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Stocks · Health care · Surgical & Medical Instruments & Apparatus

SANUWAVE Health, Inc.

SNWV Clue Score65
United States Fiscal year ends December CIK 0001417663
$5.62 -3.85% Close, 9 Oct 2026
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Price $5.62 +4,583.33% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.4Operating income−3.3Net income−6.4Fiscal year 2017Revenue0.7 −46.3%Operating income−3.8Net income−5.5Fiscal year 2018Revenue1.9 +150.5%Operating income−7.2Net income−11.6Fiscal year 2019Revenue1.0 −44.4%Operating income−8.8Net income−10.4EPS, diluted−0.05Fiscal year 2020Revenue3.6 +252.7%Operating income−25.2Net income−30.9EPS, diluted−0.08Fiscal year 2021Revenue11.4 +213.8%Operating income−14.1Net income−27.3EPS, diluted−0.05Fiscal year 2022Revenue15.5 +36.3%Operating income−9.0Net income−10.3EPS, diluted−0.02Fiscal year 2023Revenue19.3 +24.1%Operating income−0.5Net income−25.8EPS, diluted−12.19Fiscal year 2024Revenue32.3 +67.9%Operating income3.8Net income−33.1EPS, diluted−7.41Fiscal year 2025Revenue44.1 +36.3%Operating income4.9Net income11.8EPS, diluted0.41
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.4 0.7 1.9 1.0 3.6 11.4 15.5 19.3 32.3 44.1
Growth −46.3% +150.5% −44.4% +252.7% +213.8% +36.3% +24.1% +67.9% +36.3%
Operating income −3.3 −3.8 −7.2 −8.8 −25.2 −14.1 −9.0 −0.5 3.8 4.9
Net income −6.4 −5.5 −11.6 −10.4 −30.9 −27.3 −10.3 −25.8 −33.1 11.8
Growth
EPS, diluted n/a n/a n/a −0.05 −0.08 −0.05 −0.02 −12.19 −7.41 0.41

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Operating margin−241.0%Net margin−467.9%Free cash flow margin−233.3%Fiscal year 2017Gross margin67.2%Operating margin−517.8%Net margin−749.9%Free cash flow margin−207.0%Fiscal year 2018Gross margin62.5%Operating margin−388.1%Net margin−628.7%Free cash flow margin−198.1%Fiscal year 2019Gross margin47.6%Operating margin−854.9%Net margin−1,013.9%Free cash flow margin−628.4%Fiscal year 2020Gross margin79.8%Operating margin−694.6%Net margin−852.7%Free cash flow margin−352.0%Fiscal year 2021Gross margin70.5%Operating margin−124.2%Net margin−239.5%Free cash flow margin−61.0%Fiscal year 2022Gross margin80.0%Operating margin−57.7%Net margin−66.4%Fiscal year 2023Gross margin74.6%Operating margin−2.8%Net margin−134.0%Free cash flow margin−23.6%Fiscal year 2024Gross margin75.9%Operating margin11.9%Net margin−102.3%Free cash flow margin6.1%Fiscal year 2025Gross margin77.1%Operating margin11.2%Net margin26.8%Free cash flow margin4.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a 67.2% 62.5% 47.6% 79.8% 70.5% 80.0% 74.6% 75.9% 77.1%
Operating margin −241.0% −517.8% −388.1% −854.9% −694.6% −124.2% −57.7% −2.8% 11.9% 11.2%
Net margin −467.9% −749.9% −628.7% −1,013.9% −852.7% −239.5% −66.4% −134.0% −102.3% 26.8%
Free cash flow margin −233.3% −207.0% −198.1% −628.4% −352.0% −61.0% n/a −23.6% 6.1% 4.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow−3.2Capital expenditure−0.0Free cash flow−3.2Fiscal year 2017Operating cash flow−1.5Capital expenditure0.0Free cash flow−1.5Fiscal year 2018Operating cash flow−3.6Capital expenditure−0.0Free cash flow−3.7Fiscal year 2019Operating cash flow−6.4Capital expenditure−0.1Free cash flow−6.5Fiscal year 2020Operating cash flow−12.7Capital expenditure−0.1Free cash flow−12.8Fiscal year 2021Operating cash flow−6.4Capital expenditure−0.5Free cash flow−6.9Fiscal year 2022Operating cash flow−17.2Fiscal year 2023Operating cash flow−4.5Capital expenditure0.0Free cash flow−4.5Fiscal year 2024Operating cash flow2.5Capital expenditure−0.5Free cash flow2.0Fiscal year 2025Operating cash flow3.9Capital expenditure−1.9Free cash flow1.9 −1.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −3.2 −1.5 −3.6 −6.4 −12.7 −6.4 −17.2 −4.5 2.5 3.9
Capital expenditure −0.0 0.0 −0.0 −0.1 −0.1 −0.5 n/a 0.0 −0.5 −1.9
Free cash flow −3.2 −1.5 −3.7 −6.5 −12.8 −6.9 n/a −4.5 2.0 1.9
Growth −1.6%

