Sales Funnel Increases 9% and System Trials Increases 5% Month Over Month
First Quarter Revenue of $3.2 Million an Increase of 100% Year Over Year
SUWANEE, GA, May 18, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – On May 17, 2022, SANUWAVE Health, Inc. (OTC:PINK: SNWV), a leading provider of next-generation wound care products, announced they successfully filed their 10-K for 2021 and provided an update on April Sales Funnel and System Trials. The company also filed an NT10Q for their first quarter filing. In the NT10Q they released preliminary revenue for the first quarter of 2022. This release provides further color on that SEC filing.
Both the Sales Funnel, defined as opportunities the direct sales team is pursuing to close in the next six months, and System Trials, defined as single 60-day assessments underway for evaluating purchase, have seen prominent funnel increases for the month of April. During April, the sales funnel increased 9% to $19.9 million, while system trials increased 5%, bringing the total to 101.
These increases provide excellent visibility on the progression of revenue for the second quarter and will be monitored closely as the sales team attempts to convert evaluations to closed deals. SANUWAVE notes that they do expect volatility in these numbers throughout the year but are committed to sharing the data monthly throughout 2022.
First quarter revenue will be approximately $3.2 million up from $2.1 million in 2021, an increase of 50%. In 2021, SANUWAVE had $500,000 in sales of biologics, a product line no longer carried by the company, which means 2022 sales were solely based on the company’s ENERGY FIRST device line. On a more comparative basis of the same products revenue growth was 100% year over year. The growth was driven by the resurgence of the UltraMIST product line along with an increase of single use applicator sales.
“As a company, we are excited to see there is a steady increase in demand for our energy products within the Wound Care market and now these coinciding verticals,” stated Mr. Kevin Richardson, CEO & Chairman of the Board. “We look forward to embracing new opportunities and potential partnerships as we continue to grow.”
SANUWAVE Health is focused on the research, development, and commercialization of its patented, non-invasive, and biological response-activating medical systems for the repair and regeneration of skin, musculoskeletal tissue, and vascular structures.
SANUWAVE’s end-to-end wound care portfolio of regenerative medicine products and product candidates help restore the body’s normal healing processes. SANUWAVE applies and researches its patented energy transfer technologies in wound healing, orthopedic/spine, aesthetic/cosmetic, and cardiac/endovascular conditions.
This press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future business development activities and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors, or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company’s ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the key risks, assumptions and factors that may affect operating results, performance and financial condition are risks associated with the regulatory approval and marketing of the Company’s product candidates and products, unproven pre-clinical and clinical development activities, regulatory oversight, the Company’s ability to manage its capital resource issues, competition, and the other factors discussed in detail in the Company’s periodic filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statement.