Business
Nuwellis, Inc. Announces Second Quarter 2023 Financial Results
MINNEAPOLIS, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company dedicated to transforming the lives of people with
About this update from Nuwellis, Inc.
[{"type":"text","content":"MINNEAPOLIS, Aug. 08, 2023 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company dedicated to transforming the lives of people with fluid overload, today reported financial results for the second quarter ended June 30, 2023. Revenue of $2.1 million for the second quarter 2023, representing a 14% increase over the prior quarter and a 6% decrease over the prior-year period.Utilization, or the number of circuits per console, increased 14% over the same period last year, reflecting an increase in the number of patients treated with the Aquadex therapy.By segment, second quarter 2023 revenue in Heart Failure increased approximately 8% over the same period last year, while Critical Care and Pediatrics declined approximately 20% and 5%, respectively. Pediatrics increased 72% from the first quarter.Gross margin rate of 55.3% in the second quarter 2023, representing a 730-basis point improvement compared to a gross margin rate of 48% in the same period last year.Entered into a Supply and Collaboration Agreement with DaVita Inc. to pilot Aquadex ultrafiltration therapy to treat adult patients with congestive heart failure and related conditions in select U.S. markets.Announced the appointment of Mike McCormick to the Board of Directors.Cash and cash equivalents of approximately $9 million and no debt as of June 30, 2023. “We are pleased to report a rebound in our business in the second quarter, with Pediatrics increasing 72% from first quarter, steady growth in the number of patients treated with Aquadex therapy compared to last year, and continued momentum in Heart Failure, supported by growing awareness of our clinical evidence,” said Nestor Jaramillo, President and CEO of Nuwellis. “As we continue to execute on our goal of transforming the lives of patients suffering from fluid overload, we are excited to collaborate with DaVita to potentially help accelerate clinical adoption of our Aquadex ultrafiltration therapy when first-line medical treatments are ineffective. We are currently in active planning for and look forward to initiating the pilot program with DaVita,” concluded Mr. Jaramillo. Second Quarter 2023 Financial Results Revenue for the second quarter of 2023 was $2.1 million, compared to $2.2 million in the prior-year period. Results in the quarter were driven by an increase of 14% in circuit sales of...