Nuwellis Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Nuwellis Inc has an operating margin of -125.7%, meaning the company retains $-126 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -198.9% the prior year.
Nuwellis Inc's revenue declined 1.4% year-over-year, from $8.9M to $8.7M. This contraction results in a growth score of 25/100.
Nuwellis Inc carries a low D/E ratio of 0.51, meaning only $0.51 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 92/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.46, Nuwellis Inc holds $3.46 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
While Nuwellis Inc generated -$9.6M in operating cash flow, capex of $60K consumed most of it, leaving -$9.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Nuwellis Inc passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Nuwellis Inc generates $0.86 in operating cash flow (-$9.6M OCF vs -$11.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
This page shows Nuwellis Inc (NUWE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Nuwellis Inc generated $8.7M in revenue in fiscal year 2024. This represents a decrease of 1.4% from the prior year.
Nuwellis Inc's EBITDA was -$10.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 38.2% from the prior year.
Nuwellis Inc generated -$9.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 46.6% from the prior year.
Nuwellis Inc reported -$11.2M in net income in fiscal year 2024. This represents an increase of 44.8% from the prior year.
Nuwellis Inc earned $-8.41 per diluted share (EPS) in fiscal year 2024. This represents an increase of 97.7% from the prior year.
Nuwellis Inc held $5.1M in cash against $0 in long-term debt as of fiscal year 2024.
Nuwellis Inc had 104,142 shares outstanding in fiscal year 2024. This represents a decrease of 35.7% from the prior year.
Nuwellis Inc's gross margin was 64.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 8.7 percentage points from the prior year.
Nuwellis Inc's operating margin was -125.7% in fiscal year 2024, reflecting core business profitability. This is up 73.2 percentage points from the prior year.
Nuwellis Inc's net profit margin was -127.8% in fiscal year 2024, showing the share of revenue converted to profit. This is up 100.2 percentage points from the prior year.
Nuwellis Inc invested $3.2M in research and development in fiscal year 2024. This represents a decrease of 40.8% from the prior year.
Nuwellis Inc invested $60K in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 59.7% from the prior year.
NUWE Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.2M+28.5% | $1.7M-9.4% | $1.9M-18.0% | $2.3M+5.8% | $2.2M+18.1% | $1.9M-27.2% | $2.6M+5.8% | $2.4M |
| Cost of Revenue | $772K+0.7% | $767K-8.4% | $837K-13.4% | $967K+34.3% | $720K+8.1% | $666K-42.7% | $1.2M+12.8% | $1.0M |
| Gross Profit | $1.4M+50.8% | $958K-10.2% | $1.1M-21.3% | $1.4M-8.1% | $1.5M+23.8% | $1.2M-14.2% | $1.4M+0.5% | $1.4M |
| R&D Expenses | $603K-10.7% | $675K+22.7% | $550K-33.8% | $831K+48.9% | $558K-58.2% | $1.3M-2.8% | $1.4M+22.8% | $1.1M |
| SG&A Expenses | $3.5M+11.0% | $3.2M-10.8% | $3.6M+22.9% | $2.9M-10.0% | $3.2M-29.7% | $4.6M+27.6% | $3.6M+5.3% | $3.4M |
| Operating Income | -$2.7M+7.2% | -$2.9M+5.0% | -$3.1M-28.2% | -$2.4M-2.9% | -$2.3M+51.1% | -$4.7M-32.2% | -$3.6M-13.6% | -$3.2M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0-100.0% | $4K+300.0% | $1K0.0% | $1K-50.0% | $2K0.0% | $2K0.0% | $2K0.0% | $2K |
