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SANUWAVE Health Inc. (SNWV+1.52%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details a 60% increase in revenue to $32.6 million for 2024, up from $20.4 million in 2023. This growth was primarily driven by increased sales of the UltraMIST systems and consumables, which constituted 98% of the company's revenue.
Operating income improved significantly, with the company reporting $5.4 million in 2024, compared to an operating loss of $0.5 million in 2023. This improvement is attributed to increased revenue and gross margin, which rose to 75% from 70% in the previous year.
Despite the operational improvements, the company reported a net loss of $31.4 million for 2024, compared to a net loss of $25.8 million in 2023. The increased net loss was largely due to a non-cash change in the fair value of derivatives.
SANUWAVE Health Inc. continues to focus on the commercialization of its patented regenerative medicine products, including the UltraMIST and PACE systems. The company aims to expand its market presence and improve patient outcomes through its innovative wound care solutions.
The company acknowledges its dependence on raising additional capital to finance operations and address upcoming debt maturities. Management is actively engaged in discussions to refinance its debt, which is due in September 2025.
The filing also highlights the company's efforts to address material weaknesses in its internal control over financial reporting. Management has implemented several initiatives to strengthen these controls and ensure compliance with U.S. GAAP.
SANUWAVE Health Inc. operates as a single reporting segment, focusing on the design and sale of medical devices. The company continues to explore opportunities for growth and expansion within the wound care market.
The filing outlines various risks and uncertainties that could impact the company's future financial condition and operating results, including regulatory compliance, market acceptance of products, and the ability to secure adequate reimbursement from third-party payors.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the SANUWAVE Health Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.