Sanuwave is a small medical device company focused on wound care. Its only commercial product is the UltraMIST system, which uses low-frequency, non-contact ultrasound to treat chronic and acute wounds including diabetic foot ulcers, venous leg ulcers, pressure injuries, and surgical wounds. UltraMIST delivers ultrasound energy through a fluid mist — never touching the wound directly — making treatments painless and short, typically around six minutes. The technology promotes healing by reducing inflammation, killing bacteria, and stimulating blood vessel growth. Sanuwave follows a razor/razor blade model: customers purchase the UltraMIST device upfront, and each treatment requires a single-use sterile applicator. Consumable applicator sales are the primary recurring revenue stream, representing roughly 58% of revenue, with system sales accounting for most of the remainder. Gross margins are high, around 77-79%. Reimbursement is a key commercial enabler — UltraMIST is covered under a CMS Category 1 CPT code, meaning Medicare and Medicaid reimburse providers per treatment. Sanuwave sells through a mix of direct sales reps and distributors, primarily in the U.S., to hospitals, physician offices, wound care centers, and nursing facilities. Growth is driven by expanding the installed base and increasing utilization at existing accounts. Sanuwave has been expanding its direct sales force and pursuing large hospital networks. Management also sees an opportunity from recent CMS reimbursement cuts to competing skin substitute products, which may redirect clinicians toward UltraMIST.