8-K
SANUWAVE Health, Inc. (SNWV)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported) | April 10, 2024 | |
|---|---|---|
| SANUWAVE Health, Inc. | ||
| --- | ||
| (Exact name of registrant as specified in its charter) | ||
| Nevada | 000-52985 | 20-1176000 |
| --- | --- | --- |
| (State or other jurisdiction<br><br> <br>of incorporation) | (Commission File Number) | (IRS Employer<br><br> <br>Identification No.) |
| 11495 Valley View Road, Eden Prairie, Minnesota | 55344 | |
| --- | --- | |
| (Address of principal executive offices) | (Zip Code) | |
| Registrant’s telephone number, including area code | (952) 656-1029 | |
| --- | --- | |
| N/A | ||
| --- | ||
| (Former name or former address, if changed since last report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| --- | --- |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| --- | --- |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which<br><br> <br>registered |
|---|---|---|
| N/A | N/A | N/A |
Indicate by check mark whether the registration is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 2.02 | Results of Operations and Financial Condition. |
|---|
On April 10, 2024, SANUWAVE Health, Inc., a Nevada corporation (the “Company”), issued a press release announcing certain preliminary financial results for the quarter ended March 31, 2024. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.
The information in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is being furnished and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
|---|---|
| (d) | Exhibits. |
| --- | --- |
| Exhibit No. | Description |
| --- | --- |
| 99.1 | Press release dated April 10, 2024 |
| 104 | Cover Page Interactive Data File––the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SANUWAVE HEALTH, INC. | ||
|---|---|---|
| Dated: April 10, 2024 | By: | /s/ Peter Sorensen |
| Name: | Peter Sorensen | |
| Title: | Chief Financial Officer |
Exhibit 99.1
SANUWAVE Health Announces Preliminary Revenue Results for the First Quarter 2024 (Ended March 31, 2024)
SANUWAVE is pleased to announce preliminary revenues of $5.7 million to $5.9 million for the first quarter ended March 31, 2024. This represents the highest Q1 revenues in company history.
Q1 2024 revenue increased between 51% and 56% compared to Q1 2023.
UltraMist revenues for Q1 2024 increased by more than 55% versus Q1 2023 and accounted for approximately 95% of the Company’s total revenues.
UltraMist applicator sales were an all time quarterly record and exceeded 65% of total revenues.
EDEN PRAIRIE, MN, April 10, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- SANUWAVE Health, Inc. (the “Company” or “SANUWAVE”) (OTCQB: SNWV), a leading provider of next-generation FDA-approved wound care products, today announced that revenues for the first quarter of 2024 are expected to be in the range of $5.7 to $5.9 million, an increase of 51% to 56% over Q1 2023 and consistent with the high end of the range of guidance given in the Company’s Q4 2023 earnings release from March 22, 2024.
“As with much of the medical device and wound care industry, Q1 tends to be a seasonally softer quarter for Sanuwave, but the underlying strength of our business has led to a smaller seasonal effect than that seen in recent years,” said CEO Morgan Frank. “This was the highest Q1 revenue in Company history by a wide margin, and the second best revenue quarter in Company history behind only Q4 2023. We’re excited to report year-on-year revenue growth in excess of 50% for the quarter, a significant acceleration in growth versus prior quarters. The Company plans to release its full Q1 results in mid-May, and we look forward to speaking with you then to give you a more complete update on our quarterly performance and our future plans and guidance.”
The preliminary revenue results described herein are based on management’s initial analysis of the first quarter ended March 31, 2024, and may be subject to adjustments based on the Company’s completion of its quarter-end financial close process.
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 help 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.
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, the Company’s ability to consummate the proposed business combination with SEP Acquisition Corp. 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