SANUWAVE Sets New Records Despite Turbulent Industry Conditions
On March 27, 2026, SANUWAVE, a leading provider of non-invasive medical devices for wound care and other treatments, reported its Q4 2025 earnings call results. The company's Chief Executive Officer, Morgan Frank, took the stage to discuss what was a good if slightly complicated quarter.
Frank began by highlighting that SANUWAVE's Q4 revenues reached $13.4 million, marking an all-time record for the company, with a 30% increase from the same period in the previous year. Adjusted EBITDA for the quarter also set a new high at $4.8 million, comprising 36% of revenues and representing a $1.1 million improvement over Q4 2024.
For the full year, SANUWAVE's revenue grew by 35% to reach $44.1 million, with Adjusted EBITDA increasing by a whopping 89% to $13.6 million. This growth was fueled in part by the sale of 624 UltraMIST systems during the year, exceeding the previous record set in Q3 by 100 units.
However, Frank also touched on the challenges facing the wound care industry as a whole. The recent changes in CMS reimbursement for skin substitutes and allografts have had far-reaching effects, with many companies seeing significant disruptions to their businesses. SANUWAVE's Morgan Frank noted that while these changes do not directly impact UltraMIST or the 97610 code, they have put intense pressure on the industry as a whole.
The reduction in reimbursement price for skin substitutes has resulted in a 90-95% price cut in an approximately $15 billion category. This, combined with the new CMS policy of only allowing practitioners to bill for what they apply and not covering wastage, has put even more pressure on wound care providers. Frank noted that some companies have been hit with nine-figure clawbacks on skin substitutes.
Despite these challenges, SANUWAVE appears to be weathering the storm well. The company's strong financial performance and commitment to its UltraMIST system suggest that it is poised to continue growing in a rapidly changing industry landscape.
