Nuwellis Reports Preliminary Fourth Quarter and Full Year 2022 Revenue Results

Rhea-AI Summary

Nuwellis, Inc. (Nasdaq: NUWE) reported preliminary unaudited revenues of approximately $2.3 million for Q4 2022 and $8.5 million for the full year, marking increases of 42% and 8% from the previous year. This growth is attributed to a strengthened sales strategy and market expansion beyond heart failure patients, with Pediatrics, Heart Failure, and Critical Care segments showing notable increases of 92%, 47%, and 24%, respectively. CEO Nestor Jaramillo emphasized their commitment to establishing the Aquadex SmartFlow® system as the standard for fluid overload treatment.

Positive

• Q4 2022 revenue up 42% year-over-year to $2.3 million.
• Full year 2022 revenue growth of 8% to $8.5 million.
• Pediatrics segment revenue increased by 92%.
• Strong growth driven by commercial team expansion and focused sales strategy.

Negative

• None.

MINNEAPOLIS, Jan. 09, 2023 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE) (“Nuwellis” or the “Company”), a medical technology company focused on transforming the lives of people with fluid overload, today announced preliminary unaudited results for fourth quarter and full year 2022.

Preliminary unaudited revenue for the fourth quarter and full year 2022 is anticipated to be approximately $2.3 million and $8.5 million, respectively, representing an increase of 42% and 8% over the same periods last year. The fourth quarter growth rate reflects benefits from the Company’s commercial team expansion and focused sales strategy, as well as continued market traction in line with the Company’s penetration of market segments beyond heart failure patients. The fourth quarter revenue by segment was led by Pediatrics, followed by Heart Failure and Critical Care, which increased approximately 92%, 47%, and 24% over the same period last year, respectively.

“Preliminary 2022 revenue growth of approximately 42% for the fourth quarter and 8% for the full year demonstrates continued meaningful progress on the execution of our key strategic initiatives, as the expansion of our field sales team and clinical education specialists, bolstered by our market penetration initiatives and growing body of clinical evidence, drove strong sales momentum in the fourth quarter. We are committed to making the Aquadex SmartFlow® system the standard of care for patients with fluid overload who are not responsive to diuretics, driving strong growth in 2023 and beyond,” said Nestor Jaramillo, President and CEO of Nuwellis.

About Nuwellis 
Nuwellis, Inc. (Nasdaq: NUWE) is a medical device 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. 

About the Aquadex SmartFlow® System 
The Aquadex SmartFlow system delivers clinically superior 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 2023 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 impact of the COVID-19 pandemic, 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 as a result of new information, future events or otherwise. 

CONTACTS 

INVESTORS: 
Vivian Cervantes
Gilmartin Group LLC 
ir@nuwellis.com

MEDIA: 
Annika Parish
Health+Commerce
annika@healthandcommerce.com  

 

FAQ

What were the revenue figures for Nuwellis in Q4 2022?

Nuwellis reported preliminary unaudited revenue of approximately $2.3 million for Q4 2022.

How much did Nuwellis grow its revenue in 2022?

Nuwellis grew its full-year revenue by 8% to approximately $8.5 million.

What segments contributed to Nuwellis' Q4 revenue growth?

The Pediatrics segment led the growth with a 92% increase, followed by Heart Failure at 47% and Critical Care at 24%.

Who is the CEO of Nuwellis?

The CEO of Nuwellis is Nestor Jaramillo.

What is the Aquadex SmartFlow® system used for?

The Aquadex SmartFlow® system is designed for ultrafiltration therapy to treat fluid overload in patients.