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Nuwellis, Inc. Announces Fourth Quarter and Full Year 2022 Financial Results
Q4 Revenue Up 42%; Expansion of Clinical Evidence Sets Stage for 2023 Growth MINNEAPOLIS, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a
About this update from Nuwellis, Inc.
[{"type":"text","content":"Q4 Revenue Up 42%; Expansion of Clinical Evidence Sets Stage for 2023 Growth\nMINNEAPOLIS, Feb. 28, 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 fourth quarter and full year ended December 31, 2022. Revenue of $2.3 million for the fourth quarter 2022, a 42% increase over the prior-year period. Full year revenue of $8.5 million, an 8% increase over 2021.Gross margin of 56.9% in the fourth quarter 2022, an increase of 250 basis points from the same period last year. Full year 2022 gross margin of 55.7%, a decrease of 100 basis points from 2021.By segment, fourth quarter 2022 revenue was led by Pediatrics, followed by Heart Failure and Critical Care, which increased approximately 92%, 47%, and 24% over the same period last year, respectively. Full year 2022 revenue by segment was led by Pediatrics and Heart Failure, which increased approximately 28% and 9%, respectively.Entered into an exclusive U.S. license and distribution agreement for SeaStar Medical’s Selective Cytopheretic Device (SCD) for pediatric Acute Kidney Injury (AKI). Approximately 4,000 children with AKI who are at high risk of mortality require therapy annually.Announced peer-reviewed publication of results from a 10-year, real-world retrospective study supporting lower heart failure hospitalizations and readmissions with Aquadex. Data demonstrated 81% lower heart failure hospitalizations per year and a 48% decrease in rehospitalizations at 30 days from the national average.Announced peer-reviewed data demonstrating 71% survival with kidney replacement therapy using Aquadex in low birth-weight preterm neonates.Announced AVOID-HF clinical study analysis demonstrating clinical data that strongly favored adjustable ultrafiltration using Aquadex over adjustable IV diuretics in reducing cardiovascular mortality and subsequent HF events when patients are unresponsive to diuretics treatment.Continued site activations for the Company’s REVERSE-HF clinical trial, with nine sites activated to date, on track to complete twelve activations by the end of first quarter 2023.Appointed Chief Medical Officer, John Jefferies, M.D., and Chief Financial Officer, Lynn Blake, to the Executive Leadership team.Cash, cash equivalents, and marketab...