SANUWAVE Health Inc(SNWV) - 2024 Q4 - Annual Results

Revenue Performance - Q4 2024 revenues reached $10.3 million, a 47% increase from Q4 2023, marking an all-time quarterly record for the company[1] - Full year 2024 revenues totaled$ 32.6 million, up 60% from $20.4 million in 2023, exceeding the full year guidance of 50% growth[10] - Total revenue for 2024 increased to$ 32,634,000, representing a 60% growth compared to $20,398,000 in 2023[31] Profitability Metrics - Gross margin for Q4 2024 was 77.9%, compared to 69.1% in Q4 2023, and full year gross margin was 75.2%, up from 70.4% in 2023[2][3] - Operating income for Q4 2024 was$ 2.5 million, a 143% increase from Q4 2023, while full year operating income was $5.4 million, an increase of$ 6.0 million compared to 2023[4][10] - Gross margin improved to $24,550,000, up from$ 14,363,000 in the previous year, indicating a significant increase in profitability[31] - Operating income for 2024 was $5,417,000, a turnaround from an operating loss of$ 540,000 in 2023[31] Sales and Product Performance - The company sold 135 UltraMist® systems in Q4 2024, up from 79 in Q4 2023, and total systems sold in 2024 reached 374, compared to 211 in 2023[5][10] - UltraMist® consumables revenue increased by 59% to $5.9 million in Q4 2024, representing 58% of overall revenues for the quarter[5] Future Guidance - The company forecasts Q1 2025 revenue between$ 8.4 million and $9.0 million, indicating a 45-55% increase from Q1 2024, and full year 2025 revenue guidance of$ 48-50 million, a 47-53% increase from 2024[4][8] Financial Position - Total current assets rose to $18,397,000, a 88% increase from$ 9,784,000 in 2023[28] - Total liabilities decreased to $42,836,000, down 35% from$ 65,594,000 in 2023[29] - Cash and cash equivalents at the end of 2024 were $10,237,000, a substantial increase from$ 1,797,000 in 2023[28] Net Loss and Stock Activity - The company experienced a net loss of $12.7 million in Q4 2024, compared to a net profit of$ 18.2 million in Q4 2023, primarily due to changes in the fair value of derivative liabilities[5] - Net loss for 2024 was $31,372,000, compared to a net loss of$ 25,807,000 in 2023, reflecting ongoing challenges[31] - Basic and diluted net loss per share improved to $(7.03) from$ (12.19) in 2023, indicating a relative improvement in performance[31] - The company issued 1,248,489 shares of common stock, raising $10,300,000 in 2024[35] - Stock-based compensation increased to$ 1,514,000 in 2024, compared to no expenses recorded in 2023[35] Capital Structure Changes - The company completed a 1-for-375 reverse stock split and raised $10.3 million in a private placement, simplifying its capital structure[9] EBITDA Performance - Adjusted EBITDA for Q4 2024 was$ 3.7 million, compared to $0.7 million in Q4 2023, reflecting an improvement of$ 3.0 million[5]