Nuwellis, Inc. Announces Second Quarter 2024 Financial Results
Nuwellis Inc (Nasdaq: NUWE) reported Q2 2024 financial results, showing revenue growth and improved margins. Key highlights include:
- Revenue of $2.2 million, up 6% year-over-year
- Critical Care revenue growth of 28%
- Heart Failure consumables utilization growth of 35%
- Gross margin improved to 67.2% from 55.3%
- Total operating cost reduction of 38%
The company expanded its Aquadex® therapy to pediatric patients in Florida and secured a purchase agreement with a 50-hospital network in Texas. Nuwellis also introduced QUELIMMUNE™ for pediatric acute kidney injury and sepsis treatment. Despite revenue growth, the company reported a net loss of $7.7 million or $18.85 per share. Post-quarter, Nuwellis raised $2.0 million through a registered direct offering and private placement.
Nuwellis Inc (Nasdaq: NUWE) ha annunciato i risultati finanziari per il secondo trimestre del 2024, evidenziando una crescita dei ricavi e margini migliorati. I punti salienti includono:
- Ricavi pari a 2,2 milioni di dollari, in aumento del 6% rispetto all'anno precedente
- Crescita dei ricavi nella Critical Care del 28%
- Crescita dell'utilizzo dei consumabili per l'insufficienza cardiaca del 35%
- Margine lordo migliorato al 67,2% rispetto al 55,3%
- Riduzione totale dei costi operativi del 38%
L'azienda ha esteso la terapia Aquadex® ai pazienti pediatrici in Florida e ha stipulato un accordo di acquisto con una rete di 50 ospedali in Texas. Nuwellis ha anche introdotto QUELIMMUNE™ per il trattamento dell'infortunio renale acuto pediatrico e della sepsi. Nonostante la crescita dei ricavi, l'azienda ha registrato una perdita netta di 7,7 milioni di dollari o 18,85 dollari per azione. Dopo il trimestre, Nuwellis ha raccolto 2 milioni di dollari attraverso un'offerta diretta registrata e una collocazione privata.
Nuwellis Inc (Nasdaq: NUWE) informó los resultados financieros del segundo trimestre de 2024, mostrando un crecimiento en los ingresos y una mejora en los márgenes. Los aspectos más destacados incluyen:
- Ingresos de 2.2 millones de dólares, un aumento del 6% en comparación con el año anterior
- Crecimiento de ingresos en Cuidados Críticos del 28%
- Incremento en el uso de consumibles para insuficiencia cardíaca del 35%
- Margen bruto mejorado al 67.2% desde el 55.3%
- Reducción de costos operativos del 38%
La compañía amplió su terapia Aquadex® a pacientes pediátricos en Florida y aseguró un acuerdo de compra con una red de 50 hospitales en Texas. Nuwellis también lanzó QUELIMMUNE™ para el tratamiento de lesiones renales agudas pediátricas y sepsis. A pesar del crecimiento de los ingresos, la compañía reportó una pérdida neta de 7.7 millones de dólares o 18.85 dólares por acción. Después del trimestre, Nuwellis recaudó 2.0 millones de dólares a través de una oferta pública registrada y una colocación privada.
Nuwellis Inc (Nasdaq: NUWE)는 2024년 2분기 재무 결과를 보고하며 수익 성장과 개선된 마진을 보여주었습니다. 주요 하이라이트는 다음과 같습니다:
- 수익 220만 달러, 전년 대비 6% 증가
- 집중 치료 수익 성장 28%
- 심부전 소모품 사용 증가 35%
- 총 매출 총 이익률 67.2%로 개선됨(55.3%에서)
- 운영 비용 38% 감소
회사는 플로리다에서 소아환자에게 Aquadex® 치료를 확장하고 텍사스의 50개 병원 네트워크와 구매 계약을 체결했습니다. Nuwellis는 또한 소아 급성 신손상 및 패혈증 치료를 위한 QUELIMMUNE™을 도입했습니다. 수익이 증가했음에도 불구하고 회사는 770만 달러 또는 주당 18.85달러의 순손실을 보고했습니다. 분기 후 Nuwellis는 등록된 직접 제안과 사모 배정을 통해 200만 달러를 투자 유치했습니다.
