Sanuwave Health Reports Record Q3 Revenue Despite Guidance Cut

Sanuwave Health, Inc. reported preliminary revenues for the third quarter of 2025 in the range of $11.4 to $11.6 million, marking a 22% to 24% increase compared to Q3 2024 but falling short of the previously guided $12 to $12.7 million. CEO Morgan Frank highlighted that the wound care market faced uncertainty due to proposed reimbursement changes, particularly for skin substitutes and grafts, causing delayed purchase decisions and reduced patient counts early in the quarter. Despite these headwinds, the company achieved 12-14% sequential growth and sold a record number of systems, with September being the highest revenue month in its history. Owing to the challenging quarter, Sanuwave revised its 2025 annual revenue guidance downward from $48-$50 million to $44-$46 million. UltraMIST reimbursement is expected to increase slightly in 2026 and is unaffected by the changes impacting other treatment modalities, presenting a future growth opportunity. The company remains optimistic about its pipeline and progress despite the near-term challenges.