SNWV Nasdaq Surgical & Medical Instruments & Apparatus Financials FY2016βFY2025
SANUWAVE Health, Inc. had $44.1M of revenue in fiscal 2025, up 35.0% on the year before. Over five years, revenue changed +61.1% a year on average.
Last close Β· Oct 23, 2026
$5.22
1.5%Hi! I read SANUWAVE Health, Inc.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+35.0%
Yes. Sales grew 35.0% last year.
Does it make a profit?
26.8%
Yes. It keeps 26.8% of every sale as profit.
Does profit turn into cash?
4.4%
Partly. 4.4% of sales ends up as free cash.
Is debt under control?
1.7x
Keep an eye on it. Repaying its debt would take 1.7 years of operating profit.
How healthy are the accounts?
6 / 8
Mixed. It passes 6 of 8 health tests.
How is the share priced?
5.7x
One share costs 5.7 times its yearly profit per share.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
KIRA Β· SANUWAVE Health, Inc. had $44.1M of revenue in fiscal 2025, up 35.0% on the year before. Over five years, revenue changed +61.1% a year on average. Its operating margin was 11.2%, down 0.6Β pts: of every 100 in sales, about 11 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Revenue
Margins, % of revenue
Margins, % of revenue
KIRA Β· SANUWAVE Health, Inc. made $11.8M of net profit in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Net income
Diluted EPS
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was $1.9M in fiscal 2025, 4.4% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· In the last 12 months, insiders sold $7.2M of shares on the open market and bought none.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$7.2M
3 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 1, 2026 | Opaleye Management Inc.10% owner | Sold | 10,581 | $16.11 | $0.2M | Form 4 |
| Apr 30, 2026 | Opaleye Management Inc.10% owner | Sold | 25,000 | $16.15 | $0.4M | Form 4 |
| Apr 29, 2026 | Opaleye Management Inc.10% owner | Sold | 24,360 | $17.25 | $0.4M | Form 4 |
| Apr 28, 2026 | Opaleye Management Inc.10% owner | Sold | 46,288 | $18.47 | $0.9M | Form 4 |
| Apr 21, 2026 | Opaleye Management Inc.10% owner | Sold | 202 | $20.50 | $0.0M | Form 4 |
| Apr 17, 2026 | Opaleye Management Inc.10% owner | Sold | 16,267 | $20.46 | $0.3M | Form 4 |
| Dec 12, 2025 | Manchester Management PR, LLCDirector by Deputization | Sold | 6,500 | $21.04 | $0.1M | Form 4 |
| Dec 11, 2025 | Manchester Management PR, LLCDirector by Deputization | Sold | 13,500 | $31.28 | $0.4M | Form 4 |
| Dec 10, 2025 | Manchester Management Co LLCDirector by Deputization | Sold | 8,625 | $30.39 | $0.3M | Form 4 |
| Dec 9, 2025 | Manchester Management Co LLCDirector by Deputization | Sold | 8,785 | $30.58 | $0.3M | Form 4 |
| Dec 8, 2025 | Manchester Management Co LLCDirector by Deputization | Sold | 127,400 | $30.76 | $3.9M | Form 4 |
| Oct 6, 2025 | Opaleye Management Inc.10% owner | Bought | 1,267 | $30.28 | $0.0M | Form 4 |
Can it carry its debts, and how well does it use its money?
KIRA Β· SANUWAVE Health, Inc. owes $9.9M more than it holds in cash, about 1.7 years of operating profit.
Cash, debt and the ratios that show how comfortably SANUWAVE Health, Inc. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $0.6M | $1.2M | $1.8M | $10.2M | $12.0M |
| Debt incl. finance leases | $26.5M | β | β | β | $21.9M |
| Net debt / EBITDA | β | β | β | β | 1.7x |
| Debt / equity | β | β | β | β | 13.5x |
| Interest coverage | β2.1x | β0.7x | β | 0.3x | β |
| Current ratio | 0.1x | 0.1x | 0.2x | 0.4x | 1.4x |
| Quick ratio | 0.1x | 0.1x | 0.1x | 0.3x | 1.0x |
| Total assets | $18.6M | $19.9M | $22.4M | $30.1M | $37.3M |
| Total liabilities | $57.6M | $60.9M | $65.6M | $45.9M | $35.7M |
| Shareholders' equity | β$39.0M | β$41.0M | β$44.5M | β$15.8M | $1.6M |
| Net debt (β = net cash) | $25.9M | β | β | β | $9.9M |
KIRA Β· Its return on capital was 42.5%: every 100 invested in the business earned about 42 in a year.
