SANUWAVE Announces Record Quarterly Revenues: Q2 FY2024 Financial Results
SANUWAVE Health (OTCQB: SNWV) reported record quarterly revenues for Q2 FY2024. Key highlights include:
- Q2 2024 revenues of $7.2 million, up 53% year-over-year
- Gross margin of 73%, slightly down from 74% in Q2 2023
- GAAP Operating Income of $2.0 million
- Net income of $6.6 million, compared to a net loss of $7.3 million in Q2 2023
- Adjusted EBITDA of $1.5 million, up from $171,000 in Q2 2023
- 72 UltraMist® systems sold, up from 49 in Q2 2023
- UltraMist® consumables revenue increased by 67% to $4.7 million
The company provided guidance for Q3 2024, expecting revenue growth of 65-75% compared to Q3 2023. SANUWAVE also secured approval for a reverse stock split and 100% participation in its note and warrant exchange offer.
SANUWAVE Health (OTCQB: SNWV) ha riportato ricavi trimestrali record per il secondo trimestre dell'anno fiscale 2024. I punti salienti includono:
- Ricavi del Q2 2024 di 7,2 milioni di dollari, in aumento del 53% rispetto all'anno precedente
- Margine lordo del 73%, leggermente in calo rispetto al 74% del Q2 2023
- Reddito operativo GAAP di 2,0 milioni di dollari
- Utile netto di 6,6 milioni di dollari, rispetto a una perdita netta di 7,3 milioni di dollari nel Q2 2023
- EBITDA corretto di 1,5 milioni di dollari, rispetto a 171.000 dollari nel Q2 2023
- Vendita di 72 sistemi UltraMist®, in aumento rispetto ai 49 del Q2 2023
- I ricavi dai consumabili UltraMist® sono aumentati del 67% raggiungendo 4,7 milioni di dollari
L'azienda ha fornito indicazioni per il Q3 2024, prevedendo una crescita dei ricavi del 65-75% rispetto al Q3 2023. SANUWAVE ha inoltre ottenuto l'approvazione per uno split azionario inverso e una partecipazione del 100% nella sua offerta di scambio di note e warrant.
SANUWAVE Health (OTCQB: SNWV) reportó ingresos trimestrales récord para el segundo trimestre del año fiscal 2024. Los aspectos más destacados incluyen:
- Ingresos del Q2 2024 de 7.2 millones de dólares, un aumento del 53% en comparación con el año anterior
- Margen bruto del 73%, ligeramente inferior al 74% en el Q2 2023
- Ingreso operativo GAAP de 2.0 millones de dólares
- Ingreso neto de 6.6 millones de dólares, en comparación con una pérdida neta de 7.3 millones de dólares en el Q2 2023
- EBITDA ajustado de 1.5 millones de dólares, en comparación con 171,000 dólares en el Q2 2023
- 72 sistemas UltraMist® vendidos, en comparación con 49 en el Q2 2023
- Los ingresos por consumibles UltraMist® aumentaron un 67% a 4.7 millones de dólares
La empresa proporcionó una guía para el Q3 2024, anticipando un crecimiento de ingresos del 65-75% en comparación con el Q3 2023. SANUWAVE también aseguró la aprobación para un desdoblamiento inverso de acciones y una participación del 100% en su oferta de intercambio de notas y warrants.
SANUWAVE Health (OTCQB: SNWV)는 2024 회계연도 2분기 동안 기록적인 분기 매출을 보고했습니다. 주요 하이라이트는 다음과 같습니다:
- 2024년 2분기 매출 720만 달러, 전년 대비 53% 증가
- 총 마진 73%, 2023년 2분기 74%에서 약간 감소
- GAAP 운영 소득 200만 달러
- 순이익 660만 달러, 2023년 2분기 730만 달러의 순손실과 비교
- 조정된 EBITDA 150만 달러, 2023년 2분기 171,000 달러에서 증가
- 72대 UltraMist® 시스템 판매, 2023년 2분기 49대에서 증가
- UltraMist® 소모품 매출 67% 증가하여 470만 달러에 이르렀습니다.
회사는 2024년 3분기를 위한 가이드를 제공하며, 2023년 3분기 대비 65-75%의 매출 성장을 기대하고 있습니다. SANUWAVE는 또한 역분할 승인과 100%의 노트 및 보증 교환 제안 참여를 확보했습니다.
SANUWAVE Health (OTCQB: SNWV) a rapporté des revenus trimestriels record pour le deuxième trimestre de l'exercice 2024. Les points clés incluent :
- Revenus du Q2 2024 de 7,2 millions de dollars, en hausse de 53 % par rapport à l'année précédente
- Marge brute de 73 %, légèrement en baisse par rapport à 74 % au Q2 2023
- Revenu d'exploitation conforme aux normes GAAP de 2,0 millions de dollars
- Bénéfice net de 6,6 millions de dollars, par rapport à une perte nette de 7,3 millions de dollars au Q2 2023
- EBITDA ajusté de 1,5 million de dollars, en hausse par rapport à 171 000 dollars au Q2 2023
- 72 systèmes UltraMist® vendus, contre 49 au Q2 2023
- Les revenus des consommables UltraMist® ont augmenté de 67 % pour atteindre 4,7 millions de dollars
L'entreprise a fourni des prévisions pour le Q3 2024, s'attendant à une croissance des revenus de 65 à 75 % par rapport au Q3 2023. SANUWAVE a également obtenu l'approbation pour une division inversée des actions et une participation de 100 % à son offre d'échange de billets et de bons de souscription.
SANUWAVE Health (OTCQB: SNWV) berichtete von rekordverdächtigen Quartalsumsätzen für das 2. Quartal des Geschäftsjahres 2024. Wichtige Highlights sind:
- Umsätze im 2. Quartal 2024 von 7,2 Millionen US-Dollar, ein Anstieg um 53% im Jahresvergleich
- Bruttomarge von 73%, leicht zurückgegangen von 74% im 2. Quartal 2023
- GAAP-Betriebseinkommen von 2,0 Millionen US-Dollar
- Nettogewinn von 6,6 Millionen US-Dollar, im Vergleich zu einem Nettverlust von 7,3 Millionen US-Dollar im 2. Quartal 2023
- Bereinigtes EBITDA von 1,5 Millionen US-Dollar, ein Anstieg von 171.000 US-Dollar im 2. Quartal 2023
- Verkauf von 72 UltraMist®-Systemen, ein Anstieg von 49 im 2. Quartal 2023
- Die Umsätze mit UltraMist®-Verbrauchsmaterialien stiegen um 67% auf 4,7 Millionen US-Dollar
Das Unternehmen gab eine Prognose für das 3. Quartal 2024 ab und erwartet ein Umsatzwachstum von 65-75% im Vergleich zum 3. Quartal 2023. SANUWAVE sicherte sich zudem die Genehmigung für einen Reverse-Aktien-Split und eine 100%ige Teilnahme an seinem Anleihe- und Optionsaustauschangebot.
- Record quarterly revenue of $7.2 million, up 53% year-over-year
- GAAP Operating Income of $2.0 million, an improvement of $1.1 million from Q2 2023
- Net income of $6.6 million, compared to a net loss of $7.3 million in Q2 2023
- Adjusted EBITDA improved to $1.5 million from $171,000 in Q2 2023
- UltraMist® consumables revenue increased by 67% to $4.7 million
- 72 UltraMist® systems sold, up from 49 in Q2 2023
- Guidance for Q3 2024 revenue growth of 65-75% compared to Q3 2023
- Slight decrease in gross margin from 74% in Q2 2023 to 73% in Q2 2024
Q2 2024 revenues were
Q2 2024 Gross Margin was
GAAP Operating Income was
Company Provides Guidance for Revenue Growth of 65
EDEN PRAIRIE, MN, Aug. 13, 2024 (GLOBE NEWSWIRE) -- 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 ended June 30, 2024.
Q2 2024 ended June 30, 2024
- Revenue for the three months ended June 30, 2024, totaled
$7.2 million , an increase of53% , as compared to$4.7 million for the same period of 2023. This growth is within the previous guidance for a 45 –55% increase. - 72 UltraMist® systems were sold in Q2 2024 up from 49 in Q2 2023 and from 43 in Q1 2024.
- UltraMist® consumables revenue increased by
67% to$4.7 million (65% of revenues) in Q2 2024, versus$2.8 million for the same quarter last year. UltraMIST systems and consumables remained the primary revenue growth driver and continued to represent in excess of95% of SANUWAVE’s overall revenues in Q2 2024. - Gross margin as a percentage of revenue amounted to
73% for the three months ended June 30, 2024, versus74% for the same period last year, despite some additional costs from standing up new contract manufacturers. - For the three months ended June 30, 2024, operating income totaled
$2.0 million , an improvement of$1.1 million compared to Q2 2023 as a result of the Company’s continued efforts to drive profitable growth and manage expenses. - Net income for the second quarter of 2024 was
$6.6 million , driven predominantly by the change in the fair value of derivative liabilities and the extinguishment of debt. This compares to a net loss of$7.3 million in the second quarter of 2023. Net income year to date was$2.2 million versus a net loss of$20.4 million in the first half of 2023. - Adjusted EBITDA [1] for the three months ended June 30, 2024, was
$1.5 million versus an Adjusted EBITDA of$171 thousand for the same period last year, an improvement of$1.3 million . Year to date Adjusted EBITDA was$1.4 million versus a loss of$1.6 million in the first 6 months of the prior year.
“The second quarter mirrored the first with
Financial Outlook
The Company forecasts Q3 2024 revenue to rise 65
The Company has now achieved stockholder approval for its proposed reverse stock split and anticipates undertaking this process in the near future.
SANUWAVE has also secured
As previously announced, a business update will occur via conference call on August 13, 2024 at 8:30 a.m. EST. Materials for the conference call are included on the Company’s website at
http://www.sanuwave.com/investors
Telephone access to the call will be available by dialing the following numbers:
Participant Listening: 1-800-579-2543 or 1-785-424-1789
OR click the link for instant telephone access to the event.
https://viavid.webcasts.com/starthere.jsp?ei=1684060&tp_key=35ff7216a3
A replay will be made available through September 3, 2024:
Toll-Free: 1-844-512-2921 or 1-412-317-6671
Replay Access ID: 11156749
[1] This is a non-GAAP financial measure. Refer to “Non-GAAP Financial Measures” and the reconciliations in this release for further information.
About SANUWAVE
SANUWAVE Health is focused on the research, development, and commercialization of its patented, non-invasive and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures.
SANUWAVE's end-to-end wound care portfolio of regenerative medicine products and product candidates helps restore the body’s normal healing processes. SANUWAVE applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and cardiac/endovascular conditions.
Non-GAAP Financial Measures
This press release includes certain financial measures that are not presented in our financial statements prepared in accordance with accounting principles generally accepted in the United States (U.S.) (“U.S. GAAP”). These financial measures are considered "non-GAAP financial measures" and are intended to supplement, and should not be considered as superior to, or a replacement for, financial measures presented in accordance with U.S. GAAP.
The Company uses Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”) and Adjusted EBITDA to assess its operating performance. Adjusted EBITDA is Earnings before Interest, Taxes, Depreciation and Amortization adjusted for the change in fair value of derivatives and any significant non-cash or infrequent charges. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (loss) as a measure of financial performance or any other performance measure derived in accordance with GAAP, and they should not be construed as an inference that the Company’s future results will be unaffected by unusual or infrequent items. These non-GAAP financial measures are presented in a consistent manner for each period, unless otherwise disclosed. The Company uses these measures for the purpose of evaluating its historical and prospective financial performance, as well as its performance relative to competitors. These measures also help the Company to make operational and strategic decisions. The Company believes that providing this information to investors, in addition to GAAP measures, allows them to see the Company’s results through the eyes of management, and to better understand its historical and future financial performance. These non-GAAP financial measures are also frequently used by analysts, investors, and other interested parties to evaluate companies in our industry, when considered alongside other GAAP measures.
EBITDA and Adjusted EBITDA have their limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of the Company’s results as reported under GAAP. Some of these limitations are that EBITDA and Adjusted EBITDA:
- Do not reflect every expenditure, future requirements for capital expenditures or contractual commitments.
- Do not reflect all changes in our working capital needs.
- Do not reflect interest expense, or the amount necessary to service our outstanding debt.
As presented in the GAAP to Non-GAAP Reconciliations section below, the Company’s non-GAAP financial measures exclude the impact of certain charges that contribute to our net income (loss).
Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to future financial results, production expectations and constraints, and plans for future business development activities. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with supply chain and production constraints, regulatory oversight, the Company’s ability to manage its capital resource issues, competition and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.
Contact: investors@sanuwave.com
SELECTED FINANCIAL DATA | |||||||||||
FOR THE QUARTER ENDED JUNE 30, 2024 AND 2023 | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Revenue | $ | 7,162 | $ | 4,675 | |||||||
Cost of Revenues | 1,922 | 1,202 | |||||||||
Gross Margin | 5,240 | 3,473 | |||||||||
Gross Margin % | 73.2 | % | 74.3 | % | |||||||
Total operating expenses | 3,248 | 2,542 | |||||||||
Operating Income | $ | 1,992 | $ | 931 | |||||||
Total other expense | 4,569 | (8,193 | ) | ||||||||
Net Income (Loss) | $ | 6,561 | $ | (7,262 | ) | ||||||
NON-GAAP ADJUSTED EBITDA | |||||||||||
FOR THE QUARTER ENDED JUNE 30, 2024 AND 2023 | |||||||||||
(in thousands) | 2024 | 2023 | |||||||||
Net Income (Loss) | $ | 6,561 | $ | (7,262 | ) | ||||||
Non-GAAP Adjustments: | |||||||||||
Interest expense | 3,783 | 4,381 | |||||||||
Depreciation and amortization | 262 | 257 | |||||||||
EBITDA | 10,606 | (2,624 | ) | ||||||||
Non-GAAP Adjustments for Adjusted EBITDA: | |||||||||||
Change in fair value of derivative liabilities | (3,717 | ) | 3,821 | ||||||||
Other non-cash or non-recurring charges: | |||||||||||
Gain on extinguishment of debt | (5,310 | ) | - | ||||||||
Release of historical accrued expenses | (579 | ) | (1,250 | ) | |||||||
Shares for services | - | 224 | |||||||||
License and option agreement | - | - | |||||||||
Prepaid legal fees expensed from termination of Merger Agreement | 457 | - | |||||||||
Adjusted EBITDA | $ | 1,457 | $ | 171 | |||||||
PART I - FINANCIAL INFORMATION | |||||||||
SANUWAVE HEALTH, INC. AND SUBSIDIARIES | |||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||
(In thousands, except share data) | June 30, 2024 | December 31, 2023 | |||||||
ASSETS | |||||||||
Current Assets: | |||||||||
Cash | $ | 2,460 | $ | 1,797 | |||||
Accounts receivable, net of allowance of | 3,154 | 3,314 | |||||||
Inventory | 2,731 | 2,951 | |||||||
Prepaid expenses and other current assets | 379 | 1,722 | |||||||
Total Current Assets | 8,724 | 9,784 | |||||||
Non-Current Assets: | |||||||||
Property, equipment and right of use assets, net | 947 | 938 | |||||||
Intangible assets, net | 4,082 | 4,434 | |||||||
Goodwill | 7,260 | 7,260 | |||||||
Total Non-Current Assets | 12,289 | 12,632 | |||||||
Total Assets | $ | 21,013 | $ | 22,416 | |||||
LIABILITIES | |||||||||
Current Liabilities: | |||||||||
Senior secured debt, in default | $ | 23,424 | $ | 18,278 | |||||
Convertible promissory notes payable | 3,953 | 5,404 | |||||||
Convertible promissory notes payable, related parties | 2,454 | 1,705 | |||||||
Asset-backed secured promissory notes payable | - | 3,117 | |||||||
Asset-backed secured promissory notes payable, related parties | - | 1,458 | |||||||
Promissory note payable, related party | 500 | - | |||||||
Accounts payable | 3,891 | 5,705 | |||||||
Accrued expenses | 4,794 | 5,999 | |||||||
Factoring liabilities | 2,321 | 1,490 | |||||||
Warrant liability | 16,864 | 14,447 | |||||||
Accrued interest | 396 | 5,444 | |||||||
Accrued interest, related parties | 841 | 669 | |||||||
Current portion of contract liabilities | 130 | 92 | |||||||
Other | 397 | 947 | |||||||
Total Current Liabilities | 59,965 | 64,755 | |||||||
Non-Current Liabilities: | |||||||||
Lease liabilities | 304 | 492 | |||||||
Contract liabilities | 350 | 347 | |||||||
Total Non-Current Liabilities | 654 | 839 | |||||||
Total Liabilities | $ | 60,619 | $ | 65,594 | |||||
STOCKHOLDERS' DEFICIT | |||||||||
Preferred Stock, par value | $ | - | $ | - | |||||
Common stock, par value | 1,182 | 1,140 | |||||||
Additional paid-in capital | 177,218 | 175,842 | |||||||
Accumulated deficit | (218,016 | ) | (220,049 | ) | |||||
Accumulated other comprehensive loss | 10 | (111 | ) | ||||||
Total Stockholders' Deficit | (39,606 | ) | (43,178 | ) | |||||
Total Liabilities and Stockholders' Deficit | $ | 21,013 | $ | 22,416 | |||||
SANUWAVE HEALTH, INC. AND SUBSIDIARIES | |||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
(In thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenue | $ | 7,162 | $ | 4,675 | $ | 12,948 | $ | 8,450 | |||||||||
Cost of revenues | 1,922 | 1,202 | 3,506 | 2,464 | |||||||||||||
Gross Margin | 5,240 | 3,473 | 9,442 | 5,986 | |||||||||||||
Operating Expenses: | |||||||||||||||||
General and administrative | 1,839 | 1,238 | 5,514 | 3,997 | |||||||||||||
Selling and marketing | 1,034 | 978 | 2,266 | 2,390 | |||||||||||||
Research and development | 195 | 139 | 358 | 270 | |||||||||||||
Depreciation and amortization | 180 | 187 | 362 | 376 | |||||||||||||
Total Operating Expenses | 3,248 | 2,542 | 8,500 | 7,033 | |||||||||||||
Operating Income (Loss) | 1,992 | 931 | 942 | (1,047 | ) | ||||||||||||
Other Income (Expense) | |||||||||||||||||
Interest expense | (3,396 | ) | (3,706 | ) | (6,633 | ) | (7,218 | ) | |||||||||
Interest expense, related party | (387 | ) | (675 | ) | (710 | ) | (1,441 | ) | |||||||||
Loss on extinguishment of debt | 5,310 | - | 5,205 | - | |||||||||||||
Change in fair value of derivative liabilities | 3,717 | (3,821 | ) | 1,216 | (10,618 | ) | |||||||||||
Other expense | (685 | ) | 9 | (787 | ) | (18 | ) | ||||||||||
Other income | 10 | - | 2,800 | - | |||||||||||||
Total Other Expense | 4,569 | (8,193 | ) | 1,091 | (19,295 | ) | |||||||||||
Net Income (Loss) | $ | 6,561 | $ | (7,262 | ) | $ | 2,033 | $ | (20,342 | ) | |||||||
Other Comprehensive Loss | |||||||||||||||||
Foreign currency translation adjustments | 10 | (9 | ) | 121 | (13 | ) | |||||||||||
Total Comprehensive Income (Loss) | $ | 6,571 | $ | (7,271 | ) | $ | 2,154 | $ | (20,355 | ) | |||||||
SANUWAVE HEALTH, INC. AND SUBSIDIARIES | |||||||||||||||||||||
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT | |||||||||||||||||||||
(In thousands, except share data) | |||||||||||||||||||||
Six Months Ended June 30, 2024 | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Shares Issued and Outstanding | Par Value | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||
Balances as of December 31, 2023 | 1,140,559,527 | $ | 1,140 | $ | 175,842 | $ | (220,049 | ) | $ | (111 | ) | $ | (43,178 | ) | |||||||
Shares issued for settlement of warrants | 5,414,815 | 6 | - | - | - | 6 | |||||||||||||||
Shares issued for settlement of warrants | 35,298,619 | 36 | 1,376.00 | - | - | 1,412 | |||||||||||||||
Foreign currency translation adjustment | - | - | - | - | 121 | 121 | |||||||||||||||
Net Income | - | - | - | 2,033 | - | 2,033 | |||||||||||||||
Balances as of June 30, 2024 | 1,181,272,961 | $ | 1,182 | $ | 177,218 | $ | (218,016 | ) | $ | 10 | $ | (39,606 | ) | ||||||||
Six Months Ended June 30, 2023 | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Shares Issued and Outstanding | Par Value | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||
Balances as of December 31, 2022 | 548,737,651 | $ | 549 | $ | 152,750 | $ | (194,242 | ) | $ | (67 | ) | $ | (41,010 | ) | |||||||
Shares issued for services | 12,900,000 | 13 | 514 | - | - | 527 | |||||||||||||||
Foreign currency translation adjustment | - | - | - | - | (13 | ) | (13 | ) | |||||||||||||
Net Income | - | - | - | (20,342 | ) | - | (20,342 | ) | |||||||||||||
Balances as of June 30, 2023 | 561,637,651 | $ | 562 | $ | 153,264 | $ | (214,584 | ) | $ | (80 | ) | $ | (60,838 | ) | |||||||
Three Months Ended June 30, 2024 | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Shares Issued and Outstanding | Par Value | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||
Balances as of March 31, 2024 | 1,140,559,527 | $ | 1,140 | $ | 175,842 | $ | (224,577 | ) | $ | - | $ | (47,595 | ) | ||||||||
Shares issued for settlement of warrants | 5,414,815 | 6 | - | - | - | 6 | |||||||||||||||
Shares issued for settlement of debt and warrants | 35,298,619 | 36 | 1,376 | - | - | 1,412 | |||||||||||||||
Foreign currency translation adjustment | - | - | - | - | 10 | 10 | |||||||||||||||
Net Income | - | - | - | 6,561 | - | 6,561 | |||||||||||||||
Balances as of June 30, 2024 | $ | 1,181,272,961 | $ | 1,182.00 | $ | 177,218 | $ | (218,016 | ) | $ | 10.00 | $ | (39,606 | ) | |||||||
Three Months Ended June 30, 2023 | |||||||||||||||||||||
Common Stock | |||||||||||||||||||||
Shares Issued and Outstanding | Par Value | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | ||||||||||||||||
Balances as of March 31, 2023 | 555,637,651 | $ | 556 | $ | 153,046 | $ | (207,322 | ) | $ | (71 | ) | $ | (53,791 | ) | |||||||
Shares issued for services | 6,000,000 | 6 | 218 | - | - | 224 | |||||||||||||||
Foreign currency translation adjustment | - | - | - | - | (9 | ) | (9 | ) | |||||||||||||
Net Income | - | - | - | (7,262 | ) | - | (7,262 | ) | |||||||||||||
Balances as of June 30, 2024 | 561,637,651 | $ | 562 | $ | 153,264 | $ | (214,584 | ) | $ | (80 | ) | $ | (60,838 | ) | |||||||
SANUWAVE HEALTH, INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
Six Months Ended June 30, | ||||||||
(In thousands) | 2024 | 2023 | ||||||
Cash Flows - Operating Activities: | ||||||||
Net income (loss) | 2,033 | (20,342 | ) | |||||
Adjustments to reconcile net loss to net cash used by operating activities | ||||||||
Depreciation and amortization | 480 | 515 | ||||||
Bad debt expense | 99 | 313 | ||||||
Shares issued for services | - | 224 | ||||||
Gain on extinguishment of debt | (5,205 | ) | - | |||||
Change in fair value of derivative liabilities | (1,216 | ) | 10,618 | |||||
Amortization of debt issuance and debt discounts | 3,274 | 3,955 | ||||||
Accrued interest | 1,859 | 3,606 | ||||||
Changes in operating assets and liabilities | ||||||||
Accounts receivable | (340 | ) | 898 | |||||
Inventory | 220 | (31 | ) | |||||
Prepaid expenses and other assets | 118 | (336 | ) | |||||
Accounts payable | (1,259 | ) | 718 | |||||
Accrued expenses | 328 | (1,337 | ) | |||||
Contract liabilites | 41 | (16 | ) | |||||
Net Cash Provided by/ (Used in) Operating Activities | 432 | (1,215 | ) | |||||
Cash Flows - Investing Activities | ||||||||
Purchase of property and equipment | (206 | ) | (169 | ) | ||||
Net Cash Flows Used In Investing Activities | (206 | ) | (169 | ) | ||||
Cash Flows - Financing Activities | ||||||||
Proceeds from convertible promissory notes | - | 1,202 | ||||||
Payment of note payable | (2,175 | ) | - | |||||
Proceeds from convertible notes payable | 1,300 | - | ||||||
Proceeds from promissory note payable, related party | 500 | - | ||||||
Proceeds from bridge notes advance | - | 1,476 | ||||||
Proceeds/(Payments) from factoring, net | 831 | (1,167 | ) | |||||
Principal payments on finance leases | (140 | ) | (85 | ) | ||||
Net Cash Flows Provided by /(Used In) Financing Activities | 316 | 1,426 | ||||||
Effect of Exchange Rates on Cash | 121 | (13 | ) | |||||
Net Change in Cash During Period | 663 | 29 | ||||||
Cash at Beginning of Period | 1,797 | 1,153 | ||||||
Cash at End of Period | 2,460 | 1,182 | ||||||
Supplemental Information: | ||||||||
Cash paid for interest | 2,055 | 908 | ||||||
Non-Cash Investing and Financing Activities: | ||||||||
Shares issued for settlement of debt and warrants | 1,412 | - | ||||||
Write off deferred merger costs | 1,226 | - | ||||||
Warrants issued in conjunction with convertible promissory notes | 3,633 | 570 | ||||||
Capitalize default interest into Senior secured debt | 3,850 | - | ||||||
Conversion of asset-backed secured promissory notes to convertible promissory notes | 4,584 | - | ||||||
Embedded conversion feature on convertible promissory notes payable | - | 157 | ||||||
Common shares issued for advisory shares | - | 302 | ||||||
FAQ
What was SANUWAVE's revenue for Q2 2024?
How many UltraMist® systems did SANUWAVE sell in Q2 2024?
What is SANUWAVE's revenue guidance for Q3 2024?
What was SANUWAVE's net income for Q2 2024?