Nuwellis, Inc. Announces First Quarter 2026 Financial Results
Rhea-AI Summary
Nuwellis (Nasdaq: NUWE) reported Q1 2026 net sales of $2.4 million, a 26% year-over-year increase, with gross margin improving to 70.1%. Operating expenses were about $6.0 million, and net loss attributable to common shareholders was about $4.3 million.
The company completed the Rendiatech acquisition, expanded U.S. commercial coverage, appointed new leadership, received a new U.S. patent, and obtained a patent Notice of Allowance. Nuwellis reported $2.2 million in cash and no debt at March 31, 2026.
Positive
- Q1 2026 revenue $2.4 million, up 26% year-over-year
- Gross margin reached 70.1%, higher than the prior-year quarter
- Completed Rendiatech acquisition adding automated kidney-function monitoring capabilities
- No debt and $2.2 million in cash and equivalents at March 31, 2026
- Expanded U.S. commercial coverage with a new South Texas territory and returning sales leaders
- New U.S. patent issued plus Notice of Allowance for dual-lumen midline catheter technology
Negative
- Q1 2026 operating expenses approximately $6.0 million versus $4.1 million prior-year
- Net loss attributable to common shareholders approximately $4.3 million in Q1 2026
News Market Reaction – NUWE
In the May 12 session, NUWE declined 0.96%, reflecting a mild negative market reaction. Our momentum scanner triggered 2 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Mar 10 | Q4/FY25 earnings | Neutral | +0.8% | Q4 2025 revenue and margin improved but full-year revenue declined and losses persisted. |
| Nov 12 | Q3 2025 earnings | Negative | -4.0% | Q3 2025 revenue fell year-over-year with higher operating expenses and continued operating loss. |
| Aug 14 | Q2 2025 earnings | Negative | +2.5% | Q2 2025 revenue and gross margin declined and net loss widened despite capital raise. |
| May 13 | Q1 2025 earnings | Positive | +0.9% | Q1 2025 revenue grew with strong pediatric gains and sharply lower operating expenses. |
| Mar 11 | Q4/FY24 earnings | Neutral | -4.0% | Q4 2024 revenue dipped but gross margin and costs improved, yielding mixed overall results. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings have produced small single-day moves, with a slight bias toward negative reactions and a mix of aligned and divergent responses.
Across the last five earnings-related releases from Mar 11, 2025 through Mar 10, 2026, Nuwellis reported quarterly revenue between $1.7M and $2.4M, with gross margin improving from the mid-50s to the high-60s. Operating losses and net losses remained sizable despite cost cuts and capital raises. Today’s Q1 2026 update, with revenue of $2.4M and stronger margin, continues this trend of gradual operational improvement against a backdrop of ongoing losses.
Key Terms
extracorporeal medical
ultrafiltration medical
dual-lumen medical
midline catheter medical
notice of allowance regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
MINNEAPOLIS, May 12, 2026 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company committed to delivering solutions for patients with cardiorenal conditions, today reported financial results for the first quarter ended March 31, 2026.
First Quarter and Recent Highlights:
- Net sales were
$2.4 million , a26% increase compared to the prior-year period - Gross margin improved to
70.1% , reflecting improved pricing, product mix, and the transition to contract manufacturing - Completed the acquisition of Rendiatech, adding automated kidney-function monitoring capabilities to the Company’s product development portfolio
- Appointed Carisa Schultz as Chief Financial Officer and Dr. Stuart L. Goldstein as Director of Clinical Strategy
- Appointed Martin J. Emerson and reappointed David A. McDonald to the Board of Directors
- Expanded commercial coverage with a new South Texas territory and the return of experienced sales leaders with deep Aquadex expertise
- Received issuance of a new U.S. patent supporting advanced safety design for pediatric extracorporeal therapy
- Received a Notice of Allowance from the U.S. Patent and Trademark Office for a new patent covering the Company’s novel dual-lumen midline catheter technology designed for use in ultrafiltration therapies
The first quarter marked an important step in Nuwellis’ transition from strategic reset to execution. The quarter demonstrated progress across the Company’s commercial, financial, and platform priorities, with stronger Aquadex performance, continued pediatric momentum, and further expansion of its broader cardiorenal strategy.
