We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
SANUWAVE Health Inc (QB) | USOTC:SNWV | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.0009 | 4.09% | 0.0229 | 0.0202 | 0.025 | 0.0229 | 0.0213 | 0.0225 | 588,000 | 21:00:05 |
Date of Report (Date of earliest event reported)
|
|
|
(Exact name of registrant as specified in its charter)
|
|
|
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant’s telephone number, including area code
|
(
|
N/A
|
(Former name or former address, if changed since last report)
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which
registered
|
N/A
|
N/A
|
N/A
|
Item 2.02 |
Results of Operations and Financial Condition.
|
Item 9.01
|
Financial Statements and Exhibits.
|
(d)
|
Exhibits.
|
Exhibit
No.
|
Description
|
|
Press Release dated November 10, 2023
|
||
104
|
Cover Page Interactive Data File--the cover page XBRL tags are embedded within the Inline XBRL document.
|
SANUWAVE HEALTH, INC.
|
||
Dated: November 13, 2023
|
By:
|
/s/ Toni Rinow
|
Name:
|
Toni Rinow
|
|
Title:
|
Chief Financial Officer
|
■ |
Revenue for the three months ended September 30, 2023 totaled $5.0 million, an increase of 19%, as compared to $4.2 million for the same period of 2022. This growth falls within the previously
provided guidance range of an approximately 15 to 25% increase for Q3 2023 as compared to Q3 2022. Revenue for the nine months ended September 30, 2023 totaled $13.4 million, an increase of 19%, as compared to $11.2 million for the same
period of 2022.
|
■ |
55 UltraMist® systems were sold in Q3 2023, up from 28 in Q1 2023 and 49 in Q2 2023.
|
■ |
UltraMist® consumables revenue increased by 24% to $3.1 million, versus $2.5 million for the same quarter last year and constituted 62% of overall revenues in the three months ended
September 30, 2023. UltraMIST systems and consumables remained the primary revenue growth driver and represented in excess of 90% of SANUWAVE’s overall revenues in Q3.
|
■ |
Gross margin as a percentage of revenue amounted to 71% for the three months ended September 30, 2023, vs 72% for the same period last year. For the nine-months ended September 30, 2023, gross
margins amounted to 71% vs. 72% for the same period last year.
|
■ |
For the three months ended September 30, 2023, operating loss totaled $0.5 million, which is an improvement of $2.0 million compared to the same period in 2022 as a result of the Company’s efforts
to drive profitable growth and manage expenses during 2023.
|
■ |
Net loss for the three months ended September 30, 2023 was $23.7 million, compared to a net loss of $1.1 million for the same period in 2022. Net loss for the three months ended September 30, 2023
was primarily due to continued non-cash losses on the fair value of derivative liabilities.
|
■ |
Adjusted EBITDA loss1 for the three months ended September 30, 2023 was $0.3 million versus a loss of $2.2 million for the same period last year, an improvement of $1.9 million.
|
■ |
In July 2023, the Company issued Asset-Backed Secured Promissory Notes for which it received total proceeds of approximately $3.0 million.
|
■ |
SANUWAVE Health entered into an Agreement and Plan of Merger with Sweat Equity Partners and Mercury Life Sciences-affiliated SEP Acquisition Corp., a Nasdaq-listed company, in August 2023. Upon
closing, subject to the satisfaction of the agreed upon closing conditions, the combined company is expected to trade on the Nasdaq Capital Market under the symbol “SNWV”.
|
■ |
On July 31st, Sanuwave hired industry veteran Andrew Walko as President and head of UltraMist manufacturing.
|
■ |
SANUWAVE showcased its innovative non-invasive, regenerative medicine solutions for the treatment of chronic wounds at the Symposium on Advanced Wound Care in Las Vegas.
|
● |
Do not reflect every expenditure, future requirements for capital expenditures or contractual commitments.
|
● |
Do not reflect all changes in our working capital needs.
|
● |
Do not reflect interest expense, or the amount necessary to service our outstanding debt.