Nuwellis Inc (Nasdaq: NUWE) a annoncé les résultats financiers du deuxième trimestre 2024, montrant une croissance des revenus et une amélioration des marges. Les faits saillants incluent :
- Revenus de 2,2 millions de dollars, en hausse de 6 % par rapport à l'année précédente
- Croissance des revenus en Soins Critiques de 28 %
- Croissance de l'utilisation des consommables pour l'insuffisance cardiaque de 35 %
- Marge brute améliorée à 67,2 % contre 55,3 %
- Réduction des coûts d'exploitation de 38 %
L'entreprise a étendu sa thérapie Aquadex® aux patients pédiatriques en Floride et a sécurisé un accord d'achat avec un réseau de 50 hôpitaux au Texas. Nuwellis a également introduit QUELIMMUNE™ pour le traitement des blessures rénales aiguës chez les enfants et de la sepsie. Malgré la croissance des revenus, l'entreprise a enregistré une perte nette de 7,7 millions de dollars ou 18,85 dollars par action. Après le trimestre, Nuwellis a levé 2,0 millions de dollars grâce à une offre directe enregistrée et à un placement privé.
Nuwellis Inc (Nasdaq: NUWE) hat die Finanzergebnisse für das zweite Quartal 2024 veröffentlicht, die ein Umsatzwachstum und verbesserte Margen zeigen. Die wichtigsten Highlights sind:
- Umsatz von 2,2 Millionen Dollar, ein Anstieg von 6% im Vergleich zum Vorjahr
- Umsatzwachstum im Bereich Kritische Versorgung von 28%
- Nutzung von Verbrauchsmaterialien bei Herzinsuffizienz um 35% gestiegen
- Bruttomarge verbesserte sich auf 67,2% von 55,3%
- Gesamter Betriebskostenrückgang von 38%
Das Unternehmen erweiterte die Aquadex®-Therapie für pädiatrische Patienten in Florida und sicherte sich einen Kaufvertrag mit einem Netzwerk von 50 Krankenhäusern in Texas. Nuwellis führte außerdem QUELIMMUNE™ zur Behandlung von akuter Nierenverletzung bei Kindern und Sepsis ein. Trotz des Umsatzwachstums meldete das Unternehmen einen Nettoverlust von 7,7 Millionen Dollar bzw. 18,85 Dollar pro Aktie. Nach dem Quartal sammelte Nuwellis 2,0 Millionen Dollar durch ein registriertes Direktangebot und eine Privatplatzierung.
- Revenue increased 6% year-over-year to $2.2 million
- Critical Care revenue grew 28% compared to prior year quarter
- Heart Failure consumables utilization increased 35% over prior-year quarter
- Gross margin improved to 67.2% from 55.3% in the prior-year quarter
- Total operating expenses decreased by 38% compared to prior-year quarter
- Expanded Aquadex® therapy to pediatric patients in a large Florida hospital network
- Secured purchase agreement with a 50-hospital network in Texas for Aquadex Ultrafiltration Therapy
- Introduced QUELIMMUNE™ for pediatric acute kidney injury and sepsis treatment
- Net loss increased to $7.7 million compared to $4.8 million in the prior-year quarter
- Loss per share increased to $18.85 from $127.65 in the prior-year quarter
- Pediatrics segment experienced a 25% decline in utilization due to patient census
- Cash and cash equivalents decreased to approximately $1.0 million as of June 30, 2024
Insights
Nuwellis' Q2 2024 results show mixed signals. While revenue increased by
The
Nuwellis' focus on higher-margin consumables is a smart strategy, driving both revenue growth and gross margin improvement. The
MINNEAPOLIS, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company focused on transforming the lives of people with fluid overload, today reported financial results for the second quarter ended June 30, 2024.
