SNWV on Nasdaq

SANUWAVE Health, Inc.

Sanuwave is a medical device company providing directed energy products into the wound care space.3 From its latest annual report

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Last updated Oct 19, 2026.

Overview

Compare with TriSalus Life Sciences, Inc., SS Innovations International, Inc. or KORU Medical Systems, Inc., or pick any stock.

  • TickerSNWV on Nasdaq1
  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersEden Prairie, Minnesota1
  • Incorporated inNV2
  • Business address9600 W. 76Th Street, Eden Prairie, Mn2
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

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Sanuwave is a medical device company providing directed energy products into the wound care space. Our mission is to improve patient lives and outcomes by developing and marketing effective, easy to use products to decrease wound burden, lessen healing times, and reduce patient pain.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

77.1%Gross margin4
11.2%Operating margin4
26.8%Net margin4
36.3%Revenue growth, 20254
729.6%Return on equity4
9.97×Debt to equity4
$1.9MFree cash flow4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Consumables Parts And Accessories Revenue brought in 59% of the revenue SANUWAVE Health, Inc. broke down this way in fiscal 2025.

  1. Consumables Parts And Accessories Revenue$25.8M459%up 22% from 2024
  2. System Revenue$17.8M441%up 61% from 2024
  3. Other Revenue$206.0K40%down 33% from 2024
  4. Extended Warranty$172.0K40%up 81% from 2024
  5. License fees$20.0K40%down 56% from 2024
Products and services by year
Products and services20242025
Consumables Parts And Accessories Revenue$21.1M$25.8M
System Revenue$11.1M$17.8M
Other Revenue$306.0K$206.0K
Extended Warranty$95.0K$172.0K
License fees$45.0K$20.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue23¢$10.1M
  • Research and development3¢$1.4M
  • Other costs47¢$20.7M
  • Income tax0¢$86.0K
  • Profit27¢$11.8M

Out of $44.1M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Capital spending50¢$1.9M
  • Kept or used elsewhere50¢$1.9M

Out of $3.9M of cash from operations.4

Financial statements

Revenue567894$44.1M in 2025+4182% since 2019
0$20.0M$40.0M$60.0M2019: $1.0M$1.0M20192020: $3.6M$3.6M2020+253%2021: $11.4M$11.4M2021+214%2022: $15.5M$15.5M2022+36%2023: $19.3M$19.3M2023+24%2024: $32.3M$32.3M2024+68%2025: $44.1M$44.1M2025+36%
Gross profit567894$34.0M in 2025+6835% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $489.8K$489.8K20192020: $2.9M$2.9M2020+491%2021: $8.0M$8.0M2021+177%2022: $12.4M$12.4M2022+55%2023: $14.4M$14.4M2023+16%2024: $24.6M$24.6M2024+71%2025: $34.0M$34.0M2025+38%
Operating income567894$4.9M in 2025
-$30.0M-$20.0M-$10.0M0$10.0M2019: -$8.8M-$8.8M20192020: -$25.2M-$25.2M2020+187%2021: -$14.1M-$14.1M2021−44%2022: -$9.0M-$9.0M2022−37%2023: -$540.0K-$540.0K2023−94%2024: $3.8M$3.8M20242025: $4.9M$4.9M2025+29%
Net income567894$11.8M in 2025
-$40.0M-$20.0M0$20.0M2019: -$10.4M-$10.4M20192020: -$30.9M-$30.9M2020+197%2021: -$27.3M-$27.3M2021−12%2022: -$10.3M-$10.3M2022−62%2023: -$25.8M-$25.8M2023+151%2024: -$33.1M-$33.1M2024+28%2025: $11.8M$11.8M2025

Every line of the income statement as filed: the last 2 fiscal years (annual) or 6 quarters (quarterly), latest first.4

