SNWV · SANUWAVE Health, Inc.

Sanuwave’s preliminary Q1 2026 revenue of $9.6–$9.7 million reflects modest 3–4% year-over-year growth, consistent with prior guidance but landing at the lower end due to timing delays on several larger deals. Management explicitly attributes this softness not to demand erosion but to a temporary industry-wide pause driven by recent, significant changes in Medicare reimbursement policies for skin substitutes and allografts — a headwind affecting multiple participants in advanced wound care. Despite the near-term pressure, the Company reported unusually high engagement at the recent SAWC conference in Charlotte, including record booth traffic and fully booked hands-on Ultramist workshops, suggesting underlying clinical interest remains robust. CEO Morgan Frank characterized Q1 as a 'reckoning' but emphasized that patient needs persist and positioned Ultramist as a key part of the forward roadmap — signaling strategic continuity rather than retrenchment. Notably, the filing stresses these are preliminary figures subject to adjustment upon financial close; no GAAP net income, EPS, gross margin, or cash flow data is provided, limiting near-term earnings assessment. The absence of updated forward guidance beyond reaffirming alignment with prior expectations further constrains visibility into Q2.