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Sanuwave is a medical device company providing directed energy products into the wound care space. Our mission is to improve patient lives and outcomes by developing and marketing effective, easy to use products to decrease wound burden, lessen healing times, and reduce patient pain.
11.23% operating margin is respectable but not wide. ROIC at 39.05%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 35.0%, still solid.
ROIC dropped from 2082.29% to 39.05%, capital efficiency is deteriorating. Net debt of $11M represents 5.7x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$44M
▲ +35.0% YoY
Net Income (TTM)
$16M
▲ +135.7% YoY
Op. Margin
7.26%
▼ -0.6pp YoY
ROIC
13.06%
▼ -2043.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$4M
▼ -1.6% YoY
Op. Cash Flow (TTM)
$6M
▲ +57.9% YoY
Net Debt
$11M
Cash & Equiv.
$11M
5Y CAGR: +61.1%
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