SANUWAVE Health, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data SANUWAVE Health, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1.38	0.74	1.85	1.53	4.06	13	16.7	20.4	32.6	44.1
Cost of revenue	0.57	0.24	0.69	0.54	1.16	4.99	4.33	6.04	8.08	10.1
Gross profit	0.81	0.5	1.16	0.49	2.9	8.02	12.4	14.4	24.6	34
Research and development	1.13	1.29	0.98	1.18	1.25	1.1	0.57	0.58	0.67	1.35
Selling and marketing			0.52	1.59	5.16	8.59	7.47	4.9	6.32	7.42
General and administrative	2.67	3	6.81	6.44	13.7	11.7	12.6	8.67	12.9	19.4
Operating expenses	4.13	4.32	8.34	9.28	28.1	22.2	21.4	14.9	20.7	29
Operating income	-3.32	-3.82	-7.18	-8.79	-25.2	-14.1	-8.95	-0.54	3.85	4.95
Interest expense	0.85	1.14	4.5	1.84	2.03	6.88	12.8		12.6
Other non-operating income	-3.12	-1.71	-4.45	-1.64	-5.74	-13.1	-1.34	-25.3	-36.9	6.95
Pre-tax income			-12	-10.6	-30.9	-27.2	-10.3	-25.8	-33.1	11.9
Income tax	0	0	0	0	0	0.03	0	0	0.03	0.09
Net income	-6.44	-5.54	-11.6	-10.4	-30.9	-27.3	-10.3	-25.8	-33.1	11.8
EBITDA	-3.3	-3.8	-7.16	-8.72	-24.9	-12.9	-8	0.49	4.64	5.92
EPS, basic	-25.70	-17.13	-34.26	-21.41	-34.26	-21.41	-8.57	-12.85	-7.41	1.38
EPS, diluted	-25.70	-17.13	-34.26	-21.41	-34.26	-21.41	-8.57	-12.85	-7.41	0.41
Shares, basic (weighted)	0.25	0.32	0.35	0.48	0.88	1.21	1.28	2.01	4.46	8.56
Shares, diluted (weighted)	0.25	0.32	0.35	0.48	0.88	1.21	1.28	2.01	4.46	9.08

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.13	0.73	0.36	1.76	2.44	0.62	1.15	1.8	10.2	12
Receivables	0.46	0.15	0.23	0.08	2.36	2.42	4.03	3.31	3.33	5.42
Inventory	0.23	0.23	0.36	0.54	2.96	1.04	0.87	2.95	4.15	5.93
Other current assets	0.09	0.09	0.13	0.13	0.18	0.33	0.57	1.72	0.68	1.31
Total current assets	0.91	1.2	1.08	2.5	7.93	4.4	6.62	9.78	18.4	24.6
Property, plant and equipment	0.08	0.06	0.08	0.09	0.47	1.01	0.86	0.94	0.3	1.97
Lease right-of-use assets			0	0.48	0.39	0.15			0.43	0.39
Goodwill				0	7.26	7.26	7.26	7.26	7.26	7.26
Intangible assets					6.55	5.84	5.14	4.43	3.73	3.03
Other non-current assets	0.01	0.01	0.02	0.04	0.03	0.11	0.11
Total assets	1	1.28	1.18	3.38	23	18.6	19.9	22.4	30.1	37.3
Accounts payable	0.71	1.5	1.59	1.44	4.45	7.64	4.4	5.71	3.73	3.25
Accrued liabilities	0.38	0.67	0.69	0.96	2.13	8.64	8.51	6	7.76	8.38
Deferred revenue	0.02	0	0.13	0.07	0.03	0.05	0.06	0.09	0.19	0.39
Short-term debt	0.05	0	1.88	0.59	16.6	25.4				5.75
Total current liabilities	7.92	11.2	16.5	12.4	36.2	56.3	60.2	64.8	45.4	17.8
Long-term debt				0	0.14	0.88				16.1
Lease liabilities			0	0.19	0.16	0.07
Other non-current liabilities									0
Total liabilities	7.92	11.2	16.5	13.4	36.7	57.6	60.9	65.6	45.9	35.7
Total debt	5.37				16.7	26.3				21.9
Paid-in capital	92.4	95	101	115	143	145	153	177	239	244
Retained earnings	-99.4	-105	-117	-126	-157	-184	-194	-220	-254	-243
Other comprehensive income	-0.05	-0.04	-0.06	-0.06	-0.06	-0.07	-0.07	-0.11	0.01	0.01
Shareholders' equity	-6.91	-9.88	-15.4	-10.1	-13.7	-39	-41	-44.5	-15.8	1.62
Total equity	-6.91	-9.88	-15.4	-10.1	-13.7	-39	-41	-44.5	-15.8	1.62
Total liabilities and equity	1	1.28	1.18	3.38	23	18.6	19.9	22.4	30.1	37.3
Shares outstanding	0.32	0.33	0.36	0.69	1.1	1.12	1.28	2.89	8.54	8.59

