Business
SANUWAVE Announces Record Q4 and FY2023 Revenue
Q4 2023 revenues were a record $7.0 million, up 27% from Q4 2022 FY 2023 revenues were a record $20.4 million, up 22% from FY2022 Operating income was $1
About this update from Sanuwave Health, Inc.
[{"type":"text","content":"Q4 2023 revenues were a record $7.0 million, up 27% from Q4 2022\nFY 2023 revenues were a record $20.4 million, up 22% from FY2022\nOperating income was $1 million for Q4 2023 compared to an operating loss of $1.5 million for Q4 2022\nCompany provides guidance for revenue growth of 45-55% for Q1 2024 vs Q1 2023 and initiates annual guidance for FY2024 of 50% revenue growth vs. FY2023\nEDEN PRAIRIE, MN - (NewMediaWire) - March 22, 2024 - SANUWAVE Health, Inc. (the \"Company\" or \"SANUWAVE\") (OTCQB: SNWV), a leading provider of next-generation FDA-approved wound care products, is pleased to provide its financial results for the three months and fiscal year ended December 31, 2023.\n \nQ4 2023 ended December 31, 2023\nRevenue for the three months ended December 31, 2023 totaled $7.0 million, an increase of 27%, as compared to $5.5 million for the same period of 2022. This growth is slightly higher than previous guidance for a 20-24% increase.\n79 UltraMIST(R) systems were sold in Q4 2023, up from 28 in Q1 2023, 49 in Q2 2023, and 55 in Q3 2023. In addition, 19 systems were placed into RTO (rent to own) contracts in Q4 2023.\nUltraMIST(R) consumables revenue increased by 21% to $3.6 million (51% of revenues) in Q4 2023, versus $3.0 million for the same quarter last year. UltraMIST systems and consumables remained the primary revenue growth driver and represented in excess of 90% of SANUWAVE's overall revenues in Q4 2023.\nGross margin as a percentage of revenue amounted to 69.1% for the three months ended December 31, 2023, vs. 78.1% for the same period last year, driven mainly by non-recurring inventory write-offs.\nFor the three months ended December 31, 2023, operating income totaled $1.0 million, an improvement of $2.5 million compared to Q4 2022 as a result of the Company's efforts to drive profitable growth and manage expenses during 2023.\nNet income for the fourth quarter of 2023 was $18.2 million, driven predominantly by the change in the fair value of derivative liabilities.\nAdjusted EBITDA [1] for the three months ended December 31, 2023 was $0.7 million versus an Adjusted EBITDA loss of $1.3 million for the same period last year, an improvement of $2.0 million.\n\n[1] This is a non-GAAP financial measure. Refer to \"Non-GAAP Financial Measures\" and the reconciliations in this release for further information.\n\nFisca...