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Nuwellis, Inc. Announces First Quarter 2024 Financial Results
MINNEAPOLIS, May 07, 2024 (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 07, 2024 (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, 2024. Highlights: Revenue of $1.9 million, a 2% increase over the prior-year period.Consumables sales, representing 82% of total revenue, grew 11% year-over-year.Pediatric revenue growth of 40% year over year led by a 54% increase in consumable sales.Gross margin of 64.1%, compared to 58.4% in the prior year period.Received FDA clearance for an additional dual lumen extended length catheter.Launched Aquadex® ultrafiltration therapy for heart failure patients as a part of Nuwellis’ pivotal REVERSE-HF clinical study at Henry Ford Health.Company anticipates significant expense reductions – approaching 50% – through efficiency initiatives for the rest of the calendar year. “We are pleased to see firm utilization, led by Pediatrics and in Critical Care, driving first-quarter revenue,” said Nestor Jaramillo, President and CEO of Nuwellis. “Increased awareness of the clinical and economic benefits of the Aquadex system continues to result in healthy utilization gains demonstrating increased therapy adoption as we navigate capital sales cycles. We look forward to continued positive momentum and growth in 2024 as we provide increased access optionality and a new source of revenue with our new 12 cm catheter, advance our pilot phase with DaVita, and begin to commercialize Quelimmune™ SCD under our exclusive license and distribution agreement with SeaStar Medical (Nasdaq “ICU”).” First Quarter 2024 Financial Results Revenue for the first quarter of 2024 was $1.9 million, a 2% increase compared to the prior-year period. The year-over-year increase is attributable to an 11% increase in consumable sales. Gross margin was 64.1% for the first quarter of 2024, compared to 58.4% in the prior-year period. The increase was primarily due to higher manufacturing volumes of consumables. Selling, general and administrative expenses for the first quarter of 2024 decreased to $4.6 million, compared to $5.5 million in the prior-year period. The decrease in SG&A expenses was primarily due to reduced headcount and compensation-related expense and lower corporate administrative expenses. First quarter research and develo...