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SNWVNasdaqSurgical & Medical Instruments & ApparatusFiscal year ends December 31

SANUWAVE Health, Inc.

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$4.83−0.13 (-2.62%)

Close on Oct 19, 2026

Market cap
$41.54M
P/E (TTM)
11.8
Dividend yield
–

About SANUWAVE Health

Surgical & Medical Instruments & Apparatus, SIC 3841

Sanuwave is a medical device enterprise specializing in directed energy solutions for regenerative medicine and wound care. The company focuses on noninvasive ultrasound technology designed to stimulate biological repair and tissue regeneration across musculoskeletal and vascular structures. Its primary commercial offering is the UltraMIST system, an FDA-cleared and patented platform that administers low-frequency, non-thermal ultrasound via a fluid mist without direct physical contact. The device treats acute and chronic wounds, including diabetic foot ulcers, surgical wounds, and deep tissue pressure injuries. Sanuwave supplies healthcare facilities, including hospitals, wound clinics, physician practices, nursing homes, and mobile wound care professionals.

Operating principally within the United States, the business distributes equipment and single-use applicators through direct representatives, independent distributors, and resellers. As of December 31, 2025, Sanuwave maintained 1,292 active systems across customer locations and employed 55 full-time personnel. The organization conducts operations from an FDA-registered, 20,019-square-foot facility providing administration, product development, quality control, and warehousing in Eden Prairie, Minnesota, where it is also headquartered.

Summary of the business section of SANUWAVE Health's latest annual report, written by StockData.

Company profile

Company

Legal name
SANUWAVE Health, Inc.
Founded
2004
Headquarters
Eden Prairie, MN
Address
9600 W. 76th Street
Phone
(952) 656-1029
Employees
55, Dec 31, 2025
Industry
Surgical & Medical Instruments & Apparatus
Incorporated in
Nevada
Fiscal year ends
December 31
Auditor
Baker Tilly US, LLP, Minneapolis, Minnesota

Stock & identifiers

Ticker
SNWV
Exchange
Nasdaq
IPO date
Oct 18, 2024
Shares outstanding
9M, Aug 4, 2026
Public float
$233.30M, Jun 30, 2025
Filer category
Non-accelerated filer<br>Smaller reporting company
Stock splits
1-for-375 reverse, Oct 18, 2024
SEC CIK
1417663
CUSIP
80303D305
ISIN
US80303D3052
EIN
20-1176000

Executives and directors

Officers and directors who filed ownership reports (Forms 3, 4, 5) in the last two years

NamePositionShares owned
Morgan C. FrankChief Executive Officer, Director120,403,452
David Timothy WernExec VP of Sales469
Daniel CoyleChief Operating Officer37
Peter StegagnoChief Operating Officer3,894
Iulian CioantaChief Sci. and Tech. Officer1,818
Nanci GilmoreChief Commercial Officer–
Peter SorensenChief Financial Officer–
Timothy HendricksExecutive VP of Sales–
Andrew WalkoPresident–
Ian D. MillerDirector19,349
James TylerDirector8,700
Jeffrey BlizardDirector–
Gregory Matthew BazarDirector–
Anthony Michael StolarskiDirector317,686

CEO pay and shareholder return

Pay versus performance table from the proxy statement

Fiscal yearCEO total payCEO pay actually paidOther executives (avg)Value of $100 investedPeer group
FY2025
Kevin ARichardson II
$0$0$1.33M$349–
FY2025
Morgan CFrank
$414.09K$1.55M$1.33M$349–
FY2024
Kevin ARichardson II
$0$0$1.04M$269–
FY2024
Morgan CFrank
$1.39M$2.58M$1.04M$269–
FY2023
Kevin ARichardson II
$410.00K$410.00K$329.23K$57–
FY2023
Morgan CFrank
$100.00K$100.00K$329.23K$57–

“Actually paid” adjusts reported pay for changes in the value of equity awards. Shareholder return assumes $100 invested at the start of the measurement period, as disclosed by the company.

Employees

Headcount reported in annual reports

“As of December 31, 2025, we had a total of 55 full time employees in the United States.”

Corporate history

Events identified from SEC filings

DateEventDetails
Sep 25, 2026Listing noticeNotice of delisting or failure to satisfy a listing rule (8-K Item 3.01)
May 21, 2025Auditor changeChange in certifying accountant (8-K Item 4.01)
May 15, 2025Auditor changeChange in certifying accountant (8-K Item 4.01)
Apr 14, 2025Auditor changeChange in certifying accountant (8-K Item 4.01)
Mar 6, 2025ListingRegistration of securities on an exchange (Form 8-A)
Jan 22, 2024Merger voteDefinitive merger proxy statement
Jul 26, 2023Listing noticeNotice of delisting or failure to satisfy a listing rule (8-K Item 3.01)
May 16, 2022Late filingNotification of late filing
Mar 31, 2022Late filingNotification of late filing
Nov 15, 2021Late filingNotification of late filing
Sep 28, 2021Listing noticeNotice of delisting or failure to satisfy a listing rule (8-K Item 3.01)
Aug 16, 2021Late filingNotification of late filing
May 17, 2021Late filingNotification of late filing
Mar 31, 2021Late filingNotification of late filing
Nov 17, 2020Late filingNotification of late filing
Aug 21, 2020Acquisition / saleCompletion of acquisition or disposition of assets (8-K Item 2.01)
Aug 12, 2020Acquisition / saleCompletion of acquisition or disposition of assets (8-K Item 2.01)
May 15, 2019Late filingNotification of late filing
Nov 15, 2018Late filingNotification of late filing
Oct 31, 2018Auditor changeChange in certifying accountant (8-K Item 4.01)
Apr 2, 2018Acquisition / saleCompletion of acquisition or disposition of assets (8-K Item 2.01)
Jan 24, 2017Auditor changeChange in certifying accountant (8-K Item 4.01)
Jul 19, 2011Auditor changeChange in certifying accountant (8-K Item 4.01)
Feb 1, 2010Name changeName changed from RUB MUSIC ENTERPRISES, INC. to SANUWAVE Health, Inc.
Sep 30, 2009Auditor changeChange in certifying accountant (8-K Item 4.01)
Sep 30, 2009Acquisition / saleCompletion of acquisition or disposition of assets (8-K Item 2.01)
May 16, 2008Late filingNotification of late filing