---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-26-072832"
form_type: "8-K"
ticker: "SNWV"
cik: "0001417663"
company_name: "SANUWAVE Health, Inc."
filed_at: "2026-11-10T22:09:29+00:00"
generated_at: "2026-11-10T22:10:14.974598+00:00"
event_type: "earnings"
sentiment: "negative"
materiality_score: 0.8
calibrated_materiality_score: 0.8
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001628280-26-072832
- form_type: 8-K
- ticker: SNWV
- cik: 0001417663
- company_name: SANUWAVE Health, Inc.
- filed_at: 2026-11-10T22:09:29+00:00
- event_type: earnings
- sentiment: negative
- materiality_score: 0.8
- calibrated_materiality_score: 0.8
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1417663/000162828026072832/0001628280-26-072832-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1417663/000162828026072832/snwv-20261110.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-26-072832
- JSON: https://secwatch.observer/filing/0001628280-26-072832.json
- Plain text: https://secwatch.observer/filing/0001628280-26-072832.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.