Sanuwave Health (OTC:SNWV) posted a drop in revenue and continued losses during its 3rd quarter, according to the company’s latest earnings report.
The Alpharetta, Ga.-based company posted losses of $4.4 million, or -14¢ per share, on sales of $148,421 for the 3 months ended Sept. 30. That’s a profit slide of 207.7% on a sales decline of 16.7% compared with the same period last year.
"We continue to work with our distribution network outside of the U.S. to improve the volume and rate of activity," CEO Joseph Chiarelli said in prepared remarks. "We expect to see the beginnings of this benefit in 2014. With the approval of orthoPACE in South Korea, we are expanding our distribution network outside of Europe, Canada, Australia and New Zealand to assist our cash flow."
The news sent SNWV shares down 10.4% to 69¢ apiece, from an open of 77¢ on Nov.12, the day the earnings were reported. SNWV shares closed at 69¢ last night, a 0.2% bump on the day.
Sanuwave in April laid off more than ⅓ of its workforce in its quest to pare its 2012 losses. The company also slashed its research & development department by 35%.
