SANUWAVE Health, Inc. · Surgical & Medical Instruments & Apparatus

SNWV

Elevated riskNext report: Around Nov 6 (est.)

View price ↗

The short version

A profitable company with steady sales. Institutions are trimming.

Going well

Profitable, keeps 27% of sales as profit
Sales up 35% last year
Brings in more cash than it spends

Watch out for

High debt: 13.52x equity

Money moves

No insider buying or selling in the last 30 days
Institutions cut 23% from their holdings in the quarter ending June 2026 (27 bought, 39 sold)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$5.10-1.5% that day

Company value: $44M; Share price times all shares
Price vs profit (P/E): 15.0x; You pay about $15 for each $1 of yearly profit
Price vs sales: 1.00x; Company value is 1.00 times a year of sales
Cash vs value: 21%; Cash as a share of company value
Debt vs value: 50%; Debt as a share of company value

From SNWV's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$9.7M-3.1% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $44.0M, up 13% from the 12 months before. Over 5 years, sales grew about 61% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of SNWV. Starting points are the company's recent numbers.

Sales growth+13% a yearRecently: +13% a yearProfit margin35%Last 12 months: 34.7%P/E at the end15xToday: 15.0x. Many steady companies trade at 12x to 25xShare count change0% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$81M

Profit in 5 years$28M

Price these guesses point to$49.50+871% vs $5.10 todayAbout +58% a year, before dividends

What today's price needs: with a 35% margin and a 15x P/E, sales could shrink about 28% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

3/5Mixed

MissDebt under half of equityNot relying on borrowed money.13.52x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.26.8%
MissProfitable every yearSteady profits, not one good year.1 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$1.9M
PassGross margin 40%+Pricing power: sells for well above what it costs to make.77.1%

Revenue: $44.1M; +35.0% vs prior year
5-year growth: +61.1%/yr; revenue, per year
Total debt: $21.9M; 13.52x equity
Current ratio: 1.38x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+, share count not growing. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 6

Revenue: $9.7M; -3.1% YoY
EPS: -$0.08; vs -$0.04
Op. margin: -2.9%; -17.2 pts
Gross margin: 76.2%; -1.9 pts
Free cash flow: $91K
Share count: -6.2%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 0.9
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Distributing-22.9%

Institutions cut 22.9% from their holdings. 27 bought, 39 sold.

Shares held by institutions3.2M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-79.7%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

7.4x · $20.5M debt

Shares outstandingLatest reported

Why elevated risk

High debt: 7.36x equity
Past financials no longer reliable

Earnings reports

Last 12

Next reportAround Nov 6 (est.)Estimated from the same quarter last year

Results filedAug 6
Results filedJul 13
Results filedMay 12
Results filedApr 16
Results filedMar 26

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

Listing standards noticeSep 25 · View filing ↗Red flag 5%+ holder update (passive)Aug 14 · View filing ↗Big holder 5%+ holder update (passive)Jul 31 · View filing ↗Big holder 5%+ holder update (passive)Jul 30 · View filing ↗Big holder Past financials no longer reliableMar 13 · View filing ↗Red flag

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Stock awardIan D. MillerDirector

12,697 shares

Now owns 12,697 shares
Exercise price $4.71
Stock Option (right to buy)
Filed 2 days after trade

Sep 30Form 4 ↗

Stock awardJeffrey BlizardDirector

11,286 shares

Now owns 11,286 shares
Exercise price $4.71
Stock Option (right to buy)
Filed 2 days after trade

Sep 30Form 4 ↗

Stock awardGregory Matthew BazarDirector

11,286 shares

Now owns 11,286 shares
Exercise price $4.71
Stock Option (right to buy)
Filed 2 days after trade

Sep 30Form 4 ↗

Stock awardMorgan C. FrankChief Executive Officer, Director

11,286 shares

Now owns 11,286 shares
Exercise price $4.71
Stock Option (right to buy)
Filed 2 days after trade

Sep 30Form 4 ↗

Stock awardJames TylerDirector

11,286 shares

Now owns 11,286 shares
Exercise price $4.71
Stock Option (right to buy)
Filed 2 days after trade

Sep 30Form 4 ↗

Listing standards noticeSep 25 · Form 8-K ↗5%+ holder update (passive)Aug 14 · Form SCHEDULE 13G/A ↗Quarterly reportAug 6 · Form 10-Q ↗Earnings resultsAug 6 · Form 8-K ↗5%+ holder update (passive)Jul 31 · Form SCHEDULE 13G/A ↗5%+ holder update (passive)Jul 30 · Form SCHEDULE 13G/A ↗Earnings resultsJul 13 · Form 8-K ↗

Stock awardMorgan C. FrankChief Executive Officer, Director

5,524 shares

Now owns 5,524 shares
Exercise price $10.00
Stock Option (right to buy)
Filed 2 days after trade

Jun 30Form 4 ↗

Insider tradeJul 2 · Form 4 ↗Insider tradeJul 2 · Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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