|
Three months ended September 30,
|
Nine months ended September 30,
|
|||||||||||||||
(in thousands)
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Net (Loss)/Income
|
$
|
(23,700
|
)
|
$
|
(1,139
|
)
|
$
|
(44,042
|
)
|
$
|
(4,596
|
)
|
||||
Non-GAAP Adjustments:
|
||||||||||||||||
Interest expense
|
3,845
|
3,821
|
12,504
|
9,972
|
||||||||||||
Depreciation and amortization
|
266
|
235
|
780
|
681
|
||||||||||||
EBITDA
|
(19,589
|
)
|
2,917
|
(30,758
|
)
|
6,057
|
||||||||||
Non-GAAP Adjustments for Adjusted EBITDA:
|
||||||||||||||||
Change in fair value of derivative liabilities
|
19,325
|
(5,252
|
)
|
29,943
|
(16,597
|
)
|
||||||||||
Other non-cash or one-time charges:
|
||||||||||||||||
Release of historical accrued employee compensation expenses
|
-
|
-
|
(1,250
|
)
|
-
|
|||||||||||
Shares for Services
|
-
|
-
|
224
|
888
|
||||||||||||
Loss on issuance of debt
|
-
|
-
|
-
|
3,434
|
||||||||||||
Loss on extinguishment of debt
|
-
|
86
|
-
|
297
|
||||||||||||
Adjusted EBITDA
|
$
|
(264
|
)
|
$
|
(2,249
|
)
|
$
|
(1,841
|
)
|
$
|
(5,921
|
)
|
ITEM 1. |
FINANCIAL STATEMENTS
|
|
September 30, 2023
|
December 31, 2022
|
||||||
ASSETS
|
||||||||
Current Assets:
|
||||||||
Cash
|
$
|
1,095
|
$
|
1,153
|
||||
Accounts receivable, net of allowance of $1,247 and $1,037, respectively
|
3,231
|
4,029
|
||||||
Inventory
|
1,713
|
868
|
||||||
Prepaid expenses and other current assets
|
1,355
|
570
|
||||||
Total Current Assets
|
7,394
|
6,620
|
||||||
Property, equipment and other, net
|
1,079
|
856
|
||||||
Intangible assets, net
|
4,609
|
5,137
|
||||||
Goodwill
|
7,260
|
7,260
|
||||||
Total Non-current Assets
|
12,948
|
13,253
|
||||||
Total Assets
|
$
|
20,342
|
$
|
19,873
|
||||
|
||||||||
LIABILITIES
|
||||||||
Current Liabilities:
|
||||||||
Senior secured debt, in default
|
$
|
17,645
|
$
|
14,416
|
||||
Convertible promissory notes payable
|
7,553
|
16,713
|
||||||
Convertible promissory notes payable, related parties
|
2,495
|
7,409
|
||||||
Asset-backed secured promissory notes
|
6,576
|
-
|
||||||
Asset-backed secured promissory notes, related parties
|
3,094
|
-
|
||||||
Accounts payable
|
4,623
|
4,400
|
||||||
Accrued expenses
|
6,359
|
8,512
|
||||||
Factoring liabilities
|
1,814
|
2,130
|
||||||
Warrant liability
|
28,106
|
1,416
|
||||||
Accrued interest
|
5,369
|
4,052
|
||||||
Accrued interest, related parties
|
729
|
788
|
||||||
Current portion of contract liabilities
|
68
|
60
|
||||||
Other
|
1,003
|
291
|
||||||
Total Current Liabilities
|
85,434
|
60,187
|
||||||
Non-current Liabilities
|
||||||||
Lease liabilities
|
550
|
438
|
||||||
Contract liabilities
|
284
|
230
|
||||||
Deferred tax liability
|
28
|
28
|
||||||
Total Non-currrent Liabilities
|
862
|
696
|
||||||
Total Liabilities
|
$
|
86,296
|
$
|
60,883
|
||||
|
||||||||
Commitments and Contingencies (Footnote 13)
|
||||||||
|
||||||||
STOCKHOLDERS’ DEFICIT
|
||||||||
Preferred Stock, par value $0.001, 5,000,000 shares authorized; 6,175 shares Series A, 293 shares Series B, 90 shares Series C and 8 shares
Series D no shares issued and outstanding at September 30, 2023 and December 31, 2022
|
$
|
-
|
$
|
-
|
||||
Common stock, par value $0.001, 2,500,000,000 shares authorized; 1,026,078,464 and 548,737,651 issued and outstanding at September 30, 2023
and December 31, 2022, respectively
|
1,026
|
549
|
||||||
Additional paid-in capital
|
171,377
|
152,750
|
||||||
Accumulated deficit
|
(238,284
