SANUWAVE Health, Inc.

Wound-care device maker (UltraMIST/PACE) — operating-profitable and growing, but very high leverage and negative equity.

Strengths

• Operating-profitable, strong growth — operating margin 11% (79th), revenue +44%, ROA 32% (99th)

Risks

• Very high leverage / negative equity — D/E 10.0 (98th), ROE 730% artifact
• Thin liquidity — current ratio 1.4 (24th)
• Reimbursement/adoption risk — per 10-K

Notable findings

• RestatementManagement has concluded that the error was material to the previously issued annual financial statements and, accordingly, a restatement of prior period financial information was required in accordan 8-K ↗
• Going concernOur history of operating losses and prior reliance on external financing has raised, and could again raise, substantial doubt about our ability to continue as a going concern
• Material weaknessRisks Related to our Business We have identified material weaknesses in our internal control over financial reporting
• Customer concentration~35% of revenue from one customer/distributor — 32 Table of Contents Results of Operations The following table sets forth our consolidated statement of operations: For the Years Ended December 31, Change (in thousands) 2025 2024 (As R
• High leverageHigh leverage (debt/equity 9.97)
• Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
• Buying back stockNet buyback — share count -67%/yr over 4y
• Revenue declineRevenue -26.5% YoY
• Notable holderHeld by 4 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +1 more (as of 2026-03-31)
• New fund positionNotable fund(s) opened this quarter: CITADEL ADVISORS LLC
• Insider sellingInsider selling — 11 open-market sale(s) by 1 insider(s) (~$2M, last 6mo) Form 4 ↗
• Pending mergerFor the Years Ended December 31, (in thousands) 2025 2024 (As Restated) Net Income (Loss) $ 11,813 $ (33,083) Non-GAAP Adjustments: Interest expense 6,246 13,779 Depreciation and amortizat