Business
SANUWAVE Announces Fourth Quarter and Full Year 2022 Results and Provides Corporate Update
EDEN PRARIE, MN, April 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- SANUWAVE Health, Inc. (OTCQB: SNWV), a leading provider of next-generation
About this update from Sanuwave Health, Inc.
[{"type":"text","content":"EDEN PRARIE, MN, April 03, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire -- SANUWAVE Health, Inc. (OTCQB: SNWV), a leading provider of next-generation FDA-approved wound care products, today reported financial results for the fourth quarter and full year ended December 31, 2022 and provided a corporate update. “We are very pleased with the 2022 financial results and having achieved record annual revenues for the full year and record quarterly revenues in Q4 2022. We are managing through our supply chain challenges which remained a constraining factor in Q4 2022 and Q1 2023 and are now focusing on growing sales with increased product supply in 2023,\" stated Mr. Kevin Richardson, CEO. \"It is also noteworthy that we continue to decrease our operating expenses with the goal of achieving sustainable profitable growth.” Recent Developments and Upcoming Events Several key additions to the Sanuwave team were made during Q1 2023. Tim Hendricks recently joined Sanuwave as the Executive Vice President of Sales. Tim has extensive experience in the wound care and medical device space with more than 20 years’ experience in leadership, training and sales.Nanci Gilmore has joined Sanuwave as the Vice President of Commercial Operations. Nanci is a seasoned professional with extensive experience in start-ups along with clinical training, operations and other sales support leadership functions. Matt Igtanloc has joined Sanuwave as the Vice President of Operations. Matt has 18 years of strong experience in manufacturing, operations and processes, including in the medical device industry. Sanuwave common stock commenced trading on the OTCQB on January 30, 2023 under ticker symbol “SNWV”.The Company plans to attend the following conferences: THE THIRD ANNUAL LEADERS IN WOUND HEALING CONFERENCE – 4/18 & 4/19, New Orleans,SAWC SPRING – 4/26-30, National Harbor, MD,EWMA 2023 SYMPOSIUM - 5/5, Milan, Italy. Financial Highlights for Fourth Quarter 2022 Revenues increased by 32% to $5.5 million for the fourth quarter ended December 31, 2022, versus $4.2 million for the third quarter ending September 30, 2022.Gross margin improved to 78% of revenue in the fourth quarter ended December 31, 2022 from 72% in the third quarter ended September 30, 2022 and 69% in the fourth quarter ended December 31, 2021.Operating loss under GAAP continued to improve in the fourth...