Business
SANUWAVE Announces Q1 2023 Financial Results
EDEN PRAIRIE, MN, May 12, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - SANUWAVE Health, Inc. (OTCQB: SNWV), a leading provider of next-generation FDA-approved
About this update from Sanuwave Health, Inc.
[{"type":"text","content":"EDEN PRAIRIE, MN, May 12, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire - SANUWAVE Health, Inc. (OTCQB: SNWV), a leading provider of next-generation FDA-approved wound care products, today announced 1st quarter 2023 results. For the three-months ended March 31, 2023: Revenues increased 18% to $3.8 million for Q1 2023 versus $3.2 million for the same period last year. This growth falls within the guidance range of 14-20%, provided on the prior conference call.UltraMist® systems sold increased 12% to 28 for Q1 2023, versus 25 systems for the same period last year.UltraMist® applicator cases sold increased 18% to 3,641, versus 3,093 applicator cases for the same period last year.Gross margin as a percentage of revenue decreased for the three months ended March 31, 2023, to 67% from 72% for the same period last year.Operating loss totaled $2.0 million for the three months ended March 31, 2023, which was flat compared to the same period last year.We anticipate second quarter revenue growth to fall within a range of 15-25%. Mr. Kevin Richardson, CEO, stated, “We are very pleased with the strong interest we observed from customers at the three conferences we attended. The Third Annual Leaders in Wound Healing Conference in New Orleans, the Symposium on Advanced Wood Care Spring (SAWC Spring) in National Harbor, MD, and EWMA 2023 Symposium in Milan, Italy. These conferences were an ideal platform for us to showcase our innovative non-invasive, regenerative medicine solutions for the treatment of chronic wounds. SANUWAVE Health is committed to advancing the field of regenerative medicine and improving patient care. The company's groundbreaking technology has been shown to accelerate the healing of chronic wounds, leading to improved patient outcomes and reduced healthcare costs.\" Subsequent to the end of the quarter, the company raised an additional approximately $1.2 million in order to maximize flexibility around sales hiring and inventory build. Terms were consistent with the previous financing. This cash is not reflected in the Q1 statements. Guidance The Company has continued to have constrained inventory supply during Q1 2023. Despite this, we anticipate revenue growth of approximately 15% to 25% during Q2 2023, compared to Q2 2022. The company believes that supply is further improving and that we will observe continued increase in re...