SANUWAVE's 2025 Q2 Earnings Call: Unpacking Contradictions in Sales Strategy, Patent Monetization, and Market Focus

Sales strategy and target markets, patent assertion and monetization, sales team and growth strategy, Ultramist's focus and market strategy are the key contradictions discussed in SANUWAVE Health's latest 2025Q2 earnings call.



Revenue Growth and Market Performance:
- SANUWAVE Health, Inc. reported a revenue of $10.2 million for Q2 2025, up 42% year-on-year.
- The growth was driven by a 61% increase in UltraMIST systems sold, reaching 116 units, and a 37% increase in applicator revenue, which accounted for 63% of total revenues.

Operational Efficiency and Cost Management:
- Gross margin improved to 78.3%, an increase of 510 basis points year-on-year.
- This improvement was attributed to reduced costs on UltraMIST system production and strategic pricing for UltraMIST systems and applicators.

Team Expansion and Sales Strategy:
- SANUWAVE expanded its national sales territory to 12 staff and added a full-time national and key accounts manager.
- This expansion supports the company's strategy to focus on big accounts, prepare for a first-ever outbound marketing campaign in October, and drive market awareness.

Financial Strength and Debt Refinancing:
- The company's total current assets increased to $20.2 million as of June 30, 2025, with $8.5 million in cash.
- SANUWAVE is currently working to refinance its senior secured debt, with several attractive term sheets received and a significant improvement in terms expected over the current arrangement.