Sanuwave Health (SNWV) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $9.7 million, down 3% year-over-year, with gross margin declining to 76.2% and net loss of $0.7 million versus net income of $0.6 million in Q2 2025.

• Applicator unit volumes reached record levels, up 13% sequentially and 27% year-over-year, with applicator revenue rising 13% to $7.3 million.

• System sales declined sharply, with 82 Ultramist systems sold in Q2 2026, down from 116 in Q2 2025, due to market cannibalization from used devices and industry disruption from CMS reimbursement changes.

• Active UltraMIST systems at quarter-end totaled 1,411, up from 1,382 at the end of Q1 2026.

• Adjusted EBITDA for Q2 2026 was $1.2 million, down from $3.2 million in Q2 2025.

Financial highlights

• Consumables, parts, and accessories revenue rose 12% to $7.3 million, offsetting a 34% decline in system sales to $2.3 million.

• Operating loss was $0.3 million, a swing from $1.4 million operating income last year, due to lower gross margin and higher OpEx.

• Cash and cash equivalents at June 30, 2026 were $9.4 million.

• Interest expense fell significantly year-over-year following 2025 refinancing.

• General and administrative, selling and marketing, and R&D expenses all increased year-over-year.

Outlook and guidance

• Fiscal year 2026 revenue guidance has been withdrawn due to Medicare/CMS reimbursement uncertainty; no new guidance will be provided until after the CMS final rule, expected in Q4 2026.

• Management expects sufficient liquidity for at least the next twelve months, supported by cash, operating cash flow, and credit facility availability.