On November 10, 2023, SANUWAVE will hold a conference call.
via NewMediaWire The premier supplier of cutting-edge,
FDA-approved wound care solutions, SANUWAVE Health, Inc. (the
"Company" or "SANUWAVE") (OTCQB: SNWV), released its
third-quarter 2023 results today.
For the trimester that concluded on September 30, 2023:
Compared to $4.2 million for the same time in 2022, revenue increased by 19% to $5.0 million for the three months that concluded on September 30, 2023. This rise is within the
range of the previously given estimate, which was an expected increase of 15 to
25% for Q3 2023 over Q3 2022. Compared to $11.2 million for the same time in
2022, revenue increased by 19% to $13.4 million for the nine months that
concluded on September 30, 2023.
The number of UltraMist® systems sold increased to 55 in Q3 2023 from 28 in Q1 2023 and 49 in Q2 2023.
Sixty-two percent of total revenues in the three months ending September 30, 2023, were from UltraMist® consumables, which saw a 24% rise in revenue to $3.1 million from
$2.5 million in the same quarter the previous year. More than 90% of SANUWAVE's
total revenue in Q3 came from UltraMIST systems and consumables, which
continued to be the key driver of revenue growth.
Compared to 72% during the same period previous year, the gross margin as a percentage of
revenue was 71% for the three months that ended on September 30, 2023. In 2023,
gross margins for the nine months ending September 30th were 71%, while for the
same period in the previous year they were 72%.
The Company's efforts to promote profitable growth and manage expenses throughout 2023
resulted in an improvement of $2.0 million over the same period in 2022, with
an operating loss of $0.5 million for the three months ending September 30,
2023.
In contrast to a net loss of $1.1 million for the same time in 2022, the net loss for the three
months that ended on September 30, 2023, was $23.7 million. Continued non-cash
losses on the fair value of derivative obligations accounted for the majority
of the net loss for the three months ended September 30, 2023.
Compared to a loss of $2.2 million during the same time previous year, an improvement of $1.9 million was realized in the adjusted EBITDA loss[1] for the three months ended
September 30, 2023, which was $0.3 million.
Current Standouts:
The Company raised about $3.0 million in total proceeds from the issuance of Asset-Backed Secured Promissory Notes in July 2023.
In August 2023, SANUWAVE Health and SEP Acquisition Corp., a Nasdaq-listed business connected to Mercury Life Sciences, signed an Agreement and Plan of Merger. The combined
firm is anticipated to trade on the Nasdaq Capital Market under the symbol
"SNWV" upon closure, subject to the fulfillment of the prearranged
closing conditions.
Industry veteran Andrew Walko was appointed President and head of UltraMist manufacture by Sanuwave on July 31st.
At the Symposium on Advanced Wound Care in Las Vegas, SANUWAVE promoted its cutting-edge non-invasive regenerative medicine treatments for the management of chronic
wounds. "We at Sanuwave experienced a quarter of acceleration in Q3 2023, as we started to
remove our manufacturing limitations." Large output spikes from July
occurred in August and September. Now that our manufacturing bottlenecks have
been resolved, we are preparing for the next phase of expanding our sales team
and reach by investigating some exciting new sales models.
... starting to interact with bigger clients that were hitherto out of our grasp since we
couldn't handle their needs," CEO Morgan Frank said. "We believe that
by increasing our production capacity to two to three times the level of 2023,
we will position the company for 2024 to be a transformative year," the
statement reads. "We will continue to focus on rapid, profitable growth."
Directions: The company predicts that revenue in Q4 2023 will rise by 15% to 25% in comparison to Q4 2022.