Highlights:
- Revenue of
$2.2 million , a6% increase over the second quarter of 2023. - Critical Care revenue growth of
28% compared to the prior year quarter; Heart Failure consumables utilization growth of35% over the prior-year quarter. - Gross margin of
67.2% , compared to55.3% in the prior-year quarter. - Total operating cost reduction of
38% compared to the prior-year quarter. - Expanded Aquadex® to pediatric patients at one of the largest hospital networks in Florida.
- Announced purchase agreement with a 50-hospital network in Texas for Aquadex Ultrafiltration Therapy.
“Our second quarter 2024 results continue to demonstrate market traction for our Aquadex ultrafiltration therapy, with revenue growth driven by steady increases in consumables utilization, particularly in Critical Care and Heart Failure, supported by our growing body of clinical evidence that highlights the benefits of Aquadex for patients experiencing fluid overload who have not responded to traditional diuretic treatments. Of note, our higher margin consumables business continues to fuel manufacturing efficiencies, resulting in strong gross margin gains compared to the year ago period,” said Nestor Jaramillo, President and CEO of Nuwellis. “Bolstering our positive momentum in 2024, we are also excited to now expand our Pediatric product offerings with QUELIMMUNE™, providing our growing Pediatric network with a new therapy for acute kidney injury (AKI) and sepsis. This novel therapy comes to Nuwellis from our exclusive license and distribution agreement with SeaStar Medical Holding Corporation.”
Second Quarter 2024 Financial Results
Revenue for the second quarter of 2024 was
Gross margin was
Selling, general and administrative expenses (SG&A) for the second quarter of 2024 decreased to
Second quarter research and development (R&D) expenses were
Total operating expenses for the second quarter of 2024 were
Operating loss for the second quarter of 2024 decreased to
Net loss attributable to common shareholders for the second quarter of 2024 was
As of June 30, 2024, the Company had no debt, cash and cash equivalents of approximately
Webcast and Conference Call Information
The Company will host a conference call and webcast at 9:00 AM ET today to discuss its financial results and provide an update on the Company’s performance.
To access the live webcast, please visit the Investors page of the Nuwellis website at https://ir.nuwellis.com. Alternatively, you may access the live conference call by dialing 1-800-267-6316 (U.S) or 1-203-518-9783 (international) and using the conference ID: NUWEQ2. An audio archive of the webcast will be available following the call on the Investors page at https://ir.nuwellis.com.
About Nuwellis
Nuwellis, Inc. (Nasdaq: NUWE) is a medical technology company dedicated to transforming the lives of patients suffering from fluid overload through science, collaboration, and innovation. The company is focused on commercializing the Aquadex SmartFlow® system for ultrafiltration therapy. Nuwellis is headquartered in Minneapolis, with a wholly owned subsidiary in Ireland. For more information visit ir.nuwellis.com or visit us on LinkedIn or X.
About the Aquadex SmartFlow® System
The Aquadex SmartFlow system delivers clinically proven therapy using a simple, flexible and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload). The Aquadex SmartFlow system is indicated for temporary (up to 8 hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics. All treatments must be administered by a health care provider, within an outpatient or inpatient clinical setting, under physician prescription, both having received training in extracorporeal therapies.
Forward-Looking Statements
Certain statements in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the new market opportunities and anticipated growth in 2024 and beyond. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risks associated with our ability to execute on our commercialization strategy, the possibility that we may be unable to raise sufficient funds necessary for our anticipated operations, our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Nuwellis does not assume any obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise.
