SANUWAVE Health Reports Second Quarter 2022 Financial Results & Will Host Live Conference Call With Business Update
Eden Prairie, MN, Aug. 15, 2022 (GLOBE NEWSWIRE) — via NewMediaWire — SANUWAVE Health, Inc. (OTCPK: SNWV), a leading provider of next-generation wound care products, reported financial results for their second quarter ending June 30, 2022, with the SEC on Friday, August 12, 2022. The Company will host a live conference call on Tuesday, August 16, 2022, at 12:30 (EDT) to provide a business update (Dial-in information below).
- Over 50 systems placed to treat wounds
- 100% increase from the 25 systems placed in Q2 2021
- Over 40,000 wound treatments administered
- Up from 31,000 treatments administered in Q2 2021
- Successfully completed MDSAP audit
- Company transitioned from Suwanee, GA to Eden Prairie, MN
- Became current on SEC filings
- Launched Cosmetic and Orthopedics verticals with initial sales in each
“Our key ENERGY FIRST products, dermaPACE® and UltraMIST®, continue to show strong acceptance and growth due to their robust clinical and financial profiles and increasingly attractive reimbursement, driven by a shift in payor focus to evidence-based medicine in wound care. As our devices ship and our footprint widens, it has allowed the company to build a high degree of recurring usage revenue. This effort has been hampered over the past year as the company has also spent significant time and effort on fixing our accounting implementation that did not go as planned. Disruption from this process flow issue led to late filings, which led to our issues on the OTC and Pink Sheets. It also had a significant financial impact as it drew attention and resources away from growth. That is in the past, and as we sit today, we are now timely and current in our SEC filings, and the excessive outside costs to fix the problem have abated, lowering our break-even point. The company is now positioned to focus on profitable growth as we capture the opportunity in the wound care space,” stated Kevin Richardson, CEO.
Quarter Financial Results
Revenues for the quarter, starting April 1, 2022, and ending June 30, 2022, came in at $3.9 million, an increase of $1 million or 33% when compared to the $ 2.9 million for the same period in 2021. The increased revenue was primarily driven by an increase in sales of the UltraMIST system. The company moved manufacturing from Georgia to Minnesota, which impacted the timing of international shipments resulting in a $100,000 reduction in international revenue year-over-year.
Gross margin increased to 72% from 64% as cost of revenue remained flat. The improvements were driven due to product mix and more efficient customer service and shipping.
Operating loss was $2 million compared to $4 million in the year prior. The improvement is due to an increase in gross income and a reduction in sales, marketing, and R&D expenses.
SANUWAVE Health, Inc. will host a live conference call on Tuesday, August 16, 2022, at 12:30 (EDT) to discuss recent business activity, provide an update on SEC filings, and detail strategic initiatives. A visual presentation accompaniment will be made available Tuesday morning via SANUWAVE’s website (https://sanuwave.com/about-us/news/).
Telephone access to the call will be available by dialing the following numbers:
A replay will be made available through August 30, 2022:
Replay Passcode: 13732361
SANUWAVE Health is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures.
SANUWAVE’s ENERGY FIRST wound care portfolio consists of regenerative medicine products and product candidates help restore the body’s normal healing processes. SANUWAVE applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and cardiac/endovascular conditions.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with the regulatory approval and marketing of the Company’s product candidates and products, unproven pre-clinical and clinical development activities, regulatory oversight, the Company’s ability to manage its capital resource issues, competition, and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
Senior Director, Marketing & Program Management
INVESTOR RELATIONS CONTACT:
Kevin Richardson II
Chief Executive Officer