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CHF Solutions (Nasdaq: CHFS) announced the appointment of Nestor Jaramillo, Jr. as President and CEO, effective immediately, succeeding John Erb, who remains Chairman of the Board. Jaramillo, who joined in May 2019, has driven strategic changes expanding the company's focus from heart failure to critical care and pediatrics, boosting revenue and international presence. His leadership is credited with consistent quarter-over-quarter growth in U.S. revenue and improved patient access to the Aquadex ultrafiltration therapy.
CHF Solutions (Nasdaq: CHFS) announced the submission of a patent application for a new dual lumen ultrafiltration catheter for its Aquadex™ system. This innovative catheter enhances blood flow, prevents kinking, and is customizable for each patient, simplifying the treatment of fluid overload. With the Aquadex system, clinicians can provide more comfortable venous access. CEO John Erb emphasized the importance of this advancement in elevating ultrafiltration therapy. The company continues to focus on improving patient care for those suffering from hypervolemia.
CHF Solutions (Nasdaq: CHFS) announced a meta-analysis published in Heart Failure Review highlighting the efficacy of ultrafiltration (UF) for treating patients with acute decompensated heart failure (ADHF). The analysis of eight studies involving 801 patients revealed that UF significantly improves fluid removal and weight loss compared to diuretics and reduces rehospitalization rates. Notably, UF does not increase renal impairment or all-cause mortality. This reinforces the potential of UF therapy to enhance patient outcomes in fluid overload conditions.
CHF Solutions (Nasdaq: CHFS) has announced a conference call hosted by Ladenburg Thalmann & Co. on December 8, 2020, focusing on pediatric ultrafiltration therapy and the Aquadex SmartFlow™ System. Esteemed speakers include Dr. David Askenazi and Dr. Scott Sutherland, with Jeff Cohen moderating. The Aquadex SmartFlow system is designed for managing fluid overload in patients, delivering therapy in clinical settings. This event is part of Ladenburg's LT Healthcare Symposia Series, highlighting advancements in medical device technology for treating specific patient needs.
CHF Solutions (NASDAQ: CHFS) announced on November 23, 2020, the approval of equity awards for three new hires under its New-Hire Equity Incentive Plan. Effective November 16, 2020, these individuals, who were not prior employees or directors, received options to purchase a total of 1,200 shares at an exercise price of $6.06 per share. The options have a ten-year term and vest over four years, enhancing the company’s talent acquisition strategy. CHF Solutions specializes in ultrafiltration therapy for patients with fluid overload.
CHF Solutions (Nasdaq: CHFS) reported strong Q3 2020 results, with revenue of $1.9 million, a 52% increase year-over-year. The growth was driven by enhanced utilization of Aquadex therapy in pediatric hospital accounts, with six new accounts opened. The company launched a pediatric registry and added its product line to the Federal Supply Schedule. Gross margin decreased to 46.1% from 56.9%, and operating expenses slightly fell to $5.1 million. The net loss improved to $4.3 million. As of September 30, 2020, cash and equivalents totaled $17.9 million, with no debt.
CHF Solutions (NASDAQ: CHFS) will release its third quarter 2020 financial results on November 10, 2020, followed by a conference call at 9:00 AM ET. The call will include a discussion of financial outcomes and a comprehensive business overview. Interested parties can tune in via the company's Investors page or dial in directly.
CHF Solutions specializes in medical devices aimed at treating fluid overload, particularly with the Aquadex SmartFlow™ system, and has been publicly traded on Nasdaq since February 2012.
CHF Solutions (Nasdaq: CHFS) has shipped its first Aquadex SmartFlow™ systems to Brazil following regulatory approval from ANVISA. This marks a significant expansion into South America, a region with an estimated 3.9 million individuals suffering from heart failure. Through a partnership with Bragenix Ltda, the company aims to provide effective treatments for fluid overload. The Aquadex system can remove up to 500 mL of fluid per hour, allowing for customized treatment approaches. This move reflects CHF Solutions' commitment to improving patient outcomes globally.
CHF Solutions (Nasdaq: CHFS) announced the shipment of Aquadex™ products to hospitals in Tennessee and South Carolina to aid critically ill COVID-19 patients. The company emphasizes the effectiveness of Aquadex for managing fluid overload, a common issue among COVID-19 patients experiencing respiratory failure and acute kidney injury. With a patient-to-nurse ratio of 4:1, the Aquadex system allows healthcare providers to optimize resources during patient surges, enhancing treatment capabilities.
CHF Solutions (Nasdaq: CHFS) has submitted a patent application for a new advancement in its Aquadex SmartFlow™ system aimed at promoting venous blood flow in patients' arms. This innovation enables safe peripheral venous access, enhancing the efficiency of ultrafiltration therapy and reducing therapy time. CEO John Erb emphasized the company's commitment to innovation in treating fluid overload. The Aquadex SmartFlow system is designed for patients unresponsive to medical management and is used under healthcare provider supervision. The company has been listed on the Nasdaq since February 2012.