“Q1 showed that the strategic reset we made in 2025 is beginning to translate into a more focused and commercially disciplined company,” said John Erb, Chairman and Chief Executive Officer of Nuwellis. “We are concentrating our resources around the areas where Nuwellis has clear clinical relevance, existing customer traction, and a differentiated path to growth, while maintaining the financial discipline required to execute. Aquadex gives us the foundation, pediatrics gives us a distinct growth category, and Rendiatech expands our ability to think more broadly across the cardiorenal continuum.”
First Quarter 2026 Financial Results
Revenue for the first quarter of 2026 was
Gross margin for the first quarter of 2026 was
Operating expenses for the first quarter of 2026 were approximately
Net loss attributable to common shareholders for the first quarter of 2026 was approximately
On March 31, 2026, the Company had no debt and cash, cash equivalents, and restricted cash of approximately
Webcast and Conference Call Information
The Company will host a conference call and webcast at 9:00 AM ET today to discuss its financial results and provide an update on the Company's performance.
To access the live webcast, please visit the Investors page of the Nuwellis website at https://ir.nuwellis.com.
Alternatively, you may access the live conference call by dialing 1-800-274-8461 (U.S.) or 1-203-518-9814 (international) and using the conference ID: NUWEQ1. An audio archive of the webcast will be available following the call on the Investors page.
For more information, visit www.nuwellis.com.
About Nuwellis
Nuwellis, Inc. (Nasdaq: NUWE) is a medical technology company committed to delivering solutions for patients with cardiorenal conditions. The Company develops solutions designed to support patient care through monitoring, therapy, and data-informed clinical decision-making across acute and chronic care settings. Nuwellis’ portfolio includes commercially available and development-stage technologies addressing complex cardiorenal conditions, with a focus on safety, precision, and scalability across patient populations. For more information, visit www.nuwellis.com.
Forward-Looking Statements
Certain statements in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the new market opportunities and anticipated growth in 2026 and beyond. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risks associated with our ability to execute on our commercialization strategy, the possibility that we may be unable to raise sufficient funds necessary for our anticipated operations, our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Nuwellis does not assume any obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise.
For further information, please contact:
Investor Relations:
ir@nuwellis.com
Media Contact:
CORE PR
media@nuwellis.com
| NUWELLIS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| ASSETS | (Unaudited) | ||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 2,083 | $ | 1,085 | |||
| Accounts receivable | 1,559 | 1,493 | |||||
| Inventories, net | 1,779 | 1,910 | |||||
| Other current assets | 406 | 698 | |||||
| Total current assets | 5,827 | 5,186 | |||||
| Property, plant and equipment, net | 365 | 368 | |||||
| Operating lease right-of-use asset | 237 | 293 | |||||
| Intangible assets, net | 317 | — | |||||
| Other assets | 420 | 271 | |||||
| TOTAL ASSETS | $ | 7,166 | $ | 6,118 | |||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ | 2,429 | $ | 2,226 | |||
| Accrued compensation | 852 | 460 | |||||
| Current portion of operating lease liability | 265 | 261 | |||||
| Deferred consideration from Rendiatech acquisition, current | 113 | — | |||||
| Other current liabilities | 71 | 85 | |||||
| Total current liabilities | 3,730 | 3,032 | |||||
| Deferred consideration from Rendiatech acquisition, non-current | 200 | — | |||||
| Warrant liabilities | 362 | 389 | |||||
| Operating lease liability | — | 67 | |||||
| Total liabilities | 4,292 | 3,488 | |||||
| Commitments and contingencies | |||||||
| Mezzanine Equity Series J Convertible Preferred Stock as of March 31, 2026 and December 31, 2025, par value | 8 | 6 | |||||
| Stockholders’ equity | |||||||
