Sanuwave Health Q4 Earnings Call Highlights

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Sanuwave Health (NASDAQ:SNWV) reported fourth-quarter and full-year 2025 results that absorption described arsenic a “good if somewhat analyzable quarter,” highlighted by grounds revenue, grounds strategy placements, and sharply higher full-year profitability. Executives besides spent important clip discussing however caller CMS reimbursement changes for tegument substitutes and allografts are disrupting parts of the wound-care market, influencing lawsuit behavior, and affecting the company’s maturation outlook aboriginal successful 2026.

CEO Morgan Frank said the 4th fourth was an all-time grounds for the company, with gross of $13.4 million, up 30% from the prior-year quarter, and adjusted EBITDA of $4.8 million, up from $3.7 cardinal a twelvemonth earlier. Adjusted EBITDA represented 36% of quarterly revenue, according to Frank.

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For the afloat year, gross roseate 35% to $44.1 million. Full-year adjusted EBITDA accrued 89% to $13.6 cardinal from $7.2 cardinal successful 2024. Frank attributed the show to maturation successful UltraMIST strategy placements and ongoing usage of consumables.

System income were a notable driver. The institution sold 624 UltraMIST systems successful 2025 compared with 374 successful the anterior year, and fourth-quarter income reached 255 systems, which Frank said was the highest quarterly fig successful institution past and exceeded the anterior grounds acceptable successful the 3rd 4th by 100 systems. During the Q&A, Frank said the Q4 strategy fig did not look to beryllium driven by a azygous ample order, but alternatively “an unusually ample fig of benignant of mid-sized orders.”