Ian Cassel

Albert Hanser

Carl Byrnes

Christopher Davis

Alex Silverman

Chris Plahm

Kyle Bauser

- Sanuwave Health announced preliminary revenues for **Q3 2025** are expected to be between **$11.4 million and $11.6 million**, representing the **highest quarterly revenues in Company history**.  **[1417663_4ba54d2fe4614c209f0511b4c294755a_0]** 
- This preliminary revenue indicates an increase of **22% to 24% over Q3 2024** and **12% to 14% sequentially** from the prior quarter.  **[1417663_4ba54d2fe4614c209f0511b4c294755a_0]** 
- The reported Q3 2025 revenue range is **below the company's previous guidance of $12-$12.7 million**, primarily due to market uncertainty surrounding proposed reimbursement changes for certain wound care treatment modalities.  **[1417663_4ba54d2fe4614c209f0511b4c294755a_0]** 
- Consequently, the company has **revised its 2025 annual revenue guidance** from **$48-$50 million to $44-$46 million**.  **[1417663_4ba54d2fe4614c209f0511b4c294755a_0]**

Sanuwave Health Announces Preliminary Q3 2025 Revenue and Revised Annual Guidance

- Sanuwave Health, Inc. (SNWV) announced the **refinancing of its $27.5 million debt facility** with NH Expansion Credit Fund Holdings LP.  **[1417663_0001628280-25-042942_ex-991pressreleasexdebtref.htm:0]** **[1417663_0001628280-25-042942_ex-991pressreleasexdebtref.htm:0]** 
- The company secured a new credit facility from J.P. Morgan, consisting of a **$23.0 million four-year term loan** and a **$5.0 million two-year revolving credit facility**.  **[1417663_0001628280-25-042942_ex-991pressreleasexdebtref.htm:0]** **[1417663_0001628280-25-042942_ex-991pressreleasexdebtref.htm:0]** **[1417663_0001628280-25-042942_snwv-20250925.htm:1]** 
- At closing, Sanuwave drew approximately **$1.0 million** from the revolver, leading to a total outstanding debt of approximately **$24 million** under the new facility.  **[1417663_0001628280-25-042942_ex-991pressreleasexdebtref.htm:0]** **[1417663_0001628280-25-042942_ex-991pressreleasexdebtref.htm:0]** 
- Both the term loan and revolver have an interest rate of **SOFR +350bp** and no prepayment penalties.  **[1417663_0001628280-25-042942_ex-991pressreleasexdebtref.htm:0]** **[1417663_0001628280-25-042942_ex-991pressreleasexdebtref.htm:0]** 
- The new credit agreement includes financial covenants, requiring a maximum total leverage ratio of **2.50 to 1.00** and a minimum fixed charge coverage ratio of **1.25 to 1.00**, effective from the fiscal quarter ending September 30, 2025.  **[1417663_0001628280-25-042942_snwv-20250925.htm:1]** **[1417663_0001628280-25-042942_ex-101xcreditagreementdate.htm:113]**

SANUWAVE Health (SNWV)