Full Press Release Details
SANUWAVE HEALTH REPORTS RECORD THIRD QUARTER REVENUE
Total Revenue Increase of 269%;
Initial US treatments have begun, New President, Shri Parikh, to
Discuss on Conference Call at 10 am
SUWANEE, GA, November 20, 2018 SANUWAVE Health, Inc.
(OTCQB: SNWV) reported financial results for the three months
ended September 30, 2018 with the SEC yesterday, November 19, 2018
and will provide a business update on a conference call today,
Tuesday, November 20, 2018 at 10:00 a.m. Eastern
Highlights of the third quarter and recent weeks:
total revenue for the third quarter of 2018 was $595,789, up 269%
from the third quarter of 2017.
US treatments started in the third quarter.
Holistic Wellness Alliance PTE. LTD has been
incorporated in Singapore with Johnfk Medical Inc. ( FKS ) for
the manufacture, sale and distribution of the Company's
covering 11 countries in Southeast Asia.
quarter medical conference attendance activity for the Company was
9 major medical shows with resounding success.
Social media launch by Premier Shockwave Wound
Care targeting dermaPACE for VA, Military and I.H.S.
We began the year with the following stated goals for 2019:
accelerating growth through the year, establish partners in
specific channels, establish partners to help finance growth in
medical equipment placement, hire senior management to lead the
wound care team, add new countries to
our distribution platform, and prepare and be ready to
scale once our reimbursement tracking codes are in effect.
Through the third quarter we are on track to achieve
and exceed these goals. Our record revenue came from planting
the seeds for success in prior quarters and fortunately, we have
been planting more seeds so we feel confident we will
continue to see this growth continue. What is most exciting
is the wound industry buzz around the dermaPACE product.
Having attended 9 trade shows in the past few months, we
believe that we are becoming one of the hot new products in
the wound care space. This has the added benefit of
attracting talented industry professionals who want to be part
of SANUWAVE as we enter this next growth phase. We
have much work to do but are proud of the accomplishments
achieved year to date and feel confident in our growth plans
for the remainder of this year and entering
The Company will host a conference call on Tuesday, November 20,
2018, beginning at 10AM Eastern Time to discuss the third quarter
financial results, provide a business update and answer
Shareholders and other interested parties can participate in the
conference call by dialing 877-407-8033 (U.S.) or 201-689-8033
(international) or via webcast at http://www.investorcalendar.com/event/41390.
A replay of the conference call will be available beginning two
hours after its completion through December 4, 2018, by dialing
877-481-4010 (U.S.) or 919-882-2331 and entering PIN #41390 and a
replay of the webcast will be available at http://www.investorcalendar.com/event/41390
Third Quarter Financial Results
three months ended September 30, 2018 were $595,789, compared to
$161,585 for the same period in 2017, an increase of $434,204, or
269%. Revenues resulted primarily from higher sales in Southeast
Asia and Europe of our dermaPACE and orthoPACE devices and related
applicators. In addition, revenues for 2018 include revenue
recognized per Topic 606 from distribution licensing agreement in
Southeast Asia with our joint venture partner, FKS.
development expenses for the three months ended September 30, 2018
were $661,736, compared to $266,837 for the same period in
2017, an increase of $394,899, or 148%. Research and development
costs include payments to third parties that relate to our products
in clinical development and employee costs (salaries, payroll
taxes, benefits, and travel) for employees of the regulatory
affairs, quality assurance, and research and development
departments. The increase in research and development expenses was
due to higher salary and benefit expenses related to new hires,
accrual of bonus, stock-based compensation expense related to stock
options issued in September 2018 and higher travel
and administrative expenses for the three months ended September
30, 2018 were $2,415,106, as compared to $475,377 for the same
period in 2017, an increase of $1,939,729, or 408%. The increase in
general and administrative expenses was due to increased headcount,
stock-based compensation expense related to stock options issued in
September 2018, higher travel costs, accrual of bonus, and higher
consultant fees related to the commercialization of
loss for the three months ended September 30, 2018 was $825,142, or
($0.01) per basic and diluted share, compared to a net loss of
$851,325, or ($0.01) per basic and diluted share, for the same
period in 2017, a decrease in the net loss of $26,183. The decrease
in the net loss for 2018 was primarily due to gain on warrant
valuation adjustment which was partially offset by higher general
and administrative expenses as noted above as well as higher
interest expense related to convertible promissory
Nine Months ended September 30, 2018 Financial Results
nine months ended September 30, 2018 were $1,393,271, compared to
$422,199 for the same period in 2017, an increase of $971,072, or
230%. Revenues resulted primarily from sales in the United States
and Europe of our dermaPACE and orthoPACE devices and related
applicators. The increase in revenues for 2018 was due to the
higher sale of devices and both new and refurbished applicators in
the United States, Southeast Asia and Europe as compared to the
same period in 2017.
development expenses for the nine months ended September 30, 2018
were $1,379,517, compared to $965,084 for the same period in
2017, an increase of $414,433, or 43%. Research and development
costs include payments to third parties that relate to our products
in clinical development and employee costs (salaries, payroll