Nuwellis, Inc. ( (NUWE) ) has released its Q3 earnings. Here is a breakdown of the information Nuwellis, Inc. presented to its investors.
Nuwellis, Inc. is a medical device company dedicated to improving the lives of patients suffering from fluid overload through innovative ultrafiltration therapies. Based in Minneapolis, the company focuses on commercializing the Aquadex SmartFlow system for both adult and pediatric patients.
In the third quarter of 2024, Nuwellis reported revenues of $2.4 million, with significant growth in pediatric revenues and improvements in gross margins. The company’s gross margin increased to 70% from 57.3% year-over-year, while operating costs decreased by 30% due to efficiency initiatives. Notably, a substantial CMS reimbursement increase for the Aquadex facility fee was announced, effective January 2025.
Key financial highlights include a net income attributable to common shareholders of $2.4 million, a marked improvement from a net loss of $3.4 million in the same quarter last year. This turnaround was largely driven by the revaluation of a warrant liability. In addition, the company achieved gross proceeds of $5.1 million through the exercise of outstanding warrants, bolstering its financial position.
Looking ahead, Nuwellis is optimistic about the future, with expectations that the recent CMS reimbursement increase and newly published clinical evidence will drive further adoption of the Aquadex ultrafiltration therapy. The company remains committed to expanding its market presence and advancing its position in the medical device sector.