| Net Income | $468K+103.7% | -$12.6M-316.5% | -$3.0M-105.3% | -$1.5M+81.0% | -$7.7M-78.4% | -$4.3M+21.4% | -$5.5M-63.5% | -$3.4M |
| EPS (Diluted) | $0.56+100.9% | $-60.99 | $-0.69 | $734.29 | $-791.82 | $-24.11 | $-163.38 | $-63.27 |
NUWE Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $8.0M-13.2% | $9.2M+31.3% | $7.0M-29.0% | $9.9M+59.4% | $6.2M-7.1% | $6.7M-31.8% | $9.8M-14.5% | $11.4M |
| Current Assets | $7.2M-14.4% | $8.4M+37.4% | $6.1M-30.9% | $8.9M+83.5% | $4.8M-7.1% | $5.2M-36.7% | $8.2M-14.8% | $9.6M |
| Cash & Equivalents | $3.1M-30.5% | $4.5M+74.0% | $2.6M-49.8% | $5.1M+398.0% | $1.0M-26.9% | $1.4M-63.2% | $3.8M-22.9% | $4.9M |
| Inventory | $2.2M+7.9% | $2.0M+15.8% | $1.8M+2.0% | $1.7M-12.7% | $2.0M-7.7% | $2.1M+6.7% | $2.0M-14.5% | $2.3M |
| Accounts Receivable | $1.1M-4.4% | $1.2M-22.5% | $1.5M-10.8% | $1.7M+33.7% | $1.3M+5.4% | $1.2M-37.2% | $2.0M+36.9% | $1.4M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.1M-77.6% | $18.2M+430.2% | $3.4M+2.7% | $3.3M-74.4% | $13.0M+125.5% | $5.8M-12.0% | $6.6M+82.5% | $3.6M |
| Current Liabilities | $3.5M-9.5% | $3.9M+41.6% | $2.7M+7.4% | $2.6M-36.3% | $4.0M-7.1% | $4.3M+36.3% | $3.2M+6.0% | $3.0M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $3.9M+143.6% | -$9.0M-350.4% | $3.6M-45.2% | $6.5M+195.5% | -$6.8M-872.4% | $885K-70.4% | $3.0M-61.9% | $7.8M |
| Retained Earnings | -$313.9M+0.1% | -$314.4M-4.2% | -$301.8M-1.0% | -$298.8M+0.3% | -$299.7M-2.6% | -$292.0M-1.5% | -$287.6M-2.0% | -$282.1M |
NUWE Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M-50.1% | -$2.1M+17.3% | -$2.5M-68.6% | -$1.5M+45.4% | -$2.8M+3.8% | -$2.9M-3.9% | -$2.8M+28.0% | -$3.8M |
| Capital Expenditures | $98K+2350.0% | $4K | $0-100.0% | $23K-4.2% | $24K-17.2% | $29K+180.6% | -$36K-129.8% | $121K |
| Free Cash Flow | -$3.2M-54.5% | -$2.1M+17.2% | -$2.5M-66.1% | -$1.5M+45.0% | -$2.8M+3.9% | -$2.9M-3.6% | -$2.8M+29.3% | -$3.9M |
| Investing Cash Flow | -$98K-2350.0% | -$4K | $0+100.0% | -$23K+4.2% | -$24K+17.2% | -$29K-180.6% | $36K+129.8% | -$121K |
| Financing Cash Flow | $1.9M-52.8% | $4.0M | $0-100.0% | $4.7M+96.3% | $2.4M+380.6% | $500K-68.7% | $1.6M+8075.0% | -$20K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
NUWE Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 65.2%+9.6pp | 55.5%-0.5pp | 56.0%-2.3pp | 58.4%-8.8pp | 67.2%+3.0pp | 64.1%+9.7pp | 54.4%-2.8pp | 57.3% |
| Operating Margin | -121.6%+46.8pp | -168.5%-7.8pp | -160.7%-57.9pp | -102.8%+2.9pp | -105.7%+150.0pp | -255.7%-114.9pp | -140.9%-9.7pp | -131.2% |
| Net Margin | 21.1%+748.8pp | -727.7%-569.4pp | -158.3%-95.1pp | -63.2%+288.9pp | -352.1%-118.9pp | -233.2%-17.2pp | -215.9%-76.2pp | -139.7% |
| Return on Equity | 12.0% | N/A | N/A | 74.2% | N/A | N/A | N/A | N/A |
| Return on Assets | 5.9%+142.3pp | -136.5%-93.4pp | -43.0%-28.1pp | -14.9%+109.9pp | -124.8%-59.8pp | -65.0%-8.6pp | -56.4%-26.9pp | -29.5% |
| Current Ratio | 2.04-0.1 | 2.16-0.1 | 2.23-1.2 | 3.46+2.3 | 1.200.0 | 1.20-1.4 | 2.59-0.6 | 3.22 |
| Debt-to-Equity | 1.04+3.1 | -2.03-3.0 | 0.96+0.4 | 0.51+2.4 | -1.91-8.4 | 6.53+4.3 | 2.19+1.7 | 0.46 |
| FCF Margin | -146.4%-24.6pp | -121.8%+11.4pp | -133.2%-67.4pp | -65.8%+60.9pp | -126.6%+29.1pp | -155.7%-46.3pp | -109.4%+54.2pp | -163.6% |
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Frequently Asked Questions
What is Nuwellis Inc's annual revenue?