| Series A junior participating preferred stock as of March 31, 2026 and December 31, 2025, par value | — | — | |||||
| Series F convertible preferred stock as of March 31, 2026 and December 31, 2025, par value | — | — | |||||
| Series F-1 convertible preferred stock as of March 31, 2026 and December 31, 2025, par value | — | — | |||||
| Preferred stock as of March 31, 2026 and December 31, 2025, par value | — | — | |||||
| Common stock as of March 31, 2026 and December 31, 2025, par value | — | — | |||||
| Additional paid-in capital | 323,508 | 318,928 | |||||
| Accumulated other comprehensive income: | |||||||
| Foreign currency translation adjustment | 8 | 8 | |||||
| Accumulated deficit | (320,650 | ) | (316,312 | ) | |||
| Total stockholders’ equity | 2,866 | 2,624 | |||||
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY | $ | 7,166 | $ | 6,118 | |||
| NUWELLIS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except per share amounts and weighted average shares outstanding) | |||||||||
| Three months ended March 31 | |||||||||
| 2026 | 2025 | ||||||||
| Net sales | $ | 2,403 | $ | 1,904 | |||||
| Cost of goods sold | 719 | 837 | |||||||
| Gross profit | 1,684 | 1,067 | |||||||
| Operating expenses: | |||||||||
| Selling, general and administrative | 4,525 | 3,577 | |||||||
| Research and development | 1,524 | 550 | |||||||
| Total operating expenses | 6,049 | 4,127 | |||||||
| Loss from operations | (4,365 | ) | (3,060 | ) | |||||
| Other income | 1 | 7 | |||||||
| Change in fair value of warrant liabilities | 26 | 40 | |||||||
| Loss before income taxes | (4,338 | ) | (3,013 | ) | |||||
| Income tax expense | - | (1 | ) | ||||||
| Net loss | $ | (4,338 | ) | $ | (3,014 | ) | |||
| Deemed dividend attributable to Series J Convertible Preferred Stock | 2 | 1 | |||||||
| Net loss attributable to common shareholders | $ | (4,336 | ) | $ | (3,013 | ) | |||
| Basic and diluted loss per share | $ | (2.09 | ) | $ | (28.98 | ) | |||
| Weighted average shares outstanding – basic and diluted | 2,074,940 | 104,142 | |||||||
| Other comprehensive loss: | |||||||||
| Net loss | $ | (4,338 | ) | $ | (3,014 | ) | |||
| Foreign currency translation adjustments | $ | - | $ | (2 | ) | ||||
| Total comprehensive loss | $ | (4,338 | ) | $ | (3,016 | ) | |||
| NUWELLIS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||
| Three months ended March 31 | |||||||
| 2026 | 2025 | ||||||
| Operating Activities: | |||||||
| Net loss | $ | (4,338 | ) | $ | (3,014 | ) | |
| Adjustments to reconcile net loss to cash flows used in operating activities: | |||||||
| Depreciation and amortization | 38 | 73 | |||||
| Stock-based compensation expense | 25 | 67 | |||||
| Change in fair value of warrant liabilities | (26 | ) | (40 | ) | |||
| Non-cash IP R&D from Rendiatech acquisition | 552 | - | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (66 | ) | 187 | ||||
| Inventory, net | 181 | (34 | ) | ||||
| Other current assets | 293 | 41 | |||||
| Other assets Other liabilities | (171 | ) | 45 | ||||
| Accounts payable and accrued expenses | 400 | 139 | |||||
| Net cash used in operating activities | (3,112 | ) | (2,536 | ) | |||
| Investing Activities: | |||||||
| Purchases of property and equipment | (30 | ) | - | ||||
| Purchase of intangible assets | (90 | ) | |||||
| Cash paid for acquisition of Rendiatech, net of cash acquired | (164 | ) | - | ||||
| Net cash used in investing activities | (284 | ) | - | ||||
| Financing Activities: | |||||||
| Issuance of common stock and warrants from offering, net | 4,393 | - | |||||
| Non-cash Series J deemed dividend | 2 | - | |||||
| Net cash provided by financing activities | 4,395 | - | |||||
| Effect of exchange rate changes on cash | - | (2 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 999 | (2,538 | ) | ||||
| Cash and cash equivalents, and restricted cash - beginning of period | 1,190 | 5,095 | |||||
| Cash and cash equivalents, and restricted cash - end of period | $ | 2,189 | $ | 2,557 | |||
Supplemental cash flow information
| Common stock issued as consideration in asset acquisition | $ | 162 | $ | - | |||
| Transaction costs in accounts payable | $ | 164 | $ | - | |||
| Deemed dividend on Series J Preferred Stock | $ | 2 | $ | 1 |
