SANUWAVE Health, Inc. — Earnings Quality Grade F
SNWV · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 45 days, change +8 days YoY
AR growth 62.9% exceeds revenue growth 35.0%
Revenue 35.0%, CFFO 57.9%. Cash follows revenue
Expense Quality
Inventory growth 43.0% exceeds COGS 24.7%
CapEx growth 296.3% is >2x revenue growth 35.0%
SG&A/Gross Profit = 78.9%, exceeds 70%
Gross margin 77.1%, change +1.9pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.0B, FCF/NI = 0.16
Accruals ratio = 21.3%. Exceeds 10%
Cash $0.0B covers 52% of debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 635% of equity. Over 50%
Interest coverage = 0.8x (<2x). Financial stress
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -6% YoY. Normal
Manipulation Score
M-Score = -0.89 (> -1.78). LIKELY MANIPULATOR
Small-cap context: Beneish M-Score was calibrated on large-caps; small-cap DSO/inventory volatility mechanically inflates it.
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25