With FY2026 guidance withdrawn and CMS's proposed 2027 reimbursement rule for 97610 creating material uncertainty, traders should expect elevated volatility through Q4 2026 when the final CMS rule is published. Monitor the August 7 conference call for management's strategy on the CMS comment period and any interim operational updates.
Price Chart
Executive Summary
SANUWAVE Health reported Q2 2026 revenue of $9.7M (down 3% YoY) and a net loss of $0.7M vs net income of $0.6M a year ago. The company withdrew its FY2026 guidance due to CMS reimbursement uncertainty for its 97610 code, citing material disagreements with CMS's proposed 2027 rule. This is a bearish development given the revenue decline, swing to a net loss, and removal of forward visibility.
Key Financial Metrics
Key Facts
- Q2 2026 revenue $9.7M, down 3% from $10.1M in Q2 2025
- Net loss of $0.7M vs net income of $0.6M in Q2 2025
- GAAP operating loss of $0.3M vs operating income of $1.4M in Q2 2025
- Adjusted EBITDA fell to $1.2M from $3.2M in Q2 2025
- FY2026 guidance withdrawn due to CMS reimbursement uncertainty
- Ultramist system sales declined to 82 units from 116 in Q2 2025
- Applicator revenue grew 13% to $7.3M, now 75% of total revenue
- Cash balance $9.4M at June 30, 2026 vs $12.0M at Dec 31, 2025
Financial Impact
Revenue decline of $0.4M YoY; net income swing of -$1.2M; Adjusted EBITDA decline of $2.0M; cash burn of $2.6M in H1 2026
Risk Factors
- CMS final rule for 2027 97610 reimbursement could be unfavorable, further pressuring revenue
- Continued stress on wound care customers from CMS allograft reimbursement changes
- Growing secondary market for used Ultramist systems cannibalizing new system sales
- Cash burn rate may require additional financing before CMS clarity in Q4 2026
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3340840 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 25, 2026 4w ago | 8-K | $4.65 $4.70 | ▼ −1.08% | ▲ +0.13% | $5.07 (−9.03%) |
Aug 6, 2026 11w ago | 8-K | $5.88 $4.74 | ▲ +19.39% | ▲ +19.79% | $5.07 (+13.78%) |
Aug 6, 2026 11w ago | Press Release | $5.88 $4.74 | ▲ +19.39% | ▲ +19.79% | $5.07 (+13.78%) |
Jul 30, 2026 12w ago | Press Release | $6.17 $5.88 | ▼ −4.70% | ▼ −8.21% | $5.07 (−17.83%) |
Jun 16, 2026 18w ago | 8-K | $8.51 $8.20 | ▲ +3.64% | ▲ +1.41% | $5.07 (+40.42%) |
Jun 16, 2026 18w ago | Press Release | $8.51 $8.20 | ▲ +3.64% | ▲ +1.41% | $5.07 (+40.42%) |
Jun 11, 2026 19w ago | Institutional Cluster | $14.69 $9.09 | ▼ −38.12% | ▼ −38.55% | $5.07 (−65.49%) |
May 12, 2026 23w ago | Press Release | $18.94 $16.69 | ▼ −11.88% | ▼ −10.72% | $5.07 (−73.23%) |
May 6, 2026 24w ago | Press Release | $16.65 $18.94 | ▲ +13.75% | ▲ +12.25% | $5.07 (−69.55%) |
Apr 16, 2026 27w ago | 8-K | $20.61 $18.70 | ▼ −9.27% | ▼ −9.82% | $5.07 (−75.40%) |
US Market Status
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