Full Press Release Details
SANUWAVE HEALTH REPORTS THIRD QUARTER FINANCIAL
AND PROVIDES A BUSINESS UPDATE
SUWANEE, GA, November 20, 2017 SANUWAVE Health, Inc.
(OTCQB: SNWV) reported
financial results for the three and nine months ended September 30,
2017 on November 14 2017 and will provide a business update on a
conference call at 10:00AM Eastern Time on Tuesday, November 21,
Highlights of the third quarter and recent weeks:
into a binding term sheet with MundiMed Distribuidora Hospitalar
LTDA ( MundiMed ) for a joint venture for the
manufacture, sale and distribution of our dermaPACE
in conjunction with Georgia Department of Economic Development, at
MEDICA in Dusseldorf, Germany on 13 -16 November 2017. MEDICA is
the world's leading trade fair for the medical industry. SANUWAVE
used this occasion to further educate on our lead wound care
product, dermaPACE and our industry leading device for the
treatment of various orthopedic conditions, orthoPACE . Kevin
Richardson, Acting CEO, Iulian Cioanta, Vice President of Research
and Development, and Andr Mouton, Vice President of
International Sales and Relations, attended this
at Wounds Canada 2017 Fall Conference in Mississauga, Ontario on 16
-19 November 2017. Wounds Canada's fall conference is a continuing
education event designed to support health-care professionals who
work with patients with wounds or who are at risk for developing
wounds. SANUWAVE used this occasion to introduce and educate on our
lead wound care product, dermaPACE. Lisa Sundstrom, Chief Financial
Advisor, attended this conference.
are very excited about the progress we are making in this quarter
and for the year. We are still on track for FDA approval between
now and early 2018. Our footprint continues to expand international
with the addition of our joint venture with MundiMed Distuidora of
Brazil. As you know we will be launching clinical work both
domestically and internationally to further understand the uses for
our wound care product dermaPACE as well as orthoPace, our
orthopedic product, stated Kevin Richardson II, CEO and
Third Quarter Financial Results
for the three months ended September 30, 2017 were $161,585,
compared to $255,652 for the same period in 2016, a decrease of
$94,067, or 37%. Revenues resulted primarily from sales in Europe,
Asia and Asia/Pacific of our orthoPACE device and related
applicators. The decrease in revenues for 2017 was due to lower
sales of new orthoPACE devices and applicators in Europe and
Asia/Pacific in 2017.
and development expenses for the three months ended September 30,
2017 were $266,837, compared to $266,473 for the same period
in 2016, an increase of $364.
and administrative expenses for the three months ended September
30, 2017 were $475,377, as compared to $645,863 for the same period
in 2016, a decrease of $170,486, or 26%. The decrease in general
and administrative expenses was due to lower legal fees, lower
salary and benefits as a result of reduction in headcount and
decrease in bad debt reserve.
loss for the three months ended September 30, 2017 was $851,325, or
($0.01) per basic and diluted share, compared to a net loss of
$1,139,810, or ($0.01) per basic and diluted share, for the same
period in 2016, a decrease in the net loss of $288,485, or 25%. The
decrease in the net loss for 2017 was primarily due to lower
general and administrative expenses and reduction in amortization
Nine Months Ended September 30, 2017 Financial Results
for the nine months ended September 30, 2017 were $422,199,
compared to $728,382 for the same period in 2016, a decrease of
$306,183, or 42%. Revenues resulted primarily from sales in Europe,
Asia and Asia/Pacific of our orthoPACE device and related
applicators. The decrease in revenues for 2017 was due to lower
sales of new orthoPACE devices and applicators and lower applicator
refurbishments in Europe and Asia/Pacific in 2017.
and development expenses for the nine months ended September 30,
2017 were $965,084, compared to $1,052,595 for the same period
in 2016, a decrease of $87,511, or 8%. Research and development
expenses decreased in 2017 as a result of lower payments to
consultants related to the de
novo petition submission to the FDA in July
and administrative expenses for the nine months ended September 30,
2017 were $1,875,891, as compared to $1,734,891 for the same period
in 2016, an increase of $141,000, or 8%. The increase in general
and administrative expenses was due to non-cash stock compensation
expense for stock options issued in June 2017, increase in bad debt
reserve and was partially offset by lower legal and investor
loss for the nine months ended September 30, 2017 was $2,760,794,
or ($0.02) per basic and diluted share, compared to a net loss of
$3,986,509, or ($0.04) per basic and diluted share, for the same
period in 2016, a decrease in the net loss of $1,225,715, or 31%.
The decrease in the net loss for 2017 was primarily due to a gain
on the warrant valuation and lower operating expenses as noted
The Company will host a conference call on Tuesday, November 21,
2017, beginning at 10:00AM Eastern Time to discuss the third
quarter financial results, provide a business update and answer
questions. Shareholders and other interested parties can
participate in the conference call by dialing 866-567-1602 (U.S.)
or 404-267-0372 (international) or via webcast at
A replay of the conference call will be available beginning two
hours after its completion through December 5, 2017, by dialing
877-481-4010 (U.S.) or 919-882-2331 (international) and entering
Conference ID 22346.
About SANUWAVE Health, Inc.
Health, Inc. (OTCQB:SNWV) (www.sanuwave.com)
is a shock wave technology company initially focused on the
development and commercialization of patented noninvasive,
biological response activating devices for the repair and