Nuwellis, Inc. Announces 18 Percent Increase in Revenue for First Quarter 2021 Over Previous Year and Provides Company Update

About this update from Nuwellis, Inc.

[{"type":"text","content":"EDEN PRAIRIE, Minn., May 11, 2021 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE) (previously CHF Solutions, Inc.) announced today its results for the first quarter ended March 31, 2021, which included the following highlights: Completed corporate rebranding from CHF Solutions, Inc. to Nuwellis, Inc. on April 27, 2021Revenue for the first quarter ended March 31, 2021, was $1.9 million, an increase of 18 percent compared to the prior year periodIncreased Aquadex therapy utilization amongst strategic Critical Care accounts; highest levels seen in the past five quartersEnrolled first pediatric patient into clinical registry in April 2021Received strong endorsements for Category III CPT code application from two major medical societiesEnded the quarter with $27.9 million in cash and no debt “Following our most recent $20.9 million capital raise with net proceeds of $18.9 million on March 19, 2021, Nuwellis is in a strong position to execute against our long-term strategic growth plan,” said Nestor Jaramillo, CEO of Nuwellis. “While COVID-19 headwinds persisted during the quarter, we continue to see strong growth in capital equipment sales and utilization among Critical Care and Pediatric accounts. Lastly, we completed our corporate rebranding to Nuwellis, Inc. in late April 2021. When we expanded the therapeutic focus areas we serve to include pediatrics, critical care and heart failure, we realized our name was no longer a true representation of what we do. As a provider of innovative medical technology, we have an obligation and duty to help improve outcomes for as many patients as possible.” First Quarter 2021 Financial ResultsRevenue for the first quarter of 2021 was $1.9 million, an increase of 18% compared to $1.6 million in the prior year period. Revenue growth in the first quarter of 2021 was primarily driven by increased capital equipment sales and strong utilization within Critical Care. The Company also continued to see increasing utilization among established pediatric accounts during the quarter. Gross margin was 50.4% for the first quarter 2021, compared to 51.2% in the prior year period. The decline in gross margins was primarily due to strong sales of capital equipment. When compared to the prior year period, first quarter 2021 revenue mix was more heavily weighted towards capital equipment sales in the Critical Ca...

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