Business
Nuwellis, Inc. Announces First Quarter 2023 Financial Results
MINNEAPOLIS, May 09, 2023 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company focused on transforming the lives of people with
About this update from Nuwellis, Inc.
[{"type":"text","content":"MINNEAPOLIS, May 09, 2023 (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 first quarter ended March 31, 2023. Revenue of $1.8 million for the first quarter 2023, a 5% decrease over the prior-year period.By segment, first quarter 2023 revenue in Heart Failure increased approximately 21% over the same period last year, while Pediatrics and Critical Care declined approximately 28% and 4%, respectively. The decline in Pediatrics was primarily driven by lower patient volume in large hospital accounts.Gross margin of 58.4% in the first quarter 2023 increased 120 basis points from the same period last year.Announced peer-reviewed publication of clinical trials analysis by A. Kazory, et al, advocating earlier and expanded use of ultrafiltration for diuretics-resistant patients suffering from heart failure as well as kidney disease, sepsis, and other indications.Cash, cash equivalents, and marketable securities of $12.1 million and no debt as of March 31, 2023. “With growth in our heart failure segment fueled by new clinical evidence, and an active pipeline of business development activities, our team is excited to continue executing on our growth agenda, utilizing our growing body of clinical evidence that supports use of the Aquadex ultrafiltration therapy as a mechanical fluid removal solution for fluid-overloaded patients across multiple hospital specialty units. We remain committed to making Aquadex the standard of care for patients with fluid overload who are not responsive to conventional diuretics, and we look forward to increased sales momentum as we continue to build awareness and drive market penetration,” said Nestor Jaramillo, Jr., President & CEO of Nuwellis. First Quarter 2023 Financial Results Revenue for the first quarter of 2023 was $1.8 million, compared to $1.9 million in the prior-year period. Gross margin was 58.4% for the first quarter of 2023, compared to 57.2% in the prior-year period, an increase of 120 basis points, driven primarily by pricing increases that were effective in the second quarter of 2022. Selling, general and administrative expenses for the first quarter of 2023 were $5.5 million, compared to $4.4 million in the prior-year period. The increase was primarily due...