| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 9.62 | 3.5% |
| Total Income | 9.62 | 3.5% |
| Expenditure | 10.74 | 29.2% |
| PBT | — | |
| Net Profit | -1.44 | 74.7% |
| OPM | -11.69% | 22.30pp |
| NPM | -14.96% | 46.13pp |
| EPS | -0.17 | 74.2% |
Sanuwave Health Reports Q1 2026 Revenue Up 3.1% to $9.6 Million
13 May 2026 · 13 May, 2:08 am
Summary
Sanuwave Health, Inc. announced its financial results for the three months ended March 31, 2026. The company reported Q1 2026 revenues of $9.6 million, a 3.1% increase compared to $9.3 million in Q1 2025. Gross margin was 77.3% versus 79.0% in the prior year. The company's operating loss totaled $1.1 million, a $1.7 million swing from operating income of $0.6 million in Q1 2025. Sanuwave forecasts Q2 2026 revenue growth of 10-15% and reiterates full year 2026 revenue guidance of $51.0-55.0 million.
Key Highlights
- 1
Sanuwave Health's Q1 2026 revenues reached $9.6 million, a 3.1% increase from $9.3 million in Q1 2025, marking the highest Q1 quarterly revenues in the company's history.
- 2
Ultramist® consumables revenue increased by 15.0% to $6.7 million in Q1 2026, compared to $5.8 million in the same quarter last year.
- 3
Gross margin for Q1 2026 was 77.3%, slightly lower than the 79.0% reported in Q1 2025.
- 4
The company reported a GAAP operating loss of $1.1 million for Q1 2026, a $1.7 million swing from the operating income of $0.6 million in Q1 2025.
- 5
Net loss for Q1 2026 was $1.4 million, an improvement from the $6.1 million net loss in Q1 2025, primarily due to a $4.9 million non-cash loss on the change in fair value of derivative liabilities in the prior year.
- 6
Adjusted EBITDA for Q1 2026 was $1.1 million, compared to $2.3 million for the same period last year.
- 7
The company forecasts Q2 2026 revenue of $11.1 to $11.6 million, representing a 10-15% increase from Q2 2025.
Management Comments
Morgan Frank
“The seemingly ubiquitous question in advanced wound care during Q1 was ‘When is the turn coming and when will the recovery start?’” said CEO Morgan Frank. “Speaking for Sanuwave, the recovery appears to have begun in February and to have continued thereafter. Q1 started with a sort of “shock pause” as many seemed surprised that the changes in reimbursement for skin subs had actually taken effect, and this seems to have contributed to a very slow first month of the year which, in turn, had a large effect on the overall quarter. The market appeared somewhat frozen. But, at least from our standpoint, we see the ice starting to break up and the quarter got better each month. Q1 applicator sales were up 3% sequentially from Q4 and 15% year over year (again, suppressed by a very slow January) and very nearly eclipsed the all-time applicator revenue figure from Q3 2025. Unit volumes on consumables for Q1 2026 set a new all-time record by a significant margin which we take to be a good sign with regard to utilization recovering. This was driven by both new placements of systems and by activity picking back up at existing users. Revenues lagged unit growth as a function of lower pricing resulting from more of our applicators sales running through resellers and therefore being priced at wholesale. We’re continuing to hire salespeople and to expand our reseller network. All in all, we exited the quarter with increasing optimism and a robust pipeline and we expect to see 2026 continue to get better from here.”
Informational and educational content only. Not investment advice.