CONTACTS
INVESTORS:
Vivian Cervantes
Gilmartin Group
ir@nuwellis.com
| NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) | |||||||||||||||||||||
| June 30, 2024 | December 31, 2023 | ||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||
| ASSETS | |||||||||||||||||||||
| Current assets | |||||||||||||||||||||
| Cash and cash equivalents | $ | 1,023 | $ | 3,800 | |||||||||||||||||
| Accounts receivable | 1,292 | 1,951 | |||||||||||||||||||
| Inventories, net | 1,967 | 1,997 | |||||||||||||||||||
| Other current assets | 544 | 461 | |||||||||||||||||||
| Total current assets | 4,826 | 8,209 | |||||||||||||||||||
| Property, plant and equipment, net | 630 | 728 | |||||||||||||||||||
| Operating lease right-of-use asset | 613 | 713 | |||||||||||||||||||
| Other assets | 120 | 120 | |||||||||||||||||||
| TOTAL ASSETS | $ | 6,189 | $ | 9,770 | |||||||||||||||||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||||||||||||||
| Current liabilities | |||||||||||||||||||||
| Accounts payable and accrued liabilities | $ | 3,028 | $ | 2,380 | |||||||||||||||||
| Accrued compensation | 706 | 525 | |||||||||||||||||||
| Current portion of operating lease liability | 226 | 216 | |||||||||||||||||||
| Other current liabilities | 56 | 51 | |||||||||||||||||||
| Total current liabilities | 4,016 | 3,172 | |||||||||||||||||||
| Common stock warrant liability | 8,579 | 2,843 | |||||||||||||||||||
| Operating lease liability | 428 | 544 | |||||||||||||||||||
| Total liabilities | 13,023 | 6,559 | |||||||||||||||||||
| Commitments and contingencies | |||||||||||||||||||||
| Mezzanine Equity | |||||||||||||||||||||
| Series J Convertible Preferred Stock as of June 30, 2024 and December 31, 2023, par value | 2 | 221 | |||||||||||||||||||
| Stockholders’ equity (deficit) | |||||||||||||||||||||
| Series A junior participating preferred stock as of June 30, 2024 and December 31, 2023, par value | — | — | |||||||||||||||||||
| Series F convertible preferred stock as of June 30, 2024 and December 31, 2023, par value | — | — | |||||||||||||||||||
| Preferred stock as of June 30, 2024 and December 31, 2023, par value | — | — | |||||||||||||||||||
| Common stock as of June 30, 2024 and December 31, 2023, par value | — | — | |||||||||||||||||||
| Additional paid‑in capital | 292,887 | 290,647 | |||||||||||||||||||
| Accumulated other comprehensive income: | |||||||||||||||||||||
| Foreign currency translation adjustment | (42 | ) | (31 | ) | |||||||||||||||||
| Accumulated deficit | (299,681 | ) | (287,626 | ) | |||||||||||||||||
| Total stockholders’ equity (deficit) | (6,836 | ) | 2,990 | ||||||||||||||||||
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 6,189 | $ | 9,770 | |||||||||||||||||
| NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except per share amounts and weighted average shares outstanding) | ||||||||||||||||||||||
| Three months ended June 30 | Six months ended June 30 | |||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Net sales | $ | 2,194 | $ | 2,075 | $ | 4,051 | $ | 3,901 | ||||||||||||||
| Cost of goods sold | 720 | 928 | 1,386 | 1,687 | ||||||||||||||||||
| Gross profit | 1,474 | 1,147 | 2,665 | 2,214 | ||||||||||||||||||
| Operating expenses: | ||||||||||||||||||||||
| Selling, general and administrative | 3,236 | 4,664 | 7,842 | 10,154 | ||||||||||||||||||
| Research and development | 558 | 1,505 | 1,892 | 2,933 | ||||||||||||||||||
| Total operating expenses | 3,794 | 6,169 | 9,734 | 13,087 | ||||||||||||||||||
| Loss from operations | (2,320 | ) | (5,022 | ) | (7,069 | ) | (10,873 | ) | ||||||||||||||
| Other income (expense), net | 6 | 179 | (95 | ) | 302 | |||||||||||||||||
| Financing Expense | (5,607 | ) | — | (5,607 | — | |||||||||||||||||