Period ending2025-12-312024-12-31
Revenue$44.1M$32.6M
Cost of revenues$10.1M$8.1M
Gross Margin$34.0M$24.6M
General and administrative$19.4M$12.9M
Selling and marketing$7.4M$6.3M
Research and development$1.4M$673.0K
Depreciation and amortization$880.0K$789.0K
Total Operating Expenses$29.0M$20.7M
Operating Income$4.9M$3.8M
Interest expense-$12.6M
(Loss) Gain on extinguishment of debt-$477.0K$6.3M
Change in fair value of derivative liabilities$8.1M-$31.4M
Loss on impairment of assets-$196.0K$0
Other expense-$42.0K-$893.0K
Other income (See Note 20)$5.8M$2.9M
Total Other Income (Expense)$7.0M-$36.9M
Net Income (Loss) Before Income Taxes$11.9M-$33.1M
Income tax expense$86.0K$27.0K
Net Income (Loss)$11.8M-$33.1M
Foreign currency translation adjustments$0$121.0K
Total Comprehensive Income (Loss)$11.8M-$33.0M
Basic (in dollars per share)$1.38-$7.41
Diluted (in dollars per share)$0.41-$7.41
Basic (in shares)8.6M shares4.5M shares
Diluted (in shares)9.1M shares4.5M shares

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Leadership

Who has led SANUWAVE Health, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Christopher M. Cashman2009–2012
  2. Joseph Chiarelli2013–2014
  3. Kevin A. Richardson Ii.2019–2020
  4. Morgan C. Frank2025–now

President

  1. Christopher M. Cashman2009–2012
  2. Shri P. Parikh2018–2019
  3. Andrew Walko2023–2024

Chief financial officer

  1. Barry J. Jenkins2009–2014
  2. Lisa E. Sundstrom2015–2019
  3. Peter Sorensen2024–now

Chief operating officer

  1. Peter Stegagno2025
  2. Daniel Coyle2025–now
2010201520202025
Board members and other officers (21)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerPeter C. Stegano named May 16, 2023 to Jul 2, 202442
  • Executive OfficerToni C. Rinow named Aug 19, 2022 to Feb 5, 202443
  • Executive OfficerJohn Schlechtweg named Aug 19, 2022 to Dec 27, 202244
  • DirectorA. Michael Stolarski named Aug 19, 2022 to Jul 2, 202442

Former names

  • RUB MUSIC ENTERPRISES, INC.Dec 18, 2007 to Feb 1, 20102

Timeline

  1. Feb 19, 2025New chief executive Morgan C. Frank becomes CEO12
  2. Aug 28, 2019New chief executive Kevin A. Richardson Ii. becomes CEO13
  3. Mar 7, 2013New chief executive Joseph Chiarelli becomes CEO14
  4. Oct 5, 2009New chief executive Christopher M. Cashman becomes CEO15

Filings

285 filings to the SEC since October 2021: 6 annual reports, 17 quarterly reports, 79 major events, 89 insider forms, 31 large holders, 7 private raises, 56 other. The latest 20:

  1. Oct 2, 20264 EDGAR
  2. Oct 2, 20264 EDGAR
  3. Oct 2, 20264 EDGAR
  4. Oct 2, 20264 EDGAR
  5. Oct 2, 20264 EDGAR
  6. Sep 25, 20268-K EDGAR
  7. Aug 14, 2026SCHEDULE 13G/A EDGAR
  8. Aug 6, 20268-K EDGAR
  9. Aug 6, 202610-Q EDGAR
  10. Jul 31, 2026SCHEDULE 13G/A EDGAR
  11. Jul 30, 2026SCHEDULE 13G/A EDGAR
  12. Jul 13, 20268-K EDGAR
  13. Jul 2, 20264 EDGAR
  14. Jul 2, 20264 EDGAR
  15. Jul 2, 20264 EDGAR
  16. Jul 2, 20264 EDGAR
  17. Jul 2, 20264 EDGAR
  18. Jun 16, 20268-K EDGAR
  19. Jun 15, 20268-K EDGAR
  20. May 29, 2026SD EDGAR