Nuwellis Inc (NUWE) reported $8.7M in total revenue for fiscal year 2024. This represents a -1.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Nuwellis Inc's revenue growing?
Nuwellis Inc (NUWE) revenue declined by 1.4% year-over-year, from $8.9M to $8.7M in fiscal year 2024.
Is Nuwellis Inc profitable?
No, Nuwellis Inc (NUWE) reported a net income of -$11.2M in fiscal year 2024, with a net profit margin of -127.8%.
What is Nuwellis Inc's earnings per share (EPS)?
Nuwellis Inc (NUWE) reported diluted earnings per share of $-8.41 for fiscal year 2024. This represents a 97.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Nuwellis Inc's EBITDA?
Nuwellis Inc (NUWE) had EBITDA of -$10.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Nuwellis Inc's gross margin?
Nuwellis Inc (NUWE) had a gross margin of 64.9% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Nuwellis Inc's operating margin?
Nuwellis Inc (NUWE) had an operating margin of -125.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Nuwellis Inc's net profit margin?
Nuwellis Inc (NUWE) had a net profit margin of -127.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Nuwellis Inc's free cash flow?
Nuwellis Inc (NUWE) generated -$9.7M in free cash flow during fiscal year 2024. This represents a 46.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Nuwellis Inc's operating cash flow?
Nuwellis Inc (NUWE) generated -$9.6M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Nuwellis Inc's total assets?
Nuwellis Inc (NUWE) had $9.9M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Nuwellis Inc's capital expenditures?
Nuwellis Inc (NUWE) invested $60K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Nuwellis Inc spend on research and development?
Nuwellis Inc (NUWE) invested $3.2M in research and development during fiscal year 2024.
How many shares does Nuwellis Inc have outstanding?
Nuwellis Inc (NUWE) had 104,142 shares outstanding as of fiscal year 2024.
What is Nuwellis Inc's current ratio?
Nuwellis Inc (NUWE) had a current ratio of 3.46 as of fiscal year 2024, which is generally considered healthy.
What is Nuwellis Inc's debt-to-equity ratio?
Nuwellis Inc (NUWE) had a debt-to-equity ratio of 0.51 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Nuwellis Inc's return on assets (ROA)?
Nuwellis Inc (NUWE) had a return on assets of -113.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Nuwellis Inc's cash runway?
Based on fiscal year 2024 data, Nuwellis Inc (NUWE) had $5.1M in cash against an annual operating cash burn of $9.6M. This gives an estimated cash runway of approximately 6 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Nuwellis Inc's Piotroski F-Score?
Nuwellis Inc (NUWE) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Nuwellis Inc's earnings high quality?
Nuwellis Inc (NUWE) has an earnings quality ratio of 0.86x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Nuwellis Inc?
Nuwellis Inc (NUWE) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.