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-6.44	-5.54	-11.6	-10.4	-30.9	-27.3	-10.3	-25.8	-33.1	11.8
Depreciation and amortization	0.02	0.02	0.02	0.07	0.3	1.24	0.95	1.03	0.79	0.97
Stock-based compensation	0.55	0.77	2.48	0.33	0.02	0		0	1.51	4.85
Deferred income tax		0	0	0	0	0	0	0	0	0
Change in receivables	-0.41	0.25	-0.02	-0.01	-2.58	-0.4	-1.75	-0.05	-0.49	-2.3
Change in inventory	-0.03	-0.01	-0.12	-0.19	-0.55	1.92		-2.8	-1.2	-2.28
Change in payables	0.2	0.78	0.28	-0.14	3.02	3.18	-2.55	1.55	-1.42	-0.52
Cash from operations	-3.2	-1.53	-3.62	-6.41	-12.7	-6.41	-17.2	-4.54	2.46	3.88
Capital expenditures	-0.01	0	-0.04	-0.05	-0.05	-0.53		0	-0.49	-1.94
Cash from investing	-0.01	0	-0.04	-0.05	-20.1	-0.53	0.33	0.02	-0.49	3.43
Debt issued				0	13.3	0.94	2.94	0
Debt repaid				0	-5.46	-0.49	-2.98	0
Stock issued				0	0.05	0		0	10.3	0
Cash from financing	3.21	2.12	3.32	7.86	33.4	5.12	17.4	5.21	6.35	-5.59
Exchange rate effect	-0.02	0.01	-0.02	0	0	-0	-0.01	-0.05	0.12	0
Net change in cash	-0.02	0.6	-0.37	1.4	0.68	-1.82	0.53	0.64	8.44	1.72
Free cash flow	-3.21	-1.53	-3.66	-6.46	-12.8	-6.94		-4.54	1.97	1.93
Interest paid	0.63	0	0.15	0	0.44	2.58	3.71	1.96	4.31	3.74
Income taxes paid									0	0.03

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $5.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	76.5%	Gross profit / revenue.
Operating margin	3.4%	Operating income / revenue.
EBITDA margin	5.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Net margin	34.7%	Net income / revenue.
FCF margin	9.7%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	11.9%	Cash from operations / revenue.
Return on equity (ROE)	547.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	41.7%	Net income / average total assets.
R&D / revenue	5.1%	Research and development expense / revenue.
Stock-based pay / revenue	13.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	2.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	35.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	38.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	61.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	38.4%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	39.9%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	63.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	28.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	27.7%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	57.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-1.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	24.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	23.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	103.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	92.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	59.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.28x	Current assets / current liabilities.
Quick ratio	0.84x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.52x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	92.4%	Total liabilities / total assets.
Working capital	$5.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	27.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$7.4M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.20x	Revenue / average total assets.
Fixed asset turnover	19.5x	Revenue / average property, plant and equipment.
Inventory turnover	1.47x	Cost of revenue / average inventory.
Days inventory	248 days	365 x average inventory / cost of revenue.
Receivables turnover	7.57x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	116 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	180 days	Days inventory + days sales outstanding - days payables.
FCF conversion	27.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	18.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.77	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$5.11	Revenue / diluted weighted shares.
FCF per share	$0.49	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.61	Cash from operations / diluted weighted shares.
Book value per share	$0.32	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.86	Tangible book value / shares outstanding.
Cash per share	$1.09	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$43.4M	Share price x shares outstanding.
Enterprise value	$34.0M	Market cap + total debt - cash - short-term investments.
P/E	2.84x	Market cap / net income. Only when net income is positive.
P/S	0.99x	Market cap / revenue.
P/B	15.6x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	10.2x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.30x	Market cap / cash from operations, when positive.
EV/Sales	0.77x	Enterprise value / revenue.
EV/EBIT	22.6x	Enterprise value / operating income, when both are positive.
EV/EBITDA	13.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	8.01x	Enterprise value / free cash flow, when both are positive.
FCF yield	9.8%	Free cash flow / market cap.
Earnings yield	35.2%	Net income / market cap (the inverse of P/E).

What was SANUWAVE Health, Inc.'s revenue in fiscal 2025?

SANUWAVE Health, Inc. reported revenue of $44.1M for fiscal 2025, 35% higher than the year before.

Was SANUWAVE Health, Inc. profitable in fiscal 2025?

Yes. Net income was $11.8M, a net margin of 26.8%.

How much free cash flow did SANUWAVE Health, Inc. generate in fiscal 2025?

Cash from operations of $3.9M minus capital expenditures of $1.9M left free cash flow of $1.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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