The 285 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

22 open-market trades by officers, directors and large owners since October 2021: 6 buys and 16 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
May 1, 2026Opaleye Management Inc.10% ownerSale10,581$16.11$170.5KForm 4
Apr 30, 2026Opaleye Management Inc.10% ownerSale25,000$16.15$403.8KForm 4
Apr 29, 2026Opaleye Management Inc.10% ownerSale24,360$17.25$420.2KForm 4
Apr 28, 2026Opaleye Management Inc.10% ownerSale46,288$18.47$854.9KForm 4
Apr 21, 2026Opaleye Management Inc.10% ownerSale202$20.50$4.1KForm 4
Apr 17, 2026Opaleye Management Inc.10% ownerSale16,267$20.46$332.8KForm 4
Dec 12, 2025MANCHESTER MANAGEMENT PR, LLCSale6,500$21.04$136.8KForm 4
Dec 11, 2025MANCHESTER MANAGEMENT PR, LLCSale13,500$31.28$422.3KForm 4
Dec 10, 2025BESSER JAMES ESale8,625$30.39$262.1KForm 4
Dec 10, 2025MANCHESTER MANAGEMENT CO LLCSale8,625$30.39$262.1KForm 4
Dec 9, 2025BESSER JAMES ESale8,785$30.58$268.6KForm 4
Dec 9, 2025MANCHESTER MANAGEMENT CO LLCSale8,785$30.58$268.6KForm 4
Dec 8, 2025BESSER JAMES ESale127,400$30.76$3.9MForm 4
Dec 8, 2025MANCHESTER MANAGEMENT CO LLCSale127,400$30.76$3.9MForm 4
Oct 6, 2025Opaleye Management Inc.10% ownerBuy1,267$30.28$38.4KForm 4
Jun 5, 2025Stegagno PeterChief Operating OfficerSale1,862$27.71$51.6KForm 4
May 15, 2025Cioanta IulianChief Sci. and Tech. OfficerSale3,639$31.60$115.0KForm 4
Apr 29, 2025Opaleye Management Inc.10% ownerBuy7,998$25.49$203.9KForm 4
Nov 1, 2024Opaleye Management Inc.10% ownerBuy16,000$15.20$243.2KForm 4
Oct 31, 2024Opaleye Management Inc.10% ownerBuy9,868$16.29$160.8KForm 4

All 22 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jun 18, 2024Raised $1.8 million in a private offering of debt Form D: 9 investors so far Form D
  2. Jan 21, 2024Raised $4.6 million in a private offering of debt Form D: 19 investors so far Form D
  3. Dec 30, 2023Raised $1.9 million in a private offering of debt Form D: 15 investors so far Form D
  4. Jul 21, 2023Raised $3 million in a private offering of debt Form D: 17 investors so far Form D
  5. May 9, 2023Raised $1.2 million in a private offering of debt Form D: 11 investors so far Form D
  6. Nov 14, 2022Raised $4 million in a private offering of debt Form D: 32 investors so far Form D
  7. Aug 5, 2022Raised $16.2 million in a private offering of debt Form D: 46 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 50. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Solas Capital Management, LLC610,968$6.1M3.3%+323,454
AWM Investment Company, Inc.454,550$4.5M0.4%No change
Praetorian PR LLC395,000$4.0M1.3%+45,000
Vanguard Capital Management LLC352,756$3.5M0.0%+3,882
Opaleye Management Inc.306,140$3.1M0.3%−675,127
UBS Group AG256,791$2.6M0.0%+46,528
BlackRock, Inc.159,867$1.6M0.0%−321,673
Geode Capital Management, LLC86,098$861.4K0.0%−85,700
Citadel Advisors LLC59,473$594.7K0.0%+41,375
Vanguard Fiduciary Trust Co43,097$431.0K0.0%−6,184
Marshall Wace, Llp42,125$421.2K0.0%New
Goldman Sachs Group Inc40,426$404.3K0.0%+1,921
Jpmorgan Chase & Co39,697$391.0K0.0%+36,649
Stonebridge Wealth Management, LLC38,434$384.3K0.3%+1,250
Luxor Capital Group, LP37,200$372.0K0.0%New
State Street Corp32,282$322.8K0.0%−107,807
Morgan Stanley31,619$316.2K0.0%+25,826
Kirtland Hills Capital Management, LLC3,100$308.6K0.1%+325
Jane Street Group, LLC23,847$238.5K0.0%New
Aqr Capital Management LLC22,908$229.1K0.0%New
XTX Topco Ltd21,834$218.3K0.0%+7,153
Bank Of America Corp /de/18,559$185.6K0.0%−6,944
Squarepoint Ops LLC18,243$182.4K0.0%New
Jain Global LLC17,352$173.5K0.0%New
Millennium Management LLC16,925$169.2K0.0%−7,744

13F reports cover disclosed long positions in U.S. stocks only.

Sources

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