SANUWAVE Health

SNWV

Medical - Equipment & Services · Healthcare

Price

$6.39

-0.26 (-3.91%)

Market Cap

$54.9M

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+557.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 1.4M (2021) → 9.1M (2025)

SANUWAVE Health, Inc., a shock wave technology company, researches, develops, and commercializes noninvasive, high-energy, and acoustic shock waves for regenerative medicine and other applications in the United States and internationally. Its shockwaves are used to produce a biological response resulting in the body healing itself through the repair and regeneration of tissue, musculoskeletal, and vascular structures. The company's lead regenerative product is the dermaPACE device for treating d

Winston Score History

Growth Profile

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Revenue Growth

+3.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+74.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$1M/ year

↑ Rising (+101% vs prior year)

3.1% of revenue

Below sector average (18%)

R&D investment increasing — building for the future

Insider Activity

5.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$11M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

SANUWAVE Health is growing revenue at 3% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

74.7%

Premium pricing power — 74.7% gross margin

Operating Margin

-11.7%

Losing money on operations — -11.7%

ROCE

-12.5%

Weak — -12.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+22.5%

Fast-growing sales (22.5% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

36%

Weak — only 36% of profit becomes cash

FCF Margin

4.9%

Thin free cash flow (4.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

3.91

Heavy debt load (3.91)

Interest Cover

0.57x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

3.6x

Attractive valuation — P/E 3.6

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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