Sanuwave Health, Inc. · NASDAQ:SNWV
Sanuwave Health — Investor Presentation (June 2026)
23 slides from Sanuwave Health's investor presentation, June 2026
Slide 1: Technology for Healing
Technology for Healing sanuwave Investor Deck June 2026
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation (“Presentation”) is for informational purposes only to assist interested parties in making an evaluation with respect to Sanuwave (the “Company” or “SANUWAVE”). This Presentation does not constitute (i) a solicitation of a proxy, consent or authorization
Slide 3: Investment Highlights
sanuwave Investment Highlights • Commercial Stage medical device company selling the Ultramist® directed energy system into the $76 billion US wound care space • FDA cleared product, Category 1 nationwide CMS reimbursement code with expansion potential into Medicaid and Private Payor • Attractive fi
Slide 4: Wound Care Market Opportunity
Wound Care Market Opportunity Over 7 Million Americans live with Chronic Wounds (2009)1 ~$27 Billion ~$15 Billion Pressure Injuries Venous Leg 10.5 Million Medicare patients (incl. HAPI)5 Ulcers (VLUs)4 with a Wound/Ulcer (2019)2 All-payer annual cost All-payer annual cost • Aging population – obesi
Slide 5: Expansion Opportunity in the U.S.
Expansion Opportunity in the U.S. of Coverage • Increase in Medicaid and Exchange plan coverage • Medicare is ~47% of wound care9 • Medicaid 16-20%9 2,200 10,000 15,000 41,500 • Private 27-29%9 Wound care centers Physician offices Skilled nursing facilities11 Assisted living and • Nationwide Medicar
Slide 6: Ultramist System
Ultramist System Non-contact, non-thermal low frequency ultrasound Device does not touch wound surface. Treatment is pain free. Reduces pain27, speeds healing26, Reduces wound bioburden/bacterial counts21,22 Promotes blood flow24 and revascularization of wound and peri-wound25 Easy to use and to fit
Slide 7: Why do wounds become chronic?
Why do wounds become chronic? “The wound is not a failure of biology. It is a system overloaded with too many processes running at once, stuck in a loop it cannot escape on its own.”20 -David Armstrong, USC Keck School of Medicine The wound is not doing nothing, it is doing too many things, the wron
Slide 8: Control-Alt-Delete
Control-Alt-Delete Break the cycle – heal the wound Control: The wound and peri-wound • Debride/remove necrotic tissue/senescent cells • Clear debris, eschar, slough Alter: Cellular function and response pathways • Increase fibroblast proliferation/collagen deposition • Angiogenic growth factors (VE
Slide 9: Ultramist – Method of Action
Ultramist – Method of Action Non-contact, deep penetrating, directed energy Titanium ultrasonic transducer generates low frequency, non-thermal energy This energy atomizes saline into mist which serves as a coupling medium – increased energy transfer vs dry air33 – this makes non-contact treatment p
Slide 10: Rebooting the Wound
Rebooting the Wound “I work as a physician and a Chief Medical Officer in a Chicago-area hospital. I had to have surgery for a serious orthopedic issue in February 2025 and, subsequent to that surgery, the wound on my lower extremity underwent significant dehiscence. I underwent multiple debridement
Slide 11: Transition to Evidence Based Medicine
Transition to Evidence Based Medicine • Concerns about efficacy of treatment practices such as skin substitutes, grafts, and hyperbaric have led to payor reassessment of reimbursement • UltraMIST has 18 peer reviewed clinical studies, 8 RCT’s with nearly 500 patients and 3 meta-analyses with ~55,000
Slide 12: Aligning Interests
Aligning Interests Medical care has three stakeholders: • Patients want to get better and for wound care not to be awful • Physicians want effective treatments that work with practice flow ultramist® • Payors want cost effective treatments to heal wounds, reduce episodes of care, and shorten length
