Q2 2024 revenues were $7.2
million, up 53% from Q2 2023. This was an all-time quarterly record
for the Company.
Q2 2024 Gross Margin was 73%, vs
74% in Q2 2023
GAAP Operating Income was $2.0
Million
Company Provides Guidance for
Revenue Growth of 65-75% for Q3 2024 Versus Q3 2023
EDEN PRAIRIE, MN -- August 13, 2024 -- InvestorsHub
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 of 53%, 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
of 95% 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, versus 74% 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 53% revenue growth
year-over-year, which led to an all-time record quarter despite the
typical seasonal slowness of the first half of the year,” said
Morgan Frank, CEO. “We’re particularly pleased to have
achieved both operating and Adjusted EBITDA positivity for the
quarter in pursuit of our strategy of rapid, profitable
growth. As can be seen from our guidance, we expect our
growth rate versus prior year periods to further accelerate in Q3
as we seek to continue to gain traction in our markets, ramp up to
serve larger customers, and increase our patient counts. We
have continued to hire new salespeople and will continue this trend
for the foreseeable future. We continue to aim for 2024 to be
the breakout year for SANUWAVE and feel good about our progress so
far.”
Financial Outlook
The Company forecasts Q3 2024 revenue to rise 65-57% vs Q3 2023
($8-8.5 million of revenues) and for gross margin as a percentage
of revenue to remain in the mid 70s.
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 100% participation in its note and
warrant exchange offer, which will be triggered by effecting the
reverse stock split and result in the exchange of a significant
amount of warrants and convertible promissory notes for shares of
common stock, simplifying the Company’s capital structure.
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 $1,237 and $1,237,
respectively |
|
|
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 $0.001, 5,000,000 shares
authorized; 6,175 shares Series A, 293 shares Series B, 90 shares
Series C and 8 shares Series D authorized; no shares issued and
outstanding at June 30, 2024 and December 31, 2023 |
$ |
- |
|
|
$ |
- |
|
| Common stock, par value $0.001, 2,500,000,000
shares authorized; 1,181,272,961 and 1,140,559,527 issued and
outstanding at June 30, 2024 and December 31, 2023,
respectively |
|
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 |
|
| |
|
|
|
|
|
|
SANUWAVE Health (QB) (USOTC:SNWV)
Historical Stock Chart
From Nov 2024 to Dec 2024
SANUWAVE Health (QB) (USOTC:SNWV)
Historical Stock Chart
From Dec 2023 to Dec 2024
