Value Investor
Start free

SANUWAVE Health

SNWV on Nasdaq. Market value $40m.

Watch this stockFree. We tell you when something changes.

Should I look at this?

Look carefully before going further

Why it could be worth it

Nothing stands out yet.

What to watch out for

Read the warning sign in its own filings

This is not advice.

Compare with another stock

Who owns it

None of the long-term investors we follow own it. 50 funds in all.

Jun '25
Dec '25
Jun '26
Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

5 investors own more than 5%.

  • JAMES E. BESSER
    Insider or founder
    at least 11.1%
    (filed with 3 related holders)
    Since 8 December 2025
    What they said

    There are no material changes to Item 4 of the Schedule 13D amendment, submitted on October 22, 2024. The Reporting Persons have acquired their Shares of the Issuer for investment. The Reporting Persons have no plans or proposals as of the date of this filing which, other than…

    Read the filing
  • MANCHESTER MANAGEMENT COMPANY, LLC
    Passive investor
    at least 10.8%−0.3 pts
    (filed with 4 related holders)
    Since 11 December 2025
    What they said

    There are no material changes to Item 4 of the Schedule 13D amendment, submitted on October 22, 2024. The Reporting Persons have acquired their Shares of the Issuer for investment. The Reporting Persons have no plans or proposals as of the date of this filing which, other than…

    Read the filing
  • at least 7.1%+3.6 pts
    (filed with 1 related holder)
    Since 30 June 2026
  • 6.0%−1.1 pts
    Since 9 May 2025
  • Opaleye Management Inc.
    Passive investor
    at least 3.6%−6.4 pts
    (filed with 2 related holders)
    Since 30 June 2026
  • BlackRock, Inc.
    Passive investor
    Sold down below 5%
    Since 30 June 2026
  • The Vanguard Group
    Passive investor
    Sold down below 5%
    Since 13 March 2026

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought or sold on the open market in the last 12 months.

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

3 serious warning signs in SANUWAVE Health’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 7 later 8-Ks.

  • Doubt it can keep going

    Serious

    The company or its auditor warned it may not have enough money to last the next year.

    “Our history of operating losses and prior reliance on external financing has raised, and could again raise, substantial doubt about our ability to continue as a going concern.”

    From the 10-K filed 26 March 2026, Item 1A. Risk Factors. Read it in the filing

  • Weak checks on its own accounts

    Serious

    The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

    “As a result of these material weaknesses, management concluded that the Company's internal control over financial reporting was not effective as of June 30, 2026.”
    Show the full paragraph
    As a result of these material weaknesses, management concluded that the Company's internal control over financial reporting was not effective as of June 30, 2026. Management continues to evaluate and implement remediation measures designed to address these material weaknesses and strengthen the Company’s internal control environment.

    From the 10-Q filed 6 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

  • Its past accounts can't be relied on

    Serious

    It told the SEC its earlier accounts should no longer be relied on, usually because they contained errors.

    8-K Item 4.02 filed 13 Mar 2026: the company said its earlier financial statements should no longer be relied on.

    From an 8-K filed 13 March 2026: Previously issued accounts should no longer be relied on. Open the filing

  • Changed auditor

    Worth knowing

    The company changed its auditor (the firm that checks its books) in the last two years.

    “On May 12, 2025, Sanuwave Health, Inc., a Nevada corporation (the “Company”), dismissed CBIZ CPAs P.C. (“CBIZ CPAs”) as the Company’s independent registered public accounting firm”

    From an 8-K filed 15 May 2025: Change of auditor. Read it in the filing

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
Create a free account to run it

Your first deep dive is free.

What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.