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.1Total debt5.4Net cash (debt)−5.2Shareholders’ equity−6.9Fiscal year 2017Cash0.7Shareholders’ equity−9.9Fiscal year 2018Cash0.4Shareholders’ equity−15.4Fiscal year 2019Cash1.8Shareholders’ equity−10.1Fiscal year 2020Cash2.4Total debt16.7Net cash (debt)−14.3Shareholders’ equity−13.7Fiscal year 2021Cash0.6Total debt26.3Net cash (debt)−25.6Shareholders’ equity−39.0Fiscal year 2022Cash1.2Shareholders’ equity−41.0Fiscal year 2023Cash1.8Shareholders’ equity−44.5Fiscal year 2024Cash10.2Shareholders’ equity−15.8Fiscal year 2025Cash12.0Total debt21.9Net cash (debt)−9.9Shareholders’ equity1.6Debt to equity13.52
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.1 0.7 0.4 1.8 2.4 0.6 1.2 1.8 10.2 12.0
Total debt 5.4 n/a n/a n/a 16.7 26.3 n/a n/a n/a 21.9
Net cash (debt) −5.2 n/a n/a n/a −14.3 −25.6 n/a n/a n/a −9.9
Shareholders’ equity −6.9 −9.9 −15.4 −10.1 −13.7 −39.0 −41.0 −44.5 −15.8 1.6
Debt to equity n/a n/a n/a n/a n/a n/a n/a n/a n/a 13.52

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
n/a 67.2% 62.5% 47.6% 79.8% 70.5% 80.0% 74.6% 75.9% 77.1%
−241.0% −517.8% −388.1% −854.9% −694.6% −124.2% −57.7% −2.8% 11.9% 11.2%
n/a n/a n/a n/a n/a n/a n/a n/a −102.2% 27.0%
−467.9% −749.9% −628.7% −1,013.9% −852.7% −239.5% −66.4% −134.0% −102.3% 26.8%
−233.3% −207.0% −198.1% −628.4% −352.0% −61.0% n/a −23.6% 6.1% 4.4%
Spending
82.0% 175.0% 53.1% 114.9% 34.3% 9.7% 3.7% 3.0% 2.1% 3.1%
194.3% 406.8% 368.2% 626.0% 378.3% 102.7% 80.9% 45.0% 40.0% 44.0%
0.8% 0.0% 2.3% 5.2% 1.5% 4.6% n/a 0.0% 1.5% 4.4%
n/a n/a n/a n/a n/a n/a n/a n/a n/a 0.7%
Returns
n/a n/a n/a n/a n/a n/a n/a n/a n/a 729.6%
−640.8% −433.1% −987.6% −308.4% −134.4% −146.4% −51.8% −115.1% −109.8% 31.6%
Balance and payout
n/a n/a n/a n/a n/a n/a n/a n/a n/a 13.52
787.8% 872.7% 1,403.9% 397.6% 159.6% 309.2% 306.4% 292.6% 152.4% 95.7%