SANUWAVE Health, Inc.
SANUWAVE Health, Inc. develops and commercializes non-invasive shockwave and acoustic wave therapy systems used in wound care and other medical applications. The company is based in the United States and operates as a single-segment medical device business with sales in the U.S. and selected international markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCapital equipment used to deliver non-contact wound therapy in clinical settings.
Recurring consumables used with UltraMIST® systems during treatment sessions.
Replacement parts and accessories used with the therapy platform.
Smaller revenue streams from related device sales and support activities.
Products
Reported · share of revenue- Consumables Parts and Accessories Revenue58.6 %
- System Revenue40.5 %
- Other Revenue0.5 %
- Extended Warranty0.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
SANUWAVE sells primarily to healthcare providers that treat chronic and acute wounds, including hospitals, outpatient wound centers, and physician practices. Its products are also used by distributors and other channel partners that place systems into clinical accounts and replenish consumables over time. Demand is tied to clinical adoption of wound therapy protocols and the installed base of UltraMIST® systems.
Buy UltraMIST® systems and consumables for inpatient and outpatient wound care programs.
Purchase systems and disposables for recurring treatment of chronic wounds.
Use the platform for office-based wound treatment and follow-on consumables.
Buy and resell systems and supplies into clinical end markets.
Strategy
SANUWAVE’s strategy centers on expanding adoption of UltraMIST® systems while increasing recurring disposable sales from the installed base. The company also emphasizes pricing discipline, operational execution, and maintaining access to capital so it can support growth and ongoing commercialization.
System placements create a recurring consumables stream and deepen customer relationships.
Consumables drive repeat revenue after the initial system sale.
A medical device commercializer needs liquidity to fund operations and growth.
Geography
Q2/2025The company generates revenue primarily in the United States, with additional sales in Europe, Canada, the Middle East, Central America, South America, Asia, and Asia/Pacific. Its significant assets and expenses are also concentrated in the United States, making the business operationally U.S.-centered even though it serves a broader international customer base.
Share of the revenue the company reports by geography.
Risks
The business depends heavily on continued clinical adoption of UltraMIST® and on the company’s ability to support sales with adequate working capital. As a medical device company, it also faces regulatory, reimbursement, product liability, and competitive risks, while international sales add execution and compliance complexity.
Most revenue comes from one platform, so demand or competitive pressure on that product would affect results materially.
Exposure: UltraMIST® systems and disposables
Commercialization requires ongoing capital, and debt maturities can pressure flexibility if refinancing is delayed or costly.
Exposure: Debt and working capital
Medical device sales depend on approvals, clinical acceptance, and payer economics in wound care.
Exposure: U.S. and international healthcare markets
Device companies can face claims tied to product performance, safety, or commercial disputes.
Exposure: Medical device operations
International sales require distributors, local compliance, and market-specific commercialization efforts.
Accounting
Judgemental itemsDifferent product types can have different delivery and recognition timing, affecting quarterly comparability.
Impact: Mix between capital equipment and consumables
Changes in derivative values flow through earnings and can create volatility unrelated to operations.
Impact: Net income and non-GAAP adjustments
Amortization of financing costs affects interest expense and reported profitability.
Impact: Non-cash financing-related expense
Equity awards create non-cash operating expense that affects margins and EBITDA reconciliation.
Impact: Operating expenses and adjusted EBITDA
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Last updated: 24/09/2026