues are primarily related to Ultramist production [23] - The company anticipates revenue growth of 15% to 25% in Q2 2023, contingent on supply chain improvements [15] Other Important Information - The company closed an additional private placement in May 2023, raising $1.2 million to support operations [10] - Management emphasized the importance of strong reimbursement channels for Ultramist across various service settings, enhancing market opportunities [20] Q&A Session Summary Question: Can you expand on the reimbursement situation for Ultramist? - Ultramist has strong reimbursement in multiple settings, including hospitals, private offices, home health, assisted living facilities, and nursing homes, providing diverse channels for growth [20] Question: Are the supply constraints expected to be prolonged? - Supply constraints are primarily around Ultrimist, but management is confident that these issues will not last a year and are working to ensure a consistent supply [23] Question: Will operating cost increases be a recurring issue? - The increase in operating costs is largely due to one-time professional service fees related to SEC initiatives, and overall operating expenses are increasing at a slower rate compared to revenue [29]

Financial Data and Key Metrics Changes - Q4 2022 revenues amounted to $5,500,000, representing a 29% increase year-over-year [13] - Total revenues for the twelve months ending 12/31/2022 reached $16,700,000, an increase of 28.7% year-over-year [13] - Gross margins improved to 75% for 2022 compared to 62% for 2021, with Q4 gross margins reaching 78% [13] - Operating expenses for 2022 decreased by 4% year-over-year, while Q4 operating expenses increased by 9% [14] Business Line Data and Key Metrics Changes - The company achieved record levels in units shipped and treatments, driven by the adoption of Ultramist [6] - Operating expenses decreased year-over-year due to automation and reduced headcount [6] Market Data and Key Metrics Changes - The chronic wound care market is valued at $45 billion, with SANUWAVE positioned favorably due to strong clinical evidence and reimbursement support [5] - The biological skin substitute market is experiencing turmoil, with reimbursement cuts expected to reach 80-90% by next year [18] Company Strategy and Development Direction - The company aims for sustainable, profitable growth in 2023, focusing on leveraging existing infrastructure [8] - Plans to enhance investor relations and marketing strategies to increase awareness and adoption of products [17] - Participation in industry trade shows to promote products and educate potential customers [19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the supply chain but expressed optimism about achieving record revenue growth and profitability in 2023 [21] - Anticipated first-quarter revenue growth of 14-20% year-over-year, with expectations for acceleration in Q2 [22] Other Important Information - The company successfully relisted on the OTCQB on January 30, 2023, after addressing accounting issues [8] - Key additions to the management team were made to drive profitable growth [10] Q&A Session Summary Question: What might peak production look like in the next couple of quarters? - The company is currently at a pace of 40 new products per month, scheduled to ramp to 100 by the end of the year [29] - The applicator side is running 20% ahead of demand, with plans to increase production by 70-80% by year-end [31]