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SNWV vs MDAI // FREE CASH FLOW YIELD

SANUWAVE Health Inc. (NASDAQ) VS. Spectral AI Inc. (Class A) (NASDAQ) • 15-METRIC TALLY: SNWV 8 — MDAI 1
▲ FREE CASH FLOW YIELD LEADER: SNWV
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (SNWV VS. MDAI) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC SNWV MDAI SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin 77.10% 45.40% +31.70 SNWV /gross-margins <GO>
Return on Invested Capital (ROIC) 67.30% -35.00% +102.30 SNWV /roic <GO>
EV/EBITDA & P/E Valuation 7.5x — — TIE /valuation <GO>
Free Cash Flow Yield ACTIVE 4.27% -19.63% +23.90 SNWV /fcf-yield <GO>
Operating Margin 11.20% -43.80% +55.00 SNWV /operating-margins <GO>
Net Profit Margin 26.80% -38.50% +65.30 SNWV /net-margins <GO>
Revenue Growth (YoY) 36.30% -33.60% +69.90 SNWV /revenue-growth <GO>
Dividend Yield & FCF Payout Safety 0.00% 0.00% 0.00 TIE /dividend-safety <GO>
Altman Z-Score & Debt/Equity — 0.20 — TIE /balance-sheet <GO>
Piotroski F-Score Quality 7/9 2/9 +5.00 SNWV /piotroski-score <GO>
Options Implied Move & Put/Call Skew — — — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 53.1 51.2 +1.90 SNWV /rsi-technicals <GO>
10Y Yield & FRED Macro Beta — — — TIE /macro-sensitivity <GO>
Forward P/E Multiple 3.5x — — TIE /forward-pe <GO>
Enterprise Scale & Market Cap $45.3M $50.5M -$5.2M MDAI /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR SNWV REV MDAI REV SNWV GROSS % MDAI GROSS % SNWV FCF MDAI FCF
FY 2025 $44.1M $19.6M 77.1% 45.4% $1.9M -$9.9M
FY 2024 $32.3M $29.6M 75.9% 44.9% $2.0M -$9.2M
FY 2023 $19.3M $18.1M — — -$4.5M -$13.2M
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
SNWV // BETA —
MDAI // BETA —