| Change in fair value of warrant liability | 198 | — | 720 | (755 | ) | |||||||||||||||||
| Loss before income taxes | (7,723 | ) | (4,843 | ) | (12,051 | ) | (11,326 | ) | ||||||||||||||
| Income tax expense | (2 | ) | (2 | ) | (4 | ) | (4 | ) | ||||||||||||||
| Net loss | $ | (7,725 | ) | $ | (4,845 | ) | $ | (12,055 | ) | $ | (11,330 | ) | ||||||||||
| Deemed dividend attributable to Series J Convertible Preferred Stock | — | — | 541 | — | ||||||||||||||||||
| Net loss attributable to common shareholders | $ | (7,725 | ) | $ | (4,845 | ) | $ | (11,514 | ) | $ | (11,330 | ) | ||||||||||
| Basic and diluted loss per share | $ | (18.85 | ) | $ | (127.65 | ) | $ | (40.91 | ) | $ | (323.15 | ) | ||||||||||
| Weighted average shares outstanding – basic and diluted | 409,690 | 37,949 | 294,649 | 35,060 | ||||||||||||||||||
| Other comprehensive loss: | ||||||||||||||||||||||
| Foreign currency translation adjustments | $ | (2 | ) | $ | 1 | $ | (11 | ) | $ | (6 | ) | |||||||||||
| Total comprehensive loss | $ | (7,727 | ) | $ | (4,844 | ) | $ | (12,066 | ) | $ | (11,336 | ) | ||||||||||
| NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||||||||||||||||
| Six months ended June 30 | |||||||||||||||||||||
| 2024 | 2023 | ||||||||||||||||||||
| Operating Activities: | |||||||||||||||||||||
| Net loss | $ | (12,055 | ) | $ | (11,330 | ) | |||||||||||||||
| Adjustments to reconcile net loss to cash flows used in operating activities: | |||||||||||||||||||||
| Depreciation and amortization | 151 | 169 | |||||||||||||||||||
| Stock-based compensation expense | 273 | 378 | |||||||||||||||||||
| Change in fair value of warrant liability | (720 | ) | 755 | ||||||||||||||||||
| Warrant financing costs | 5,607 | — | |||||||||||||||||||
| Net realized gain on marketable securities | — | (65 | ) | ||||||||||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||||||
| Accounts receivable | 659 | 230 | |||||||||||||||||||
| Inventory, net | 30 | (72 | ) | ||||||||||||||||||
| Other current assets | (395 | ) | (547 | ) | |||||||||||||||||
| Other assets and liabilities | 5 | (20 | ) | ||||||||||||||||||
| Accounts payable and accrued expenses | 829 | (856 | ) | ||||||||||||||||||
| Net cash used in operating activities | (5,616 | ) | (11,358 | ) | |||||||||||||||||
| Investing Activities: | |||||||||||||||||||||
| Proceeds from sale of marketable securities | — | 578 | |||||||||||||||||||
| Additions to intangible assets | — | (99 | ) | ||||||||||||||||||
| Purchases of property and equipment | (53 | ) | (64 | ) | |||||||||||||||||
| Net cash provided by (used in) investing activities | (53 | ) | | 415 | |||||||||||||||||
| Financing Activities: | |||||||||||||||||||||
| Issuance of common stock from offering | 2,403 | — | |||||||||||||||||||
| Proceeds from the exercise of Series J Convertible Preferred Warrants | 500 | — | |||||||||||||||||||
| Proceeds from ATM stock offerings, net | — | 2,108 | |||||||||||||||||||
| Net cash provided by financing activities | 2,903 | 2,108 | |||||||||||||||||||
| Effect of exchange rate changes on cash | (11 | ) | (6 | ) | |||||||||||||||||
| Net decrease in cash and cash equivalents | (2,777 | ) | (8,841 | ) | |||||||||||||||||
| Cash and cash equivalents - beginning of period | 3,800 | 17,737 | |||||||||||||||||||
| Cash and cash equivalents - end of period | $ | 1,023 | $ | 8,896 | |||||||||||||||||
Supplemental cash flow information
| Issuance of Series J Preferred Stock for exercise of Warrants | $ | 1,857 | $ | — | ||||
| Issuance of Common Stock for conversion of Series J Preferred Stock | $ | 1,535 | $ | — | ||||
| Deemed dividend on Series J Preferred Stock | $ | (541 | ) | $ | — | |||
| Common stock offering costs included in prepaids | $ | 306 | $ | — |
FAQ
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