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SUWANEE, Ga., Nov. 15, 2019 (GLOBE NEWSWIRE) — SANUWAVE Health, Inc. (OTCQB: SNWV) reported banking after-effects for the three and nine months concluded September 30, 2019 with the SEC on Thursday, November 14, 2019. The Aggregation will additionally host a appointment alarm today, November 15, 2019, at 9:00 a.m. Eastern Time.
Highlights from the third division and aftermost few weeks:
“SANUWAVE’s focus during 2019 charcoal acceding accessories with able clinicians in fifteen ambition states. We accept added some cogent aptitude in 2019 with new advisers abutting us from actual able-bodied accustomed anguish companies and medical backgrounds. The fizz about our accessory and artefact is growing through our broadcast attendance at tradeshows, accession of new hires, appear articles, added amusing media footprint, but best chiefly through chat of aperture from professionals to anniversary added about how abundant and acknowledged the accessory is in alleviative DFU’s. Third division was one of our busier abode on almanac for action and the aggregation performed acutely well. We additionally began to clarify our processes from learnings in the field. The clarification in accomplishing and abutment and sales cycles will advice advance our adeptness and chump interactions as we move forward. Through these action improvements we are adequate that we will achieve our adjustment goals for 2019. Added to this abundance is the afresh appear acceding with Ametus Group to advice abutment and advance our advance in 2019, 2020 and beyond. The playbook we are afterward is the aforementioned playbook acclimated by abounding acknowledged medical accessory companies. The fourth division will actuate the acquirement trends from all the adamantine assignment as we actuate acquainted acquirement from these placements. We are assured we will beat one actor dollars in acquirement in the fourth division apprenticed by Brazil, added all-embracing ally and dermaPACE procedural revenue. We are still alive with our auditing close to actuate how abundant of the antecedent procedural acquirement will be accustomed in Q4, and we will altercate this added on the year end call,” declared Kevin Richardson, CEO.
SANUWAVE President, Shri Parikh added, “The 300 able chump leads from the accomplished four anguish affliction conferences and advancing payments of acceding claims action abide to validate the amount adeptness of SANUWAVE’s dermaPACE technology on the analysis of DFUs and the amount abstention of amputation. Commercializing this alone FDA austere shockwave technology, with our new and growing sales and analytic professionals accomplished in anguish affliction calm with clinicians that are acutely committed to active absolute change in today’s healthcare ecosystem is awful rewarding.”
Goals for 2019 and amend on progress
This year sets the date for SANUWAVE to about-face from a analytic analysis aggregation to a rapidly growing commercialization company. The action involves acceding devices, training clinicians, accepting reimbursement, and acknowledging the basement with added analytic research, appear articles, and case studies. The adjustment will acquiesce SANUWAVE to achieve the ambition of carrying a dermaPACE Arrangement anywhere and everywhere a DFU is treated. This allows SANUWAVE to achieve the eyes of accouterment a absolute appulse on activity and the environment, one shock at a time.
We are able-bodied on our way of accomplishing our declared goals for 2019 which will acquiesce for accelerated acquirement advance in 2020 and beyond. Our declared continued appellation ambition is to adeptness 2,000 placed accessories and $100 actor in Acquirement in three to four years. To achieve this continued appellation goal, we authorize annual goals and objectives by which investors can admeasurement managements performance. 2019 is on clue to accommodated or beat our objectives for the year. SANUWAVE will absolution their goals for 2020 in aboriginal 2020, but plan to accept at atomic 300 accessories placed during 2020 as allotment of those goals.
Third Division Banking Results
Revenues for the three months concluded September 30, 2019 were $197,640, compared to $595,789 for the aforementioned aeon in 2018, a abatement of $398,149, or 67%. Acquirement resulted primarily from sales in Europe and Asia/Pacific of our orthoPACE accessories and accompanying applicators. The abatement in acquirement for 2019 was primarily due to a acknowledgment of sales of accessories and applicators as a aftereffect of the abortion of administration accord with Johnfk Medical Inc. (“FKS”), lower sales of refurbished applicators and lower upfront all-embracing administration fees, as compared to the above-mentioned year. This is partially account by accessory sales in Asia/Pacific. Although procedures occurred in the third quarter, we did not actuate to bill and accept payments from vendors until the fourth quarter.
Operating costs for the three months concluded September 30, 2019 were $2,460,372, compared to $3,082,551 for the aforementioned aeon in 2018, a abatement of $622,179, or 20%. Analysis and development costs decreased by $322,249. The abatement was due to a reclassification of advisers and accompanying costs from analysis and development to accepted and authoritative in 2019 and lower banal based advantage amount as compared to the above-mentioned year. This is partially account by an access in application for acting casework and added abstraction costs accompanying to our dosage abstraction in Poland. Selling and business costs added by $124,818. The access was due to an access in hiring of trainers and salespeople, added biking costs for adjustment and training accompanying to the commercialization of dermaPACE and added accord in calm tradeshows. Accepted and authoritative costs decreased by $441,377. The abatement was due to a abatement in banal based advantage amount accompanying to options issued in 2018, charter amount accompanying to bribery of charter acceding for accessories in 2018 and lower alfresco adviser costs. This is partially account by an access in salary, benefit and allowances accompanying to new hires in 2019.
