Sanuwave Q3 2026 revenue falls 24% to $8.6M; operating loss $1.1M on CMS 97610 uncertainty

SANUWAVE Health, Inc.

2026-Q3 EPS reported -$0.41 revenue$27,937,000

Revenue $8.6M, down 24% YoY from $11.3M; gross margin 77.3% vs 77.6%; GAAP operating loss $1.1M vs $0.9M operating income in Q3 2025.
Net loss $1.4M vs $9.7M net income in Q3 2025; prior year included $6.1M derivative fair-value gain and $5.0M patent-sale gain.
Adjusted EBITDA $0.7M vs $3.2M in Q3 2025; Ultramist systems sold 40 vs 155 a year ago and 82 in Q2 2026; applicator revenue rose 2% to $6.9M.
Cash $6.6M at Sept 30, 2026 after ~$2.3M paid under sales tax voluntary disclosure agreements; CEO cites CMS proposed rule impacting 97610 and customer exits.
CEO Morgan Frank cited CMS proposed rule: 14% HOPD rate increase for 97610 and removal of Q1 status, allowing billing with other procedures; CMS/AMA RUC to review scaling factors.

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