SANUWAVE Health, Inc. (OTCMKTS:SNWV) posted financial results for the quarter ended March 31, 2015 and released a business update. Kevin A. Richardson, II, the Chairman said that they continued their work in Phase 3 supplemental clinical study utilizing dermaPACE for curing diabetic foot ulcers. The expert team looks forward to working with the FDA and MCRA on the data requested by the DMC.
The Chairman of SANUWAVE further added that they continue to seek distribution opportunities for the product dermaPACE outside the United States. The company continue with the measures using its patented PACE technology in non-medical as well as medical areas in collaboration with top research universities. Here, the team is expecting positive initial data that can result in license opportunities for company’s advanced technology.”
SANUWAVE reported that revenue for the quarter ended March 31, 2015 was $210,452, against $145,098 for the same quarter in FY2014, an increase of 45%. The jump in revenues was due to improved sales of orthoPACE devices in Europe. The R&D expenses for the quarter came at $634,623, down from $764,845 in 2014. The 17% decline in R&D expenses can be attributed to lower fees paid to third party clinical locations participating in its dermaPACE clinical trials. During the quarter, there were fewer active patients in study compared to the prior quarter.
The other highlights
General and administrative expenses came at $566,292 compared to $1,300,311 for the same quarter in FY2014, a decrease of 56%. The decline was due to higher consulting expenses recorded in FY2014. The net loss for the quarter came at $0.02 per share versus net loss of $0.06 a share, for the same quarter in FY2014. The decline of 55% in net loss was a result of lower operating expenses.
In last trading session, the stock price of SNWV declined more than 46% to close the trading session at $0.0640. The decline came at a share volume of 2.64 million compared to average share volume of 100,029.