Business
Nuwellis, Inc. Reports Third Quarter 2022 Financial Results
MINNEAPOLIS, Nov. 08, 2022 (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, Nov. 08, 2022 (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 third quarter ended September 30, 2022. Q3 Results and Recent Highlights: Revenue of $2.1 million in the third quarter 2022, an 11% increase over the same year ago periodGross margin of 61% was consistent with the same period last yearActivated three additional sites for pivotal REVERSE-HF clinical studyAnnounced AVOID-HF clinical study analysis demonstrating statistically superior benefit of ultrafiltration over diuretics for fluid-overloaded heart failure patients at 30 and 90 daysAnnounced clinical data demonstrating reduced mortality rates, with 100% survival rate in post-operative CABG patients at 30 days following use of ultrafiltrationAwarded U.S. patent for novel innovation that improves fluid balance and safety in pediatric dialysis and hemofiltrationClosed an underwritten public offering on October 18, with $11.0 million of gross proceeds “We made meaningful progress this quarter on the continued execution of our key strategic initiatives and achieved 11% year-over-year revenue growth. These results not only demonstrate that we are gaining traction on the sales front but also continuing to achieve key milestones toward making the Aquadex system the standard of care for restoring fluid balance. We are confident that continued expansion of our field sales team, including clinical education specialists, bolstered by our market penetration initiatives and growing body of clinical evidence, will position Nuwellis well for strong growth in 2023 and beyond,” said Nestor Jaramillo, CEO of Nuwellis. Third Quarter 2022 Financial Results Total revenue for the third quarter of 2022 was $2.1 million, an increase of 11% compared to the third quarter of 2021. Gross margin was 61.0% for the third quarter of 2022 compared to 60.4% in the prior-year period. Selling, general and administrative expenses for the third quarter of 2022 were $4.3 million, compared to $4.6 million in the prior-year period. This reduction resulted from continued spending vigilance, as well as some open positions in the current year quarter. Third quarter research and development expenses were $0.9 million, compared to $1.7 million in the third quarter ...