|
)
|
(194,242
|
)
|
||||
Accumulated other comprehensive loss
|
(73
|
)
|
(67
|
)
|
||||
Total Stockholders’ Deficit
|
(65,954
|
)
|
(41,010
|
)
|
||||
Total Liabilities and Stockholders’ Deficit
|
$
|
20,342
|
$
|
19,873
|
|
Three Months Ended september 30,
|
Nine Months Ended September 30,
|
||||||||||||||
|
2023
|
2022
|
2023
|
2022
|
||||||||||||
Revenue
|
$
|
4,953
|
$
|
4,166
|
$
|
13,404
|
$
|
11,242
|
||||||||
Cost of Revenues
|
1,412
|
1,157
|
3,876
|
3,141
|
||||||||||||
Gross Margin
|
3,541
|
3,009
|
9,528
|
8,101
|
||||||||||||
|
||||||||||||||||
Operating Expenses:
|
||||||||||||||||
General and administrative
|
2,681
|
3,498
|
6,678
|
9,484
|
||||||||||||
Selling and marketing
|
1,039
|
1,650
|
3,430
|
5,037
|
||||||||||||
Research and development
|
165
|
157
|
436
|
494
|
||||||||||||
Depreciation and amortization
|
187
|
189
|
563
|
575
|
||||||||||||
Total Operating Expenses
|
4,072
|
5,494
|
11,107
|
15,590
|
||||||||||||
|
||||||||||||||||
Operating Loss
|
(531
|
)
|
(2,485
|
)
|
(1,579
|
)
|
(7,489
|
)
|
||||||||
|
||||||||||||||||
Other (Expense)/Income:
|
||||||||||||||||
Interest expense
|
(2,907
|
)
|
(3,382
|
)
|
(10,125
|
)
|
(9,421
|
)
|
||||||||
Interest expense, related party
|
(938
|
)
|
(439
|
)
|
(2,379
|
)
|
(551
|
)
|
||||||||
Change in fair value of derivative liabilities
|
(19,325
|
)
|
5,252
|
(29,943
|
)
|
16,597
|
||||||||||
Loss on issuance of debt
|
-
|
-
|
-
|
(3,434
|
)
|
|||||||||||
Loss on extinguishment of debt
|
-
|
(86
|
)
|
-
|
(297
|
)
|
||||||||||
Other (expense) income
|
1
|
1
|
(16
|
)
|
(1
|
)
|
||||||||||
Total Other (Expense)/Income
|
(23,169
|
)
|
1,346
|
(42,463
|
)
|
2,893
|
||||||||||
|
||||||||||||||||
Net Loss before Income Taxes
|
(23,700
|
)
|
(1,139
|
)
|
(44,042
|
)
|
(4,596
|
)
|
||||||||
|
||||||||||||||||
Provision for Income Taxes
|
-
|
-
|
-
|
-
|
||||||||||||
|
||||||||||||||||
Net Loss
|
(23,700
|
)
|
(1,139
|
)
|
(44,042
|
)
|
(4,596
|
)
|
||||||||
|
||||||||||||||||
Other Comprehensive Loss
|
||||||||||||||||
Foreign currency translation adjustments
|
7
|
-
|
(6
|
)
|
6
|
|||||||||||
|
||||||||||||||||
Total Comprehensive Loss
|
$
|
(23,693
|
)
|
$
|
(1,139
|
)
|
$
|
(44,048
|
)
|
$
|
(4,590
|
)
|
||||
|
||||||||||||||||
Loss per Share:
|
||||||||||||||||
Basic and diluted
|
$
|
(0.03
|
)
|
$
|
(0.00
|
)
|
$
|
(0.06
|
)
|
$
|
(0.01
|
)
|
||||
Weighted average shares outstanding
|
||||||||||||||||
Basic and diluted
|
892,956,020
|
561,069,625
|
683,771,214
|
542,484,779
|
Three Months Ended September 30, 2023
|
||||||||||||||||||||||||
|
Common Stock
|
|||||||||||||||||||||||
|
Number of
Shares
Issued and
Outstanding
|
Par Value
|
Additional Paid-
in Capital
|
Accumulated
Deficit
|
Accumulated
Other
Comprehensive
Loss
|
Total
|
||||||||||||||||||
|
||||||||||||||||||||||||
Balances as of June 30, 2023
|
561,637,651
|
$
|
562
|
$
|
153,264
|
$
|
(214,584
|
)
|
$
|
(80
|
)
|
$
|
(60,838
|
)
|
||||||||||
Shares issued for settlement of debt
|
464,440,813
|
464
|
18,113
|
-
|
-
|
18,577
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
(23,700
|
)
|
-
|
(23,700
|
)
|
||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
7
|
7
|
||||||||||||||||||
|
||||||||||||||||||||||||
Balances as of September 30, 2023
|
1,026,078,464
|
$
|
1,026
|
$
|
171,377
|
$
|
(238,284
|
)
|
$
|
(73
|
)
|
$
|
(65,954
|
)
|
Three Months Ended September 30, 2022
|
||||||||||||||||||||||||
|
Common Stock
|
|||||||||||||||||||||||