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· SANUWAVE Health, Inc. passes 6 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | 4 / 9 | 2 / 9 | 4 / 9 | 4 / 9 | 2 / 9 | 4 / 8 | 4 / 8 | 6 / 8 | 6 / 8 |
| Accruals ratio | β322.4% | β351.1% | β652.2% | β176.3% | β138.0% | β100.1% | 35.7% | β100.6% | β135.3% | 23.5% |
| Altman Z'' | β391.38 | β339.69 | β450.52 | β158.70 | β37.98 | β56.30 | β53.29 | β48.96 | β32.94 | β19.06 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $1.4M | $0.7M | $1.9M | $1.5M | $4.1M | $13.0M | $16.7M | $20.4M | $32.6M | $44.1M |
| Gross profit | $0.8M | $0.5M | $1.2M | $0.5M | $2.9M | $8.0M | $12.4M | $14.4M | $24.6M | $34.0M |
| Research and development | $1.1M | $1.3M | $1.0M | $1.2M | $1.2M | $1.1M | $0.6M | $0.6M | $0.7M | $1.4M |
| Operating income | β$3.3M | β$3.8M | β$7.2M | β$8.8M | β$25.2M | β$14.1M | β$9.0M | β$0.5M | $3.8M | $4.9M |
| Interest expense | $0.9M | $1.1M | $4.5M | $1.8M | $2.0M | $6.9M | $12.8M | β | $12.6M | β |
| Pretax income | β | β | β$12.0M | β$10.6M | β$30.9M | β$27.2M | β$10.3M | β$25.8M | β$33.1M | $11.9M |
| Income tax | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.1M |
| Net income | β$6.4M | β$5.5M | β$11.6M | β$10.4M | β$30.9M | β$27.3M | β$10.3M | β$25.8M | β$33.1M | $11.8M |
| Diluted EPS | β$0.06 | β$0.04 | β$0.08 | β$0.05 | β$0.08 | β$0.05 | β$0.02 | β$12.19 | β$7.41 | $0.41 |
| Diluted shares | 0.11B | 0.14B | 0.15B | 0.20B | 0.38B | 0.52B | 0.55B | 0.00B | 0.00B | 0.01B |
| Cash flow | ||||||||||
| Cash from operations | β$3.2M | β$1.5M | β$3.6M | β$6.4M | β$12.7M | β$6.4M | β$17.2M | β$4.5M | $2.5M | $3.9M |
| Capital expenditure | $0.0M | $0.0M | $0.0M | $0.1M | $0.1M | $0.5M | β | $0.0M | $0.5M | $1.9M |
| Free cash flow | β$3.2M | β$1.5M | β$3.7M | β$6.5M | β$12.8M | β$6.9M | β | β$4.5M | $2.0M | $1.9M |
| Depreciation and amortization | $0.0M | $0.0M | $0.0M | $0.1M | $0.3M | $1.2M | $1.0M | $1.0M | $0.8M | $1.0M |
| Stock-based compensation | $0.5M | $0.8M | $2.5M | $0.3M | $0.0M | $0.0M | β | $0.0M | $1.5M | $4.9M |
| Balance sheet | ||||||||||
| Cash and short-term investments | $0.1M | $0.7M | $0.4M | $1.8M | $2.4M | $0.6M | $1.2M | $1.8M | $10.2M | $12.0M |
| Total debt | $5.4M | $0.0M | $1.9M | $0.6M | $16.7M | $26.3M | β | β | β | $21.9M |
| Finance lease liabilities | β | β | β | $0.4M | $0.4M | $0.2M | β | β | β | β |
| Current assets | $0.9M | $1.2M | $1.1M | $2.5M | $7.9M | $4.4M | $6.6M | $9.8M | $18.4M | $24.6M |
| Current liabilities | $7.9M | $11.2M | $16.5M | $12.4M | $36.2M | $56.3M | $60.2M | $64.8M | $45.4M | $17.8M |
| Inventory | $0.2M | $0.2M | $0.4M | $0.5M | $3.0M | $1.0M | $0.9M | $3.0M | $4.1M | $5.9M |
| Property and equipment, net | $0.1M | $0.1M | $0.1M | $0.1M | $0.5M | $1.0M | $0.9M | $0.9M | $0.3M | $2.0M |
| Goodwill | β | β | β | $0.0M | $7.3M | $7.3M | $7.3M | $7.3M | $7.3M | $7.3M |
