Nuwellis, Inc. Announces 35 Percent Increase in Revenue for Second Quarter 2021 Over Previous Year and Provides Company Update

About this update from Nuwellis, Inc.

[{"type":"text","content":"EDEN PRAIRIE, Minn., Aug. 10, 2021 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE) announced today its results for the second quarter ended June 30, 2021, which included the following highlights: Reported record quarterly revenue of $2.5 million, a 35 percent increase compared to the prior year periodRealized strong sequential growth across all customer markets and recorded the sixth consecutive quarter with double-digit revenue growth vs. prior yearWelcomed George Montague, former CFO and COO of Smiths Medical, as new CFOWelcomed Neil Ayotte, a 16-year veteran of Medtronic plc and most recently EVP & General Counsel of Bluestem Group, as Senior VP, General Counsel, Secretary and Chief Compliance OfficerReceived Category III CPT code for the use of therapeutic ultrafiltration, effective January 1, 2022Announced a three-year national purchase agreement with Premier, Inc., one of the nation’s largest group purchasing organizationsEnded the quarter with $24.0 million in cash and no debt “I am proud to report that Nuwellis achieved record quarterly revenues for the second quarter 2021 with strong sequential growth across all segments,” said Nestor Jaramillo, CEO of Nuwellis. “We continue to execute and deliver on key strategic initiatives that produce impressive double-digit growth rates seen over the past six quarters. With the recent addition of a CPT code for treating patients suffering from fluid overload, we believe we are positioned to continue to accelerate the growth of our business in the future.” Second Quarter 2021 Financial ResultsRevenue for the second quarter of 2021 was $2.5 million, an increase of 35% compared to $1.9 million in the prior year period. Revenue growth in the second quarter of 2021 was driven by both increased capital equipment sales and strong utilization of disposables. Critical Care continued its strong momentum, driven by increased utilization and unit placements at hospitals in the ICU setting across the country. With COVID-related hospitalizations in the U.S. having significantly declined since the vaccine rollout, increased utilization among non-COVID critically ill patients remains a durable growth trend.Pediatric revenue delivered strong double-digit sequential revenue growth for the second straight quarter primarily due to increased penetration and utilization at established accounts, in add...

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