|
Number of
Shares
Issued and
Outstanding
|
Par Value
|
Additional Paid-
in Capital
|
Accumulated
Deficit
|
Accumulated
Other
Comprehensive
Loss
|
Total
|
||||||||||||||||||
|
||||||||||||||||||||||||
Balances as of June 30, 2022
|
529,293,205
|
$
|
529
|
$
|
151,409
|
$
|
(187,406
|
)
|
$
|
(67
|
)
|
$
|
(35,535
|
)
|
||||||||||
Shares issued for settlement of debt and warrants
|
19,444,446
|
20
|
1,341
|
-
|
-
|
1,361
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
(1,139
|
)
|
-
|
(1,139
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||
Balances as of September 30, 2022
|
548,737,651
|
$
|
549
|
$
|
152,750
|
$
|
(188,545
|
)
|
$
|
(67
|
)
|
$
|
(35,313
|
)
|
Nine Months Ended September 30, 2023
|
||||||||||||||||||||||||
|
Common Stock
|
|||||||||||||||||||||||
|
Number of
Shares
Issued and
Outstanding
|
Par Value
|
Additional Paid-
in Capital
|
Accumulated
Deficit
|
Accumulated
Other
Comprehensive
Loss
|
Total
|
||||||||||||||||||
|
||||||||||||||||||||||||
Balances as of December 31, 2022
|
548,737,651
|
$
|
549
|
$
|
152,750
|
$
|
(194,242
|
)
|
$
|
(67
|
)
|
$
|
(41,010
|
)
|
||||||||||
Shares issued for services
|
12,900,000
|
13
|
514
|
-
|
-
|
527
|
||||||||||||||||||
Shares issued for settlement of debt
|
464,440,813
|
464
|
18,113
|
-
|
-
|
18,577
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
(44,042
|
)
|
-
|
(44,042
|
)
|
||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
(6
|
)
|
(6
|
)
|
||||||||||||||||
|
||||||||||||||||||||||||
Balances as of September 30, 2023
|
1,026,078,464
|
$
|
1,026
|
$
|
171,377
|
$
|
(238,284
|
)
|
$
|
(73
|
)
|
$
|
(65,954
|
)
|
Nine Months Ended September 30, 2022
|
||||||||||||||||||||||||
|
Common Stock
|
|||||||||||||||||||||||
|
Number of
Shares
Issued and
Outstanding
|
Par Value
|
Additional Paid-
in Capital
|
Accumulated
Deficit
|
Accumulated
Other
Comprehensive
Loss
|
Total
|
||||||||||||||||||
|
||||||||||||||||||||||||
Balances as of December 31, 2021
|
481,619,621
|
$
|
482
|
$
|
144,582
|
$
|
(183,949
|
)
|
$
|
(73
|
)
|
$
|
(38,958
|
)
|
||||||||||
Cashless warrant exercise
|
14,000,000
|
14
|
2,152
|
-
|
-
|
2,166
|
||||||||||||||||||
Warrant exercise
|
909,091
|
1
|
99
|
-
|
-
|
100
|
||||||||||||||||||
Shares issued in conjunction with Note Payable
|
20,666,993
|
20
|
3,700
|
-
|
-
|
3,720
|
||||||||||||||||||
Shares issued for settlement of debt and warrants
|
19,444,446
|
20
|
1,341
|
-
|
-
|
1,361
|
||||||||||||||||||
Shsares issued for services
|
12,097,500
|
12
|
876
|
-
|
-
|
888
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
(4,596
|
)
|
-
|
(4,596
|
)
|
||||||||||||||||
Foreign currency translation adjustment
|
-
|
-
|
-
|
-
|
6
|
6
|
||||||||||||||||||
|
||||||||||||||||||||||||
Balances as of September 30, 2022
|
548,737,651
|
$
|
549
|
$
|
152,750
|
$
|
(188,545
|
)
|
$
|
(67
|
)
|
$
|
(35,313
|
)
|
|
Nine Months Ended September 30,
|
|||||||
|
2023
|
2022
|
||||||
Cash Flows - Operating Activities:
|
||||||||
Net loss
|
$
|
(44,042
|
)
|
$
|
(4,596
|
)
|
||
Adjustments to reconcile net loss to net cash used by operating activities
|
||||||||
Depreciation and amortization
|
780
|
681
|
||||||
Bad debt expense
|
547
|
62
|
||||||
Shares issued for services
|
224
|
888
|
||||||
Change in fair value of derivative liabilities
|
29,943
|
(16,597
|
)
|
|||||
Loss on extinguishment of debt
|
-
|
297
|
||||||
Loss on issuance of debt
|
-
|
3,434
|
||||||