Net accident for the three months concluded September 30, 2019 was $2,748,018, or ($0.01) per basal and adulterated share, compared to a net accident of $825,142, or ($0.01) per basal and adulterated share, for the aforementioned aeon in 2018, an access in the net accident of $1,922,876, or 233%.
Cash and banknote equivalents added by $38,107 for the nine months concluded September 30, 2019 and decreased by $657,873 for the nine months concluded September 30, 2018. For the nine months concluded September 30, 2019 and 2018, net banknote acclimated by operating activities was $4,684,611 and $2,271,566, respectively, primarily consisting of advantage costs, dermaPACE commercialization activities and accepted accumulated operations. The access of $2,413,045 in the use of banknote for operating activities for the nine months concluded September 30, 2019, as compared to the aforementioned aeon for 2018, was primarily due to the added accrued operating and amount accompanying costs and added account and prepaid costs in 2019. Net banknote acclimated by advance activities for the nine months concluded September 30, 2019 and 2018, consisted of acquirement of acreage and accessories of $28,990 and $32,171, respectively. Net banknote provided by costs activities for the nine months concluded September 30, 2019 was $4,738,556, which consisted of $1,378,142 from the exercise of warrants, $1,215,000 from the arising of abbreviate appellation addendum payable, $90,000 from access in accompanying affair band of acclaim and $2,055,414 from advances from accompanying parties. Net banknote provided by costs activities for the nine months concluded September 30, 2018 was $1,663,063, which consisted of $144,000 net from advances from accompanying parties, $38,528 from exercise of warrants, $1,159,785 from the arising of convertible promissory notes, $184,750 from arising of abbreviate appellation addendum payable and $136,000 net from access in band of credit, accompanying party.
The Aggregation will additionally host a appointment alarm on Friday, November 15, 2019, alpha at 9AM Eastern Time to altercate the third division banking results, accommodate a business amend and acknowledgment questions.
Shareholders and added absorbed parties can participate in the appointment alarm by dialing 844-602-0380 (U.S.) or 862-298-0970 (international) or via webcast at Media
A epitomize of the appointment alarm will be accessible alpha two hours afterwards its achievement through November 29, 2019, by dialing 877-481-4010 (U.S.) or 919-882-2331 and entering PIN #56798 and a epitomize of the webcast will be accessible at Media February 15, 2020.
About SANUWAVE Health, Inc.
SANUWAVE Health, Inc. (OTCQB:SNWV) Media is a shockwave technology aggregation initially focused on the development and commercialization of patented noninvasive, biological acknowledgment activating accessories for the adjustment and about-face of skin, musculoskeletal tissue and vascular structures. SANUWAVE’s portfolio of adorning anesthetic articles and artefact candidates actuate biologic signaling and angiogenic responses, bearing new vascularization and microcirculatory improvement, which helps restore the body’s accustomed healing processes and regeneration. SANUWAVE applies its patented PACE® technology in anguish healing, orthopedic/spine, plastic/cosmetic and cardiac conditions. Its advance artefact applicant for the all-around anguish affliction market, dermaPACE®, is US FDA austere for the analysis of Diabetic Bottom Ulcers. The accessory is additionally CE Marked throughout Europe and has accessory authorization approval for the analysis of the bark and subcutaneous bendable tissue in Canada, South Korea, Australia and New Zealand. SANUWAVE researches, designs, manufactures, markets and casework its articles worldwide, and believes it has accustomed that its technology is safe and able in aesthetic healing in abiding altitude of the bottom (plantar fasciitis) and the bend (lateral epicondylitis) through its U.S. Class III PMA accustomed OssaTron® device, as able-bodied as aesthetic cartilage and abiding tendonitis about-face in the musculoskeletal ambiance through the appliance of its OssaTron, Evotron® and orthoPACE® devices in Europe, Asia and Asia/Pacific. In addition, there are license/partnership opportunities for SANUWAVE’s shockwave technology for non-medical uses, including energy, water, aliment and automated markets.
This columnist absolution may accommodate “forward-looking statements” aural the acceptation of the Private Securities Litigation Reform Act of 1995, such as statements apropos to banking after-effects and affairs for approaching business development activities, and are appropriately prospective. Advanced statements accommodate all statements that are not statements of actual actuality apropos intent, acceptance or accepted expectations of the Company, its admiral or its officers. Investors are cautioned that any such advanced statements are not guarantees of approaching achievement and absorb risks and uncertainties, abounding of which are above the Company’s adeptness to control. Actual after-effects may alter materially from those projected in the advanced statements. Among the key risks, assumptions and factors that may affect operating results, achievement and banking action are risks associated with the authoritative approval and business of the Company’s artefact candidates and products, ambiguous pre-clinical and analytic development activities, authoritative oversight, the Company’s adeptness to administer its basal ability issues, competition, and the added factors discussed in detail in the Company’s alternate filings with the Securities and Exchange Commission. The Aggregation undertakes no obligation to amend any advanced statement.
For added advice about the Company, appointment Media
Millennium Park Basal LLC
SANUWAVE Health, Inc.
Kevin Richardson II
CEO and Chairman of the Board
(FINANCIAL TABLES FOLLOW)
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