Nuwellis, Inc. Reports Second Quarter 2025 Financial Results and Business Highlights
Rhea-AI Summary
Nuwellis (Nasdaq: NUWE) reported Q2 2025 financial results, with revenue declining to $1.7 million from $2.2 million in Q2 2024, primarily due to industry-wide sterilization vendor issues. The company's gross margin contracted to 55.5% from 67.2% year