Amortization of debt issuance costs and original issue discount
|
5,656
|
2,998
|
||||||
Accrued interest
|
5,529
|
2,004
|
||||||
Gain on sale of property and equipment, net
|
-
|
51
|
||||||
Changes in operating assets and liabilities
|
||||||||
Accounts receivable - trade
|
253
|
69
|
||||||
Inventory
|
(844
|
)
|
178
|
|||||
Prepaid expenses and other assets
|
(487
|
)
|
(656
|
)
|
||||
Accounts payable
|
464
|
(1,693
|
)
|
|||||
Accrued expenses
|
(1,326
|
)
|
(202
|
)
|
||||
Contract liabilities
|
50
|
(94
|
)
|
|||||
Net Cash Used in Operating Activities
|
(3,253
|
)
|
(13,176
|
)
|
||||
|
||||||||
Cash Flows - Investing Activities
|
||||||||
Proceeds from sale of property and equipment
|
13
|
1,022
|
||||||
Purchase of property and equipment
|
(169
|
)
|
-
|
|||||
Net Cash Flows (Used in)/Provided by Investing Activities
|
(156
|
)
|
1,022
|
|||||
|
||||||||
Cash Flows - Financing Activities
|
||||||||
Proceeds from senior promissory notes
|
-
|
2,940
|
||||||
Proceeds from convertible promissory notes payable
|
1,202
|
12,366
|
||||||
Proceeds from bridge notes payable
|
2,994
|
640
|
||||||
Payments to factoring agent, net
|
(710
|
)
|
(227
|
)
|
||||
Proceeds from warrant exercises
|
-
|
100
|
||||||
Payments of principal on finance leases
|
(130
|
)
|
(174
|
)
|
||||
Payments of principal on convertible promissory notes and SBA loans
|
-
|
(2,981
|
)
|
|||||
Net Cash Flows Provided by Financing Activities
|
3,356
|
12,664
|
||||||
|
||||||||
Effect of Exchange Rates on Cash
|
(5
|
)
|
(17
|
)
|
||||
|
||||||||
Net Change in Cash and Restricted Cash During Period
|
(58
|
)
|
493
|
|||||
|
||||||||
Cash and Restricted Cash at Beginning of Period
|
1,153
|
619
|
||||||
Cash and Restricted Cash at End of Period
|
$
|
1,095
|
$
|
1,112
|
||||
|
||||||||
Supplemental Information:
|
||||||||
Cash paid for interest
|
$
|
984
|
$
|
3,345
|
||||
|
||||||||
Non-cash Investing and Financing Activities:
|
||||||||
Warrants issued in conjunction with senior secured promissory note payable and convertible promissory notes payable
|
$
|
570
|
$
|
4,117
|
||||
Conversion of convertible notes payable to common stock
|
18,577
|
-
|
||||||
Common shares issued for advisory shares
|
302
|
-
|
||||||
Embedded conversion feature on convertible promissory notes payable and bridge notes payable
|
(520
|
)
|
2,309
|
|||||
Reclassification of warrant liability due to cashless warrant exercise
|
-
|
2,166
|
||||||
Working capital balances refinanced into convertible notes payable
|
2,273
|
|||||||
Settlement of debt and warrants with stock
|
1,361
|
|||||||
Common shares issued in conjunction with senior secured promissory note payable
|
-
|
3,720
|
Document and Entity Information |
Nov. 10, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Nov. 10, 2023 |
Entity File Number | 000-52985 |
Entity Registrant Name | SANUWAVE Health, Inc. |
Entity Central Index Key | 0001417663 |
Entity Incorporation, State or Country Code | NV |
Entity Tax Identification Number | 20-1176000 |
Entity Address, Address Line One | 11495 Valley View Road |
Entity Address, City or Town | Eden Prairie |
Entity Address, State or Province | MN |
Entity Address, Postal Zip Code | 55344 |
City Area Code | 770 |
Local Phone Number | 419-7525 |
Entity Emerging Growth Company | false |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
1 Year SANUWAVE Health (QB) Chart |
1 Month SANUWAVE Health (QB) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions