SANUWAVE Announces Record Quarterly Revenues: Q3 FY2024 Financial Results
SANUWAVE Health reported record Q3 2024 financial results with revenues of $9.4 million, up 89% from Q3 2023. The company achieved a gross margin of 75.5% and GAAP Operating Income of $2.0 million. UltraMist® system sales increased to 124 units in Q3 2024, up from 55 in Q3 2023, while consumables revenue grew 75% to $5.4 million. Despite operational improvements, the company reported a net loss of $20.7 million, primarily due to derivative liabilities. SANUWAVE provides guidance for Q4 2024 revenue growth of 40-50% versus Q4 2023, projecting full-year 2024 revenues to exceed $32 million.
SANUWAVE Health ha riportato risultati finanziari record per il terzo trimestre del 2024, con un fatturato di $9,4 milioni, in aumento del 89% rispetto al terzo trimestre del 2023. L'azienda ha raggiunto un margine lordo del 75,5% e un reddito operativo GAAP di $2,0 milioni. Le vendite del sistema UltraMist® sono aumentate a 124 unità nel terzo trimestre del 2024, rispetto alle 55 unità nel terzo trimestre del 2023, mentre il fatturato dei consumabili è cresciuto del 75%, raggiungendo i $5,4 milioni. Nonostante i miglioramenti operativi, l'azienda ha riportato una perdita netta di $20,7 milioni, principalmente a causa delle passività derivati. SANUWAVE prevede una crescita del fatturato del 40-50% per il quarto trimestre del 2024 rispetto al quarto trimestre del 2023, prevedendo che il fatturato complessivo del 2024 supererà i $32 milioni.
SANUWAVE Health informó resultados financieros récord para el tercer trimestre de 2024, con ingresos de $9.4 millones, un aumento del 89% en comparación con el tercer trimestre de 2023. La compañía logró un margen bruto del 75.5% y un ingreso operativo GAAP de $2.0 millones. Las ventas del sistema UltraMist® aumentaron a 124 unidades en el tercer trimestre de 2024, en comparación con 55 en el tercer trimestre de 2023, mientras que los ingresos por consumibles crecieron un 75% hasta alcanzar los $5.4 millones. A pesar de las mejoras operativas, la compañía reportó una pérdida neta de $20.7 millones, principalmente debido a pasivos derivados. SANUWAVE proporciona una guía de crecimiento de ingresos del 40-50% para el cuarto trimestre de 2024 en comparación con el cuarto trimestre de 2023, proyectando que los ingresos anuales de 2024 superen los $32 millones.
SANUWAVE Health는 2024년도 3분기 기록적인 재무 결과를 보고하며, 수익은 $9.4백만으로 2023년도 3분기 대비 89% 증가했습니다. 회사는 75.5%의 총 마진과 $2.0백만의 GAAP 운영 소득을 달성했습니다. UltraMist® 시스템 판매량은 2024년도 3분기 124대로 증가했으며, 이는 2023년도 3분기 55대에서 늘어난 수치입니다. 소모품 매출도 75% 증가하여 $5.4백만에 달했습니다. 운영 개선에도 불구하고, 회사는 주로 파생상품 부채로 인해 $20.7백만의 순손실을 기록했습니다. SANUWAVE는 2024년 4분기 수익이 2023년 4분기 대비 40-50% 성장할 것으로 예상하며, 2024년 전체 수익이 $32백만을 초과할 것으로 전망하고 있습니다.
SANUWAVE Health a annoncé des résultats financiers records pour le troisième trimestre 2024, avec des revenus de $9,4 millions, en hausse de 89 % par rapport au troisième trimestre 2023. La société a atteint une marge brute de 75,5 % et un résultat opérationnel GAAP de 2,0 millions de dollars. Les ventes du système UltraMist® ont augmenté à 124 unités au troisième trimestre 2024, contre 55 au troisième trimestre 2023, tandis que les revenus des consommables ont crû de 75 % pour atteindre 5,4 millions de dollars. Malgré les améliorations opérationnelles, la société a enregistré une perte nette de 20,7 millions de dollars, principalement en raison des passifs dérivés. SANUWAVE prévoit une croissance des revenus de 40 à 50 % pour le quatrième trimestre 2024 par rapport au quatrième trimestre 2023, et projette que les revenus totaux pour 2024 dépasseront 32 millions de dollars.
SANUWAVE Health hat im dritten Quartal 2024 Rekordfinanzergebnisse gemeldet, mit Einnahmen von $9,4 Millionen, was einem Anstieg von 89% im Vergleich zum dritten Quartal 2023 entspricht. Das Unternehmen erreichte eine Bruttomarge von 75,5% und ein GAAP-Betriebsergebnis von $2,0 Millionen. Die Verkäufe des UltraMist® Systems stiegen im dritten Quartal 2024 auf 124 Einheiten, gegenüber 55 im dritten Quartal 2023, während die Einnahmen aus Verbrauchsmaterialien um 75% auf $5,4 Millionen wuchsen. Trotz betrieblicher Verbesserungen meldete das Unternehmen einen Nettoverlust von $20,7 Millionen, hauptsächlich aufgrund von derivativen Verbindlichkeiten. SANUWAVE gibt eine Prognose für das Umsatzwachstum im vierten Quartal 2024 von 40-50% im Vergleich zum vierten Quartal 2023 ab und erwartet, dass die Gesamteinnahmen für das Jahr 2024 die $32 Millionen überschreiten werden.
- Record quarterly revenue of $9.4M, up 89% YoY
- Gross margin improved to 75.5% from 71.5% YoY
- Operating income of $2.0M, a $2.5M improvement from Q3 2023
- UltraMist® system sales increased to 124 units from 55 YoY
- Positive Adjusted EBITDA of $2.1M vs -$0.3M in Q3 2023
- Raised $10.3M through private placement post-quarter
- Net loss of $20.7M in Q3 2024
- Significant derivative liabilities impact on bottom line
- 1-for-375 reverse stock split implemented
Q3 2024 revenues were
Q3 2024 gross margin was
GAAP Operating Income was
Company provides guidance for revenue growth of 40
EDEN PRAIRIE, Minn., Nov. 08, 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 September 30, 2024.
Q3 2024 ended September 30, 2024
- Revenue for the three months ended September 30, 2024, totaled
$9.4 million , an increase of89% , as compared to$5.0 million for the same period of 2023. This growth is greater than the previously provided guidance for a 65 –75% increase. - 124 UltraMist® systems were sold in Q3 2024 up from 55 in Q3 2023 and from 72 in Q2 2024.
- UltraMist® consumables revenue increased by
75% to$5.4 million (58% of revenues) in Q3 2024, versus$3.1 million for the same quarter last year. UltraMIST systems and consumables remained the primary revenue growth driver and continued to represent over97% of SANUWAVE’s overall revenues in Q3 2024. - Gross margin as a percentage of revenue amounted to
75.5% for the three months ended September 30, 2024, versus71.5% for the same period last year. - For the three months ended September 30, 2024, operating income totaled
$2.0 million , an increase of$2.5 million compared to Q3 2023 as a result of the Company’s continued efforts to drive profitable growth and manage expenses. - Net loss for the third quarter of 2024 was
$20.7 million , driven predominantly by the change in the fair value of derivative liabilities. This compares to a net loss of$23.7 million in the third quarter of 2023. Net loss year to date was$18.6 million versus a net loss of$44.0 million in the nine months ended September 30, 2023. - Adjusted EBITDA [1] for the three months ended September 30, 2024, was
$2.1 million versus Adjusted EBITDA of$(0.3) million for the same period last year, an improvement of$2.4 million . Year to date Adjusted EBITDA was$3.5 million versus a loss of$1.8 million in the prior year period.
“The third quarter showed acceleration in revenue growth rate from the first half of the year with growth of
Financial Outlook
The Company forecasts Q4 2024 revenue of
Subsequent to quarter end, the Company effected a 1-for-375 reverse stock split on October 18, 2024, completed its note and warrant exchange, and raised
As previously announced, a business update will occur via conference call on November 8, 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:
Toll Free: 1-800-267-6316
Toll/International: 1-203-518-9783
Conference ID: SANUWAVE
OR click the link for instant telephone access to the event.
https://viavid.webcasts.com/starthere.jsp?ei=1692398&tp_key=e3cff43c54
A replay will be made available through November 29, 2024:
Toll-Free: 1-844-512-2921
Toll/International: 1-412-317-6671
Replay Access ID: 11157276
[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. 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 U.S. 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 U.S. 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 U.S. 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 U.S. 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 U.S. 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 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 regulatory oversight, the Company’s ability to manage its capital resources, 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 QUARTERS ENDED SEPTEMBER 30, 2024 AND 2023
(in thousands) | 2024 | 2023 | |||||||
Revenue | $ | 9,360 | $ | 4,953 | |||||
Cost of Revenues | 2,293 | 1,412 | |||||||
Gross Margin | 7,067 | 3,541 | |||||||
Gross Margin % | 75.5 | % | 71.5 | % | |||||
Total operating expenses | 5,114 | 4,072 | |||||||
Operating Income (Loss) | $ | 1,953 | $ | (531 | ) | ||||
Total other expense | (22,610 | ) | (23,169 | ) | |||||
Net Income (Loss) | $ | (20,657 | ) | $ | (23,700 | ) |
NON-GAAP ADJUSTED EBITDA
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
(in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||
Net Income/(Loss) | $ | (20,657 | ) | $ | (23,700 | ) | $ | (18,624 | ) | $ | (44,042 | ) | |||
Non-GAAP Adjustments: | |||||||||||||||
Interest expense | 3,661 | 3,845 | 11,004 | 12,504 | |||||||||||
Depreciation and amortization | 256 | 266 | 736 | 780 | |||||||||||
EBITDA | (16,740 | ) | (19,589 | ) | (6,884 | ) | (30,758 | ) | |||||||
Non-GAAP Adjustments for Adjusted EBITDA: | |||||||||||||||
Change in fair value of derivative liabilities | 18,849 | 19,325 | 17,633 | 29,943 | |||||||||||
Other non-cash or non-recurring charges: | |||||||||||||||
Gain on extinguishment of debt | - | - | (5,205 | ) | - | ||||||||||
Severance agreement and legal settlement | - | - | 585 | - | |||||||||||
Release of historical accrued expenses | - | - | (579 | ) | (1,250 | ) | |||||||||
Shares for services | - | - | - | 224 | |||||||||||
License and option agreement | - | - | (2,500 | ) | - | ||||||||||
Prepaid legal fees expensed from termination of Merger Agreement | - | - | 457 | - | |||||||||||
Adjusted EBITDA | $ | 2,109 | $ | (264 | ) | $ | 3,507 | $ | (1,841 | ) |
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data) | September 30, 2024 | December 31, 2023 | |||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalent | $ | 3,259 | $ | 1,797 | |||
Accounts receivable, net of allowance of | 2,836 | 3,314 | |||||
Inventory | 3,431 | 2,951 | |||||
Prepaid expenses and other current assets | 378 | 1,722 | |||||
Total Current Assets | 9,904 | 9,784 | |||||
Non-Current Assets: | |||||||
Property, equipment and other, net | 774 | 938 | |||||
Intangible assets, net | 3,906 | 4,434 | |||||
Goodwill | 7,260 | 7,260 | |||||
Total Non-current Assets | 11,940 | 12,632 | |||||
Total Assets | $ | 21,844 | $ | 22,416 | |||
LIABILITIES | |||||||
Current Liabilities: | |||||||
Senior secured debt, in default | $ | 24,426 | $ | 18,278 | |||
Convertible promissory notes payable | 4,817 | 5,404 | |||||
Convertible promissory notes payable, related parties | 2,838 | 1,705 | |||||
Asset-backed secured promissory notes payable | — | 3,117 | |||||
Asset-backed secured promissory notes, related parties | — | 1,458 | |||||
Promissory note payable, related party | 500 | - | |||||
Accounts payable | 4,137 | 5,705 | |||||
Accrued expenses | 5,241 | 5,999 | |||||
Factoring liabilities | 1,938 | 1,490 | |||||
Warrant liability | 35,509 | 14,447 | |||||
Accrued interest | 643 | 5,444 | |||||
Accrued interest, related parties | 952 | 669 | |||||
Current portion of contract liabilities | 137 | 92 | |||||
Other | 375 | 947 | |||||
Total Current Liabilities | 81,513 | 64,755 | |||||
Non-current Liabilities | |||||||
Lease liabilities, less current portion | 236 | 492 | |||||
Contract liabilities, less current portion | 358 | 347 | |||||
Total Non-current Liabilities | 594 | 839 | |||||
Total Liabilities | $ | 82,107 | $ | 65,594 | |||
STOCKHOLDERS’ DEFICIT | |||||||
Preferred Stock, par value | $ | - | $ | - | |||
Common stock, par value | 3 | 3 | |||||
Additional paid-in capital | 178,397 | 176,979 | |||||
Accumulated deficit | (238,673 | ) | (220,049 | ) | |||
Accumulated other comprehensive income (loss) | 10 | (111 | ) | ||||
Total Stockholders’ Deficit | (60,263 | ) | (43,178 | ) | |||
Total Liabilities and Stockholders’ Deficit | $ | 21,844 | $ | 22,416 | |||
* Reflects a one-for-three hundred seventy-five (1:375) reverse stock split of the outstanding shares of the Company's common stock effected on October 18, 2024
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands, except share data) | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Revenue | $ | 9,360 | $ | 4,953 | $ | 22,308 | $ | 13,404 | |||||||
Cost of Revenues | 2,293 | 1,412 | 5,799 | 3,876 | |||||||||||
Gross Margin | 7,067 | 3,541 | 16,509 | 9,528 | |||||||||||
Operating Expenses: | |||||||||||||||
General and administrative | 2,545 | 2,681 | 8,059 | 6,678 | |||||||||||
Selling and marketing | 2,202 | 1,039 | 4,468 | 3,430 | |||||||||||
Research and development | 161 | 165 | 519 | 436 | |||||||||||
Depreciation and amortization | 206 | 187 | 568 | 563 | |||||||||||
Total Operating Expenses | 5,114 | 4,072 | 13,614 | 11,107 | |||||||||||
Operating Income (Loss) | 1,953 | (531 | ) | 2,895 | (1,579 | ) | |||||||||
Other Income (Expense): | |||||||||||||||
Interest expense | (3,315 | ) | (2,907 | ) | (9,948 | ) | (10,125 | ) | |||||||
Interest expense, related party | (346 | ) | (938 | ) | (1,056 | ) | (2,379 | ) | |||||||
Gain on extinguishment of debt | — | - | 5,205 | - | |||||||||||
Change in fair value of derivative liabilities | (18,849 | ) | (19,325 | ) | (17,633 | ) | (29,943 | ) | |||||||
Other expense | (106 | ) | - | (893 | ) | (16 | ) | ||||||||
Other income | 6 | 1 | 2,806 | - | |||||||||||
Total Other Expense | (22,610 | ) | (23,169 | ) | (21,519 | ) | (42,463 | ) | |||||||
Net Loss | (20,657 | ) | (23,700 | ) | (18,624 | ) | (44,042 | ) | |||||||
Other Comprehensive Loss | |||||||||||||||
Foreign currency translation adjustments | — | 7 | 121 | (6 | ) | ||||||||||
Total Comprehensive Loss | $ | (20,657 | ) | $ | (23,693 | ) | $ | (18,503 | ) | $ | (44,048 | ) | |||
Net Loss per share: | |||||||||||||||
Basic and Diluted * | $ | (6.49 | ) | $ | (9.95 | ) | $ | (5.92 | ) | $ | (24.15 | ) | |||
Weighted average shares outstanding: | |||||||||||||||
Basic and Diluted * | 3,185 | 2,381 | 3,146 | 1,823 |
* Reflects a one-for-three hundred seventy-five (1:375) reverse stock split of the outstanding shares of the Company's common stock effected on October 18, 2024
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' DEFICIT
(In thousands, except share data) | |||||||||||||||||||
Three Months Ended September 30, 2024 | |||||||||||||||||||
Common Stock | |||||||||||||||||||
Number of Shares Issued and Outstanding | Par Value | Additional Paid- in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | ||||||||||||||
Balances as of June 30, 2024 | 3,150,062 | $ | 3 | $ | 178,397 | $ | (218,016 | ) | $ | 10 | $ | (39,606 | ) | ||||||
Net loss | - | - | - | (20,657 | ) | - | (20,657 | ) | |||||||||||
Balances as of September 30, 2024 | 3,150,062 | $ | 3 | $ | 178,397 | $ | (238,673 | ) | $ | 10 | $ | (60,263 | ) |
Three Months Ended September 30, 2023 | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Number of Shares Issued and Outstanding | Par Value | Additional Paid- in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | |||||||||||||||
Balances as of June 30, 2023 | 1,497,700 | $ | 2 | $ | 153,824 | $ | (214,584 | ) | $ | (80 | ) | $ | (60,838 | ) | ||||||
Shares issued for settlement of debt | 1,238,509 | 1 | 18,576 | - | - | $ | 18,577 | |||||||||||||
Foreign currency translation adjustment | - | - | - | - | 7 | $ | 7 | |||||||||||||
Net loss | - | - | - | (23,700 | ) | - | $ | (23,700 | ) | |||||||||||
Balances as of September 30, 2023 | 2,736,209 | $ | 3 | $ | 172,400 | $ | (238,284 | ) | $ | (73 | ) | $ | (65,954 | ) |
* Reflects a one-for-three hundred seventy-five (1:375) reverse stock split of the outstanding shares of the Company's common stock effected on October 18, 2024
Nine Months Ended September 30, | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Number of Shares Issued and Outstanding | Par Value | Additional Paid- in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | |||||||||||||||
Balances as of December 31, 2023 | 3,041,492 | $ | 3 | $ | 176,979 | $ | (220,049 | ) | $ | (111 | ) | $ | (43,178 | ) | ||||||
Shares issued for settlement of warrants | 14,440 | - | 6 | - | - | 6 | ||||||||||||||
Shares issued for settlement of debt | 94,130 | - | 1,412 | - | - | 1,412 | ||||||||||||||
Foreign currency translation adjustment | - | - | - | - | 121 | 121 | ||||||||||||||
Net loss | - | - | - | (18,624 | ) | - | (18,624 | ) | ||||||||||||
Balances as of September 30, 2024 | 3,150,062 | $ | 3 | $ | 178,397 | $ | (238,673 | ) | $ | 10 | $ | (60,263 | ) |
Nine Months Ended September 30, 2023 | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||
Number of Shares Issued and Outstanding | Par Value | Additional Paid- in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Total | |||||||||||||||
Balances as of December 31, 2022 | 1,463,300 | $ | 1 | $ | 153,298 | $ | (194,242 | ) | $ | (67 | ) | $ | (41,010 | ) | ||||||
Shares issued for services | 34,400 | 1 | 526 | - | - | 527 | ||||||||||||||
Shares issued for settlement of debt | 1,238,509 | 1 | 18,576 | - | - | $ | 18,577 | |||||||||||||
Foreign currency translation adjustment | - | - | - | - | (6 | ) | (6 | ) | ||||||||||||
Net loss | - | - | - | (44,042 | ) | - | (44,042 | ) | ||||||||||||
Balances as of September 30, 2023 | 2,736,209 | $ | 3 | $ | 172,400 | $ | (238,284 | ) | $ | (73 | ) | $ | (65,954 | ) |
* Reflects a one-for-three hundred seventy-five (1:375) reverse stock split of the outstanding shares of the Company's common stock effected on October 18, 2024
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands) | Nine Months Ended September 30, | ||||||
2024 | 2023 | ||||||
Cash Flows - Operating Activities: | |||||||
Net Loss | $ | (18,624 | ) | $ | (44,042 | ) | |
Adjustments to reconcile net loss to net cash used by operating activities | |||||||
Depreciation and amortization | 736 | 780 | |||||
Bad debt expense | 16 | 547 | |||||
Shares issued for services | - | 224 | |||||
Gain on extinguishment of debt | (5,205 | ) | - | ||||
Change in fair value of derivative liabilities | 17,633 | 29,943 | |||||
Amortization of debt issuance costs and original issue discount | 4,792 | 5,656 | |||||
Accrued interest | 2,749 | 5,529 | |||||
Changes in operating assets and liabilities | |||||||
Accounts receivable | 66 | 253 | |||||
Inventory | (480 | ) | (844 | ) | |||
Prepaid expenses and other assets | 225 | (487 | ) | ||||
Accounts payable | (1,013 | ) | 464 | ||||
Accrued expenses | 763 | (1,326 | ) | ||||
Contract liabilities | 56 | 50 | |||||
Net Cash Provided by (Used in) Operating Activities | 1,714 | (3,253 | ) | ||||
Cash Flows - Investing Activities | |||||||
Proceeds from sale of property and equipment | - | 13 | |||||
Purchase of property and equipment | (254 | ) | (169 | ) | |||
Net Cash Flows Used in Investing Activities | (254 | ) | (156 | ) | |||
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 | - | 2,994 | |||||
Proceeds (Payments) from factoring, net | 449 | (710 | ) | ||||
Payments of principal on finance leases | (193 | ) | (130 | ) | |||
Net Cash Flow (Used in) Provided by Financing Activities | (119 | ) | 3,356 | ||||
Effect of Exchange Rates on Cash | 121 | (5 | ) | ||||
Net Change in Cash During Period | 1,462 | (58 | ) | ||||
Cash at Beginning of Period | 1,797 | 1,153 | |||||
Cash at End of Period | $ | 3,259 | $ | 1,095 | |||
Supplemental Information: | |||||||
Cash paid for interest | $ | 3,189 | $ | 984 | |||
Non-cash Investing and Financing Activities: | |||||||
Shares issued for settlement of debt | 1,412 | - | |||||
Write off deferred merger costs | 1,226 | - | |||||
Warrants issued in conjunction with convertible promissory notes | 3,633 | 570 | |||||
Conversion of convertible notes payable to common stock | - | 18,577 | |||||
Capitalize default interest into senior secured debt | 3,850 | - | |||||
Conversion of asset-based secured promissory notes to convertible promissory notes | 4,584 | - | |||||
Embedded conversion feature on convertible promissory notes payable | - | (520 | ) | ||||
Common shares issued for advisory shares | - | 302 |
FAQ
What was SANUWAVE's (SNWV) revenue growth in Q3 2024?
How many UltraMist systems did SANUWAVE (SNWV) sell in Q3 2024?
What is SANUWAVE's (SNWV) revenue guidance for Q4 2024?