Earnings Releases·Nov 10, 2026, 5:09 PM ET

Sanuwave Health, Inc. — Q3 FY2026 Earnings Summary

Revenue declined 24% year-over-year to $8.6 million in Q3 2026, driven by a 74% drop in Ultramist® system sales (40 units vs. 155 units), while applicator revenue rose 2% to $6.9 million.
The company reported a GAAP net loss of $1.4 million and adjusted EBITDA of $0.7 million for Q3 2026, both significant decreases from prior year net income of $9.7 million and EBITDA of $3.2 million.
Cash and cash equivalents decreased to $6.6 million from $11.9 million at year-end 2025, primarily due to $2.3 million paid for sales tax voluntary disclosure agreements.
Management highlighted a 14% increase in HOPD rates for code 97610 and the removal of Q1 status restrictions as positive developments, though the quarter was negatively impacted by a CMS proposed rule causing rural practitioner exits and a secondary market for used systems.
Total assets stood at $32.5 million and stockholders' equity increased to $2.9 million as of September 30, 2026, with the company maintaining a secured credit facility and term loan with JPMorgan Chase.