| Intangible assets | β | β | β | β | $6.5M | $5.8M | $5.1M | $4.4M | $3.7M | $3.0M |
| Total assets | $1.0M | $1.3M | $1.2M | $3.4M | $23.0M | $18.6M | $19.9M | $22.4M | $30.1M | $37.3M |
| Total liabilities | $7.9M | $11.2M | $16.5M | $13.4M | $36.7M | $57.6M | $60.9M | $65.6M | $45.9M | $35.7M |
| Preferred stock | $0.1M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Shareholders' equity | β$6.9M | β$9.9M | β$15.4M | β$10.1M | β$13.7M | β$39.0M | β$41.0M | β$44.5M | β$15.8M | $1.6M |
| Margins | ||||||||||
| Gross margin | 58.9% | 67.2% | 62.5% | 32.0% | 71.4% | 61.7% | 74.1% | 70.4% | 75.2% | 77.1% |
| Operating margin | β241.0% | β517.9% | β388.1% | β575.3% | β621.1% | β108.7% | β53.5% | β2.6% | 11.8% | 11.2% |
| EBITDA margin | β239.6% | β514.6% | β386.9% | β570.6% | β613.8% | β99.2% | β47.8% | 2.4% | 14.2% | 13.4% |
| Net margin | β467.9% | β749.9% | β628.7% | β682.3% | β762.6% | β209.5% | β61.5% | β126.5% | β101.4% | 26.8% |
| FCF margin | β233.3% | β207.0% | β198.0% | β422.9% | β314.8% | β53.3% | β | β22.2% | 6.0% | 4.4% |
| Returns | ||||||||||
| Return on capital | β | β | β | β | β3,426.5% | β | β | β | β | 42.5% |
| Return on capital employed | 48.0% | 38.7% | 46.9% | 97.4% | 191.7% | 37.6% | 22.2% | 1.3% | β25.1% | 25.4% |
| Return on assets | β640.8% | β485.0% | β947.0% | β457.5% | β234.3% | β130.9% | β53.5% | β122.1% | β125.9% | 35.0% |
| Growth | ||||||||||
| Revenue growth | β | β46.3% | 150.5% | β17.4% | 165.4% | 220.7% | 28.7% | 21.8% | 60.0% | 35.0% |
| FCF growth | β | β | β | β | β | β | β | β | β | β1.6% |
| Share count change | β | 29.0% | 7.7% | 36.1% | 85.7% | 37.1% | 6.0% | β99.6% | 110.8% | 103.5% |
| Financial health | ||||||||||
| Net debt / EBITDA | β | β | β | β | β | β | β | β | β | 1.7x |
| Debt / equity | β | β | β | β | β | β | β | β | β | 13.5x |
| Interest coverage | β3.9x | β3.4x | β1.6x | β4.8x | β12.4x | β2.1x | β0.7x | β | 0.3x | β |
| Current ratio | 0.1x | 0.1x | 0.1x | 0.2x | 0.2x | 0.1x | 0.1x | 0.2x | 0.4x | 1.4x |
| Quick ratio | 0.1x | 0.1x | 0.0x | 0.2x | 0.1x | 0.1x | 0.1x | 0.1x | 0.3x | 1.0x |
| Capital allocation | ||||||||||
| Capex / revenue | 0.8% | 0.0% | 2.3% | 3.5% | 1.3% | 4.1% | β | 0.0% | 1.5% | 4.4% |
| Stock comp / revenue | 39.8% | 104.0% | 134.1% | 21.8% | 0.5% | 0.0% | β | 0.0% | 4.6% | 11.0% |
| Quality scores | ||||||||||
| Piotroski F-score | β | 4.0 | 2.0 | 4.0 | 4.0 | 2.0 | 4.0 | 4.0 | 6.0 | 6.0 |
| Altman Z'' | β391.4 | β339.7 | β450.5 | β158.7 | β38.0 | β56.3 | β53.3 | β49.0 | β32.9 | β19.1 |
| Accruals ratio | β322.4% | β351.1% | β652.2% | β176.3% | β138.0% | β100.1% | 35.7% | β100.6% | β135.3% | 23.5% |
Source: SEC EDGAR XBRL filings (CIK 0001417663). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only β not investment advice. Check the original filings before relying on any figure.
