SANUWAVE Health, Inc. Common Stock

SANUWAVE Health reported second-quarter 2026 revenue of $9.7 million, a 3% decrease from $10.1 million a year earlier, as a sharp decline in capital equipment sales offset record growth in its core UltraMIST applicator business. UltraMIST applicator revenue rose 13% to $7.3 million, while UltraMIST system revenue fell 34% to $2.3 million, driven by financial pressure across the wound care industry and an unprecedented secondary market for used devices that management estimated accounted for 40 to 60 system sales during the quarter. The company posted a net loss of $0.7 million, or $0.08 per share, compared with net income of $0.6 million in the prior-year period, and adjusted EBITDA declined to $1.2 million from $3.2 million. Management withdrew its fiscal 2026 guidance, citing market uncertainty and a proposed Medicare rule that would cut reimbursement for its primary treatment code from about $397 to $316.59 in 2027, while a separate proposal would raise hospital outpatient reimbursement by 14%. Cash and cash equivalents stood at $9.4 million as of June 30, 2026, and the company made $2.9 million in scheduled term loan principal payments during the first half of the year.

Sanuwave Health withdrew its full-year 2026 revenue guidance due to uncertainty surrounding proposed CMS reimbursement changes. Second-quarter revenue fell 3% year over year to $9.7 million, as a 34% decline in UltraMIST system sales offset continued growth in recurring applicator revenue. Applicator units rose 27% year over year, while active systems increased to 1,411 from 1,382 in the first quarter. Profitability weakened as gross margin fell to 76.2%, the company posted a $0.7 million net loss versus prior-year income of $0.6 million, and adjusted EBITDA declined to $1.2 million from $3.2 million. The company estimates physician-office reimbursement could decline from about $397 currently to $316 in 2027 if the proposal is finalized, while hospital outpatient reimbursement could rise 14%.