secwatch.observer — SEC 8-K summary
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Issuer:     SANUWAVE Health, Inc. (SNWV)
CIK:        0001417663
Form:       8-K
Filed at:   2026-11-10T22:09:29+00:00
Accession:  0001628280-26-072832
Event type: earnings
Sentiment:  negative
Materiality: 0.80
Item codes: 2.02, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1417663/000162828026072832/0001628280-26-072832-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1417663/000162828026072832/snwv-20261110.htm
  HTML page:      https://secwatch.observer/filing/0001628280-26-072832

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