SANUWAVE Health, Inc.
SNWVNasdaqHealthcare · Surgical & Medical Instruments & Apparatus · NV · SEC filings ↗ · Compare ⊕
View price & chart on Yahoo Finance ↗Financials
SEC XBRL · annual| FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | |
|---|---|---|---|---|---|---|
| Revenue | $9.3M | $32.3M | $19.3M | $15.5M | $11.4M | $3.6M |
| Operating income | $601,000 | −$1.3M | −$540,000 | −$9.0M | −$14.1M | −$25.2M |
| Net income | −$6.1M | −$4.8M | −$25.8M | −$10.3M | −$27.3M | −$30.9M |
| Total assets | $37.3M | $30.1M | $22.4M | $19.9M | $18.6M | $23.0M |
| Total liabilities | $51.7M | $67.0M | $65.6M | $60.9M | $57.6M | $36.7M |
| Equity | −$20.8M | −$44.5M | −$44.5M | −$41.0M | −$39.0M | −$13.7M |
| EPS (diluted) | $-0.72 | $0.00 | $-12.19 | $-0.02 | $-0.05 | $-0.08 |
| Shares out. | 8.5M | 1.14B | 558.6M | 517.2M | 481.6M | 297.3M |
Reported figures from the company's SEC filings (XBRL). Blank where a line item isn't cleanly tagged — never estimated.
Key ratios
from filings · FY2025- Operating margin
- 6.4%
- Net margin
- −65.6%
- Return on equity
- 29.4%
- Return on assets
- −16.4%
- Return on capital (ROCE)
- —
- Liabilities / assets
- 138.4%
- Debt / equity
- —
- Book value / share
- $-2.43
- Revenue growth (YoY)
- −71.1%
- Net income growth (YoY)
- —
Computed from the company's own SEC figures — no market price, so these are facts, not a valuation. Book value per share is reported equity ÷ shares; it is not the stock price.
Financial health
forensic scores · FY2025- Altman Z″ (distress)
- -27.66distress
- Accruals / assets
- −12.3%clean
- Piotroski F-Score
- 5/9mixed
Altman Z″is a textbook bankruptcy-distress score from book values only (>2.6 safe · 1.1–2.6 grey · <1.1 distress). Accruals = (net income − operating cash flow) ÷ assets; persistently high accruals are an earnings-quality red flag. Beneish M-Scoreis an eight-ratio screen comparing this year with last (M > −1.78 = elevated manipulation-risk screen, not proof). Piotroski F-Scorecounts how many of nine fundamental-health checks pass (shown as passed / applicable; we use operating margin and total liabilities as documented proxies where the exact input isn't XBRL-tagged). Computed from SEC filings — descriptive factors, not advice or a forecast.
Quality score
EDS ScoreOur own multi-factor score from free SEC data — profitability, growth, financial strength, earnings quality, and event/ownership catalysts. No market price and no licensed model: each axis is the share of source-backed checks it passes. Descriptive factors, not advice or a forecast.
Signs
● 3 severe● 4 warning● 3 good- Negative shareholder equity
- Altman Z″ in the distress zone
- Filed a late-filing notice (Form NT) — missed an SEC deadline
- Reported a net loss
- Revenue declined year-over-year
- High leverage (liabilities > 70% of assets)
- Negative operating cash flow
- Operating margin is positive
- Strong return on equity (>15%)
- Clean earnings (low accruals)
Derived from the company's own SEC figures (fundamentals, forensic scores, filing discipline) — descriptive factors, not advice or a forecast.
Risk flags
late SEC filings- NT 10-Qmissed a reporting deadline ↗May 16, 2022
- NT 10-K/Amissed a reporting deadline ↗Apr 4, 2022
- NT 10-Kmissed a reporting deadline ↗Mar 31, 2022
- NT 10-Qmissed a reporting deadline ↗Nov 15, 2021
- NT 10-Qmissed a reporting deadline ↗Aug 16, 2021
- NT 10-Qmissed a reporting deadline ↗May 17, 2021
A Form NT means the company notified the SEC it would file a periodic report late — often an accounting, audit or liquidity warning sign. Also search SEC enforcement actions for this company.
5%+ owners
SEC Schedule 13D / 13G · last 3 yrs- Opaleye Management Inc.Passive (13G)May 4, 2026
- Vanguard Group IncPassive (13G)Mar 27, 2026
- Manchester Management Co LlcActivist (13D)Dec 15, 2025
- Blackrock, Inc.Passive (13G)Oct 17, 2025
- Solas Capital Management, LlcPassive (13G)Aug 14, 2025
- Awm Investment Company, Inc.Passive (13G)May 9, 2025
Holders who disclosed a 5%+ stake. 13D signals intent to influence or control; 13G is a passive holding. Latest filing per holder — open it for the exact stake.
Insider transactions
SEC Form 4 · most recent| Insider | Date | Type | Shares | Price |
|---|---|---|---|---|
| Opaleye Management Inc.10% owner | Apr 30, 2026 | Sell | 24,000 | $16.15 |
| Opaleye Management Inc.10% owner | Apr 28, 2026 | Sell | 43,788 | $18.47 |
| Opaleye Management Inc.10% owner | Apr 17, 2026 | Sell | 11,267 | $20.46 |
Headline trade per Form 4 (officers, directors, 10%+ owners). Buy/sell read from the filing's structured data — blank where a field isn't cleanly tagged.
Short interest
FINRA · bi-monthly| Settlement | Shares short | Days to cover | Δ vs prior |
|---|---|---|---|
| May 15, 2026 | 810,287 | 6.0 | +5.5% |
| Apr 30, 2026 | 768,285 | 7.9 | +14.6% |
| Apr 15, 2026 | 670,627 | 10.9 | +8.1% |
| Mar 31, 2026 | 620,241 | 6.5 | +4.4% |
| Mar 13, 2026 | 594,119 | 8.5 | +0.2% |
Shares sold short as reported to FINRA. Days-to-cover = short shares ÷ average daily volume — higher means more potential squeeze pressure.
Material events
SEC Form 8-K · most recent- Results of operationsMay 12, 2026
- Results of operationsApr 16, 2026
- Results of operationsMar 26, 2026
- Prior financials not reliable (restatement)Mar 13, 2026
- Results of operationsNov 7, 2025
- Director / officer changeOct 30, 2025
- Director / officer changeOct 1, 2025
- Entered a material agreement · Terminated a material agreement · New financial obligation · Regulation FD disclosureSep 26, 2025
Events the company reported on Form 8-K, labelled by the SEC item code it filed under — its own classification, not our interpretation.