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Sofwave Medical Ltd. Investor Presentation 2026
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Investor Presentation
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Q4 2025 Summary
March 2026
Sofwave - The Aesthetic Device Regeneration Company
DISCLAIMER
This presentation (the "Presentation") is for informational purposes only and does not constitute or form any part of any offer or solicitation to buy or subscribe for securities of Sofwave Medical Ltd. (the "Company" or "Sofwave") and should not be regarded as a recommendation or an opinion on such matters. The information included in this Presentation is not comprehensive and does not include all the information with respect to the Company and its business required for any investment decision in the Company's securities. This Presentation includes forecasts, estimates, assessments, expectations and other information, intent or belief pertaining to future events and/or matters, which constitute "forward-looking statements" as defined in the Israeli Securities Law 5728-1968, which is based on current expectations, projections and assumptions about future events. Actual results may differ materially due to a variety of factors, some of which the Company has no control over and cannot be reasonably foreseen at this date, including, but not limited to the risk factors which are inherent to the Company's activity, third-party decisions, including regulatory authorities and engagements with third parties, as well as by development in the economic environment and the external factors which impact the Company's activities, which cannot be assessed in advance and are out of the Company's control. Such information may not materialize, in whole or in part, or may materialize in a manner significantly different from the forecast. Therefore, actual future results, performances or achievements of the Company may differ materially from what is or may be expressed or implied in this Presentation. Certain information and factual statements (including markets or trends) contained herein are based on or derived from publicly available documents or independent third-party sources the accuracy and underlying assumptions of which have not been independently verified. The past performance information contained herein is not indicative of future results and there can be no assurance that the Company will achieve comparable results or that the Company will be able to implement its investment strategy or achieve any investment objective.
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Investor Meeting March 2026
Presenters:
- Dr. Shimon Eckhouse, Co-Founder and Chairman
- Lou Scafuri, CEO
- Assaf Korner, CFO
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2025: Record Growth, Profitability and Utilization Expansion
Revenue growth, expanding utilization and profitability demonstrate the strength of Sofwave's platform model
| Q4 2025 Financial Performance | FY 2025 Financial Performance and Utilization | Installed Base, Treatments and Liquidity |
|---|---|---|
| $28.9M | ||
| Q4 Revenue (+58% YoY) | $87.6M | |
| FY Revenue (+47% YoY) | ~2,700 | |
| Sofwave Systems Sold Since Commercialization | ||
| $13.2M | ||
| Q4 Usage fee Revenue (+83% YoY) | 43% | |
| Usage fee Revenue as % of Total | ~770K | |
| Total Treatments Since Commercialization* | ||
| 75.6% | ||
| Gross Margin | 75.3% | |
| Gross Margin | ~$35.3M | |
| Cash Position as of Dec 31, 2025 | ||
| $4.1M | ||
| Q4 IFRS Net Income | $5.5M | |
| 2025 IFRS Net Income |
*Company estimate
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Structural Forces Are Expanding the Aesthetic Market
GLP-1 adoption creating new aesthetic demand
Shift Toward Natural, Regenerative Outcomes
Social media accelerating consumer awareness
2024
$63bn
~9% CAGR
2029
$97bn
Consumer spending on medical aesthetic treatments
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Source: BCG White Paper, August 2025: "Five Growth Imperatives for Medical Aesthetics in Times of Uncertainty."
GLP-1 Weight Loss Is Expanding the Aesthetic Patient Pool
Millions of new patients with unmet needs:
1 in 8 adults in the U.S. takes GLP-1s ¹
- Weight-loss-related skin laxity could drive demand for non-invasive skin tightening
- Sofwave uniquely suited for non-destructive skin tightening
GLP-1s Boosting Demand for Medical Aesthetics
Of GLP-1 patients seeking aesthetic procedures were new to the industry
Of these patients had lost between (11-30%) of their body weight
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Source: KFF, McKinsey US Medical Aesthetics Providers Survey, December 2024: "GLP-1s are boosting demand for medical aesthetics".
