Business
Nuwellis, Inc. Announces First Quarter 2022 Financial Results
MINNEAPOLIS, May 10, 2022 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE) announced today its results for the first quarter ended March 31, 2022, which
About this update from Nuwellis, Inc.
[{"type":"text","content":"MINNEAPOLIS, May 10, 2022 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE) announced today its results for the first quarter ended March 31, 2022, which included the following highlights: Generated $1.9 million in total revenue for the first quarter 2022, up 17% sequentially from the fourth quarter of 2021Received a Category III CPT Code effective January 1, 2022, specifically for the use of therapeutic ultrafiltration, thereby increasing reimbursement to professionals and facilities, an important step in advancing Aquadex to standard of careOn track to enroll first patients in REVERSE-HF, a randomized controlled multi-center clinical trial designed to validate clinical outcomes and the economic value of Aquadex therapyFirst quarter 2022 cash flow from operations improved $0.6 million compared to the prior-year period “I am very pleased with the resilient performance in the quarter,” said Nestor Jaramillo, CEO of Nuwellis. “Going forward, we expect to continue benefiting from the successful execution of our strategy and rollout of our new sales management system.” First Quarter 2022 Financial Results Total revenue for the first quarter of 2022 was $1.9 million, an increase of 17% compared to the fourth quarter of 2021 and even with the prior-year period. Growth in the quarter was fueled by higher sales of consumables. Capital equipment sales increased sequentially but were below the prior year, while total monthly year-on-year sales comparisons improved as the business advanced through the quarter. Gross margin was 57.2% for the first quarter 2022, compared to 50.4% in the prior-year period, with the increase driven primarily by favorable product sales mix and reduced inventory revaluation expense. Selling, general and administrative expenses for the first quarter of 2022 were $4.4 million, representing a 16% reduction compared to the prior-year period. This reduction resulted from continued cost vigilance and certain non-recurring administrative costs in the prior-year period. First-quarter research and development expenses were $1.1 million dollars, compared to $0.9 million dollars in the first quarter of 2021. This increase reflects investment in our dedicated pediatric device. The net loss for the first quarter of 2022 was $4.5 million, compared to a net loss of $5.2 million in the prior-year period. This resulted in $0.6 m...