The 64% workforce reduction allowed the Alpharetta, Ga.-based medical device company to cut its losses by 37%, according to the filing.
Full-year losses were $6.4 million, or 30¢ per share, on sales of $769,000, compared with losses of $10.2 million, or 52¢ per share, on sales of $803,000 during 2011, Sanuwave reported.
Sanuwave attributed the top-line slide to lower sales of its OrthoPace device in Europe, due to the economic downturn there.
The regenerative medicine company also slashed 35% from its research & development budget, taking it from $2.7 million in 2011 to $1.8 million in 2012.
SNWV shares closed at 91¢ March 26, the day the company filed it annual results. Shares were trading at 88¢ apiece as of about 12:20 p.m. today, down 3.3%.