Sanuwave Health Announces Preliminary Revenue Results for the Third Quarter 2025 (Ended September 30, 2025)

Sanuwave announces preliminary revenues of $11.4 million to $11.6 million for the third quarter ended September 30, 2025. This represents the highest quarterly revenues in Company history.

Q3 2025 revenue increased between 22% and 24% vs Q3 2024 and between 12% and 14% sequentially vs the prior quarter

First nine months of 2025 revenue increased 39-40% vs first nine months of 2024.

EDEN PRAIRIE, Minn., Oct. 06, 2025 (GLOBE NEWSWIRE) -- Sanuwave Health, Inc. (the "Company" or "Sanuwave”) (NASDAQ: SNWV), a leading provider of next-generation FDA-approved wound care products, today announced that revenues for the third quarter of 2025 are expected to be in the range of $11.4 to $11.6 million, an increase of 22% to 24% over Q3 2024. This number is below the $12-$12.7 million range of guidance given in the Company’s Q2 2025 earnings release issued on August 8, 2025.

“Q3 turned out of be a more challenging quarter than we expected,” said CEO Morgan Frank. “The wound care space has had quite a lot of uncertainty around the proposed reimbursement changes for certain treatment modalities, particularly skin substitutes/grafts. This uncertainty seems to have frozen the market a bit, particularly early in the quarter. Purchase decisions were delayed and patient counts reduced as providers seemed to take a ‘wait and see’ approach to potential changes. This made for a difficult environment. All in all, I think the team did well to achieve 12-14% sequential growth during this period and 22-24% vs the ‘pig through a python’ quarter last year. Despite the headwinds, we sold a record number of systems in the quarter. That said, we fell short of our target and of our guidance (the first time this has happened in my tenure as CEO). The quarter started slowly, and we simply could not make up the ground despite ending on a high note with September being the highest revenue month in Sanuwave history. That said, based on the performance in Q3, we feel it prudent at this time to alter our 2025 annual revenue guidance from $48-$50 million to $44-$46 million.

As many have asked, UltraMIST reimbursement is not affected by the potential changes in allograft reimbursement and, while it is not yet final, based upon the guidance we have seen so far, we expect reimbursement for the 97610 code to increase very slightly in 2026 as compared to 2025. While the current disruption has been a near-term challenge, we suspect it represents a significant future opportunity, and we continue to feel good about our pipeline and our progress.”