Slide 13: Patient: Better standard of care
Patient: Better standard of care 77 year old male – Surgical wound on R posterior hand Clinical Plan was dressings and direct pressure (ACE wrap). 4-5 Painless Treatment months of open wound before surgical closure. Rapid Healing Patients get their lives back Instead: 6 weeks of UltraMIST care at ho
Slide 14: Physician Economics
Physician Economics Category 1 CPT code (97610): “low frequency, non-contact, non-thermal ultrasound, including topical application(s), when performed, wound assessment, and instruction(s) for ongoing care, per day” Ultramist is the only system with high quality clinical evidence for non-contact ult
Slide 15: Payor Economics
Payor Economics Wound/Ulcer Progression from Deep Tissue Injury in ICU Ultramist vs Standard of Care30 Std of care patients: 70% Driven by Patient Benefit Ultramist patients: 80% progress to Unstageable or resolve at Stage 2 or less vs SDTI vs 14% for Ultramist 22% Std of Care <$8k to Treat >$129k t
Slide 16: Unit Economics: Classic Razor/Razorblade model
Unit Economics Classic “Razor/Razorblade” model Ultramist System TOTAL ESTIMATED GROSS MARGIN: Price $35,000 Applicators Single Use 77-78% Price $100 * Pricing reflects manufacturer's suggested retail price (MSRP) sanuwave
Slide 17: Manufacturing: solid, ready to scale
Manufacturing: solid, ready to scale Domestic contract manufacturer for Ultramist device: Lower cost, better supply chain management Production capacity currently ~100-120 systems per month, rapid ability to increase Redesign of Applicators to enhance manufacturability: Commercial Production began Q
Slide 18: The State of the Wound Care Market
The State of the Wound Care Market “May you live in interesting times…” A pricing bubble has popped: skin substitutes that were averaging $2,000- $3,000 per cm2 have been repriced by CMS to $127. $15 billion market drops by ~95% in dollar terms. Ultramist reimbursement remains in line with 2025. CMS
Slide 19: Ultramist is fundamentally a consumables model
Ultramist is fundamentally a consumables model Systems in Field X Usage Rate per System X Price per Consumable = Consumables Revenue 1,382 626 Active Systems* Systems sold in 2025 In the field at end of 97 Systems sold Q1 2026 Q1 2026 Q1 2026 was record quarter for applicator unit volume (pricing af
Slide 20: Financials
Financials FY 2025: Revenue: $44.1M + 35% YoY Operating Income: $4.9M Adj EBITDA: $13.6M Q2 2025 Q3 2025 Q4 2025 Q1 2026 (All time record quarter) (Seasonally slowest quarter) ▪ Revenue: ▪ Revenue: ▪ Revenue: ▪ Revenue: $10.1M + 40% YoY $11.3M + 20% YoY $13.4M + 30% YoY $9.6M + 3% YoY ▪ Operating In
Slide 21: Healing is possible
sanuwave Wound care is undergoing a payor led shift to evidence Healing based medicine and reimbursement. This has aligned incentives for Patients, Payors, and Providers. is possible SANUWAVE is in a prime position to benefit: Take control. • Approved products protected by broad IP • Strong existing
Slide 22: Management Team
Management Team Morgan C. Frank Peter Sorensen CEO/Chairman Chief Financial Officer Morgan C. Frank joined Sanuwave as chairman of the board of directors in August of 2022 and became CEO in May Peter Sorensen joined Sanuwave as Chief Financial Officer in April of 2024 and brings over a decade of fin
Slide 23: Sources & Notes
Sources & Notes 1. Sen CK, et al. Wound Repair Regen. 2009;17(6):763–771. 2. Carter MJ, et al. J Med Econ. 2023;26(1):894–901. 3. Rice et al. Diabetes Care 2014;37(3):651–658 — DFU incremental burden $9–13B. 4. Rice et al. J Med Econ 2014;17(5):347–356 — VLU all-payer burden $14.9B. 5. Padula & Dela