Sanuwave posts $1.4m quarterly loss as Ultramist unit sales fall to 40

Sanuwave Health booked a net loss of $1.4 million for the three months to 30 September 2026, as revenue slid to $8.6 million from $11.3 million a year earlier. That is a fall of about $2.7 million, or 24%. The operating loss for the period was $1.1 million.

The steepest decline was in Ultramist systems. The company sold 40 units in the quarter against 155 in the same period of 2025, a drop of roughly three-quarters. Management links the slowdown to a proposed rule from the US Centers for Medicare & Medicaid Services (CMS) that covers how skin substitutes are paid for and touches CPT code 97610.

Sanuwave also says the proposal contains provisions that would help it. CMS has floated a 14% rise in the hospital outpatient rate for the code, and would drop the code's Q1 designation. As general context, a packaged service in Medicare outpatient payment is bundled into another payment rather than reimbursed on its own.

The material available does not set out the rule's timetable, the full financial statements or any company guidance. The longer-term commercial impact on Sanuwave is therefore unclear.