1) As of November 2025, based on KFF Health Tracking Poll, May 2024: "The Public's Use and Views of GLP-1 Drugs"
The Unmet Need
Legacy Technologies Are Biologically Misaligned with Today's Patients
- Many technologies injure fat or deep tissue
- GLP-1 patients are already volume depleted
- Providers increasingly prefer non-destructive regeneration
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Sofwave Technology Is Biologically Aligned with Today's Patients
Safe, repeatable skin regeneration without fat injury
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Mid-Dermal Collagen Regeneration
- Targets the mid-dermis where collagen remodel-ing occurs
- Stimulates natural skin regeneration
- Non-destructive ultrasound energy delivery
No Fat Injury Risk
- Proprietary thermal ceiling protects deeper tissues
- Designed to avoid fat atrophy and hollowing risks
- Integrated cooling protects the epidermis
Consistent Outcomes Enable Repeat Treatments
- Uniform planar heating across treatment zone
- Predictable outcomes across patient types
- Enables repeat treatments and long-term utilization
Clinically Designed for Utilization
☑ 0 reported fat atrophy incidents
☑ Treatments repeatable every
☑ 4–6 weeks
Safe for all types
☑ Safe across all skin types
☑ Suitable for year-round treatments
Consumer Demand is Now a Structural Change
2025 vs. 2024 Digital Performance
| Total Followers | Total Impressions | Engagement Rate |
|---|---|---|
| 1.35M | 35.8M (+92%) | 11.2% (vs. 3.2%) |
| Reactions | New Followers | Share of Voice |
| 1.78M (+111%) | 47K (+40%) | 54% (vs. 34%) |
Software leads regenerative lifting across mentions, engagement, impressions and sentiment vs. key competitors.
Commercial Implication: Consumer Demand → Provider Adoption → Utilization Growth
- Patient-initiated demand reduces selling friction at the practice level
- Improves provider conversion economics and enterprise discussions
- Reinforces installed base utilization and recurring revenue growth
Source: Values reflect January 1, 2025 – December 31, 2025 from Dash Social January 2026.
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Digital Demand Creates a Commercial Flywheel
Consumer demand, provider success and outcomes data reinforce one another
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Scaled Global Commercial Infrastructure
Sales Presence in 52 Countries Worldwide ¹
- U.S. remains the largest market
- APAC accelerating adoption
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1) Direct salesforce is focused in the United States and United Kingdom.
Sofwave's Comprehensive Body Solution
GLP 1 Patients and New Trends in the Body Treatment Market
Dr. Shimon Eckhouse
The Power of GLP-1 Drugs
Significant Weight Loss
GLP-1 receptor agonists, such as semaglutide, are highly effective for promoting substantial fat loss by suppressing appetite and reducing caloric intake.
Delayed Gastric Emptying
GLP-1 receptor agonists slow down the rate of gastric emptying, prolonging feelings of fullness and reducing caloric intake.
Improved Glucose Control
GLP-1 drugs enhance insulin sensitivity and glucose regulation, reducing the risk of type 2 diabetes and other metabolic disorders.
Systemic Effects
Reverses adipocyte hypertrophy – smaller adipocyte size, increased browning. Reduced TNF-alpha & IL-6 – anti-inflammatory, anti-senescence.
From: Kai-Uwe Schlaudraff MD, Plastic Surgeon and Regenerative Medicine Specialist, Switzerland
notetoweb
NATURAL HEALTH THROUGH PLASTIC SENSORY
C
DR.SCHLAUDRAFF
GLP-1 Rapid Volume Loss – Tissue Changes
Significant Loss of Facial Fat
GLP-1 drugs induce substantial fat loss in the face creating a hollow, aged look.
Less skin tension means reduced fibroblast activity.
Significant Collagen Loss
GLP-1 drugs create relative malnutrition – crucial vitamins, oligo-elements, etc. are not sufficiently available – inducing further decline in collagen 1 / 3 & GAG production.
Volume Loss means Sagging Skin
Loss of skin elasticity & tone due to depletion of ExtraCellular Matrix.
Less volume means less ligamental lift.
Tissue decay: ASC activity is down
GLP-1 receptor agonists reduce the activity of adipose derived stem cells (ASCs) in the subdermal tissues – reducing fibroblast activity / skin renewal – creating a gaunt appearance.
From: Kai-Uwe Schlaudraff MD, Plastic Surgeon and Regenerative Medicine Specialist, Switzerland
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Haykal D, Hersant B, Cartier H, Meningaud JP. The Role of GLP-1 Agonists in Esthetic Medicine: Exploring the Impact of Semaglutide on Body Contouring and Skin Health. J Cosmet Dermatol. 2025;24(2).
NATIONAL SECURITY THROUGH PLASTIC SENSORY
CENTER
DR.SCHLAUDRAFF
LiftHD Body Applicator – Launched in 2025
- Doubles the area of each US transducer
- Significant increase in controlled thermal injury in the skin – increasing treatment speed and efficacy
- Enhanced ergonomic designed-optimized for large area body treatments
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Pure Impact VIP – Launched Q4/2025
- Pure Impact VIP is designed for continuous, whole-body muscle progression by applying functional exercise principles: supporting strength, resilience, and longevity over time rather than short-term results.
- Stand alone unit separate from the Sofwave ultrasound platform
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Sofwave + Pure Impact VIP
- Complete, whole-body approach.
- Addressing structure and appearance - skin and muscle
- Optimal body solution for a wide range of age groups
- Addresses unique challenges of GLP-1 patients
- Attractive business model for providers: simultaneous skin and muscle treatment
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Baseline
1 Month Post 4 Pure Impact 2 LiftHD
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- Photos Courtesy of Dr. Brian Biesman
Safety and Efficacy of Pure Impact to Strengthen and Tone Abdomen, Quadriceps & Glutes Muscles with Functional Testing
| Treatment group | Control group | P-values Tx vs. Control ** | ||||
|---|---|---|---|---|---|---|
| Week 5 – pre last tx | Week 9 | |||||
| (4 weeks post last tx) | Week 5 | Week 9 | ||||
| Prone Hip extension repetitions | ||||||
| חזרות של פשיטת ירך בשכיבה על הבטן | Mean ±Std | 69%±48% | 65%±57% | -3%±18% | -9%±25% | Wk5: 0.0001 |
| Wk9: 0.0001 | ||||||
| P-value* | 0.00013 | 0.000197 | 0.418 | 0.09837 | ||
| Paced curl-up repetitions | ||||||
| חזרות של כפיפות בטן בקצב מבוקר | Mean ±Std | 42%±57% | 33%±45% | 3%±43% | 7%±31% | Wk5: 0.0134 |
| Wk9: 0.04442*** | ||||||
| P-value* | 0.002478 | 0.002076 | 0.8469 | 0.3755 | ||
| seated quadriceps extension | ||||||
| repetitions | ||||||
| פשיטת ברך בישיבה – שריר הארבע-ראשי | Mean ±Std | 53%±39% | 45%±32% | 5%±25% | 2%±33% | Wk5: 0.0002 |
| Wk9: 0.0002 | ||||||
| P-value* | 0.0002502 | 0.0001549 | 0.4324 | 0.782 | ||
| Side plank endurance | ||||||
| פלאנק צידי – סיבולת | Mean ±Std | 74%±172% | 71%±207% | -13%±29% | -8%±34% | Wk5: 0.00023 |
| Wk9: 0.03506 | ||||||
| P-value* | 0.001812 | 0.05814 | 0.1187 | 0.3778 |
Study conducted by:
Kiya Movassaghi, MD, DMD, FACS
- Harvard Medical School & Harvard Plastic Surgery
- President, The Aesthetic Society, 2024-2025
- Avid triathlete
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Financial Highlights
Revenue Growth
Q4 Revenue Growth ($'m)
Annual Growth ($'m)
- Continued strong YoY revenue increase with +58% in Q4.25 vs. Q4.24
- Q4/25 ongoing use revenues increased to $13.2M (+83% YoY)
- Q4/25 Capital equipment revenues increased to $15.7M (+42% YoY)
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Quarterly Revenue Growth
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Q4 2025 Geographical Split
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Non-IFRS Quarterly Operating Loss/Income ($M)
Non-IFRS Operating Loss/Income means Operating Loss/Income excluding Stock Based Compensation and onetime litigation expenses.
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Financial Highlights Q4 2025 – P&L ($’K)
| For the 3 months ended December 31, | Stock Based Compensation | Excluding Stock Based Compensation | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Revenues | 28,903 | 18,318 | - | - | 28,903 | 18,318 |
| COGS | 7,047 | 4,212 | 3 | 11 | 7044 | 4,201 |
| Gross Profit | 21,856 | 14,106 | 3 | 11 | 21,859 | 14,117 |
| 75.6% | 77.0% | 75.6% | 77.1% | |||
| R&D expenses | 3,737 | 2,741 | 82 | 319 | 3,655 | 2,422 |
| S&M expenses | 11,651 | 8,789 | 272 | 136 | 11,379 | 8,653 |
| G&A expenses | 2,312 | 2,684 | 106 | 236 | 2,206 | 2,447 |
| Operating Income (loss) | 4,156 | (108) | 463 | 703 | 4,619 | 595 |
All operating expenses decreased sustainably as percentage of revenues
Operating income ~16% on a Non-IFRS basis
IFRS net income in Q4/25 of $4.1M and ~14% of revenues
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Financial Highlights 1-12/2025 – P&L ($’K)
| For the 12 months ended December 31, | Stock Based Compensation | Excluding Stock Based Compensation | ||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
| Revenues | 87,637 | 59,651 | - | - | 87,637 | 59,651 |
| COGS | 21,676 | 14,315 | 25 | 64 | 21,651 | 14,251 |
| Gross Profit | 65,961 | 45,336 | 25 | 64 | 65,986 | 45,400 |
| 75.3% | 76.0% | 75.3% | 76.1% | |||
| R&D expenses | 12,803 | 10,769 | 502 | 811 | 12,301 | 9.958 |
| S&M expenses | 38,686 | 30,349 | 1,133 | 486 | 37.553 | 29,863 |
| G&A expenses | 7,604 | 7,798 | 658 | 1,043 | 6,946 | 6,755 |
| Operating Income (loss) | 6,868 | (3,580) | 2,318 | 2,404 | 9,186 | (1,176) |
All operating expenses decreased sustainably as percentage of revenues
Operating income ~10% on a Non-IFRS basis
IFRS net income in the 12 month of 2025 of $5.5M and ~6% of revenues
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Financial Highlights – BS ($'K)
| Dec. 31, 2025 | Dec. 31, 2024 | |
|---|---|---|
| Cash and Cash Equivalents (*) | 35,270 | 21,616 |
| Trade Receivables | 7,615 | 8,668 |
| Other Receivables | 3,375 | 2,641 |
| Inventory | 4,996 | 5,880 |
| Total Current Assets | 51,256 | 38,805 |
| Total Non-Current Assets | 4,513 | 4,224 |
| Total Assets | 55,769 | 43,029 |
| Total current liabilities | 22,332 | 17,502 |
| Total non-current liabilities | 728 | 1,001 |
| Shareholders’ equity | 32,709 | 24,526 |
| Total liabilities and shareholders’ equity | 55,769 | 43,029 |
Strong cash position with $35.3M(*) as of Dec. 31, 2025
Generated $8.7M cash in Q4/25 and $13.7M in 1-12/25
(*) including $520K short term bank deposit
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Investment Highlights
- Sofwave aims to deliver the next-generation patented energy based non-invasive aesthetic skin treatments reshaping an industry with outdated solutions s
- Rapid industry adoption achieving +58% YoY revenue growth for the year ended December 31, 2025, scalable, lean infrastructure in-place to support continued high growth and profitability
- Broad range of FDA clearances for lifting, laxity and wrinkle treatment on face and neck, cellulite, acne scars, arm laxity and muscle toning
- Significant usage fee revenue; over 40% of total revenue; ~770,000 treatments completed
- Significant brand awareness growing social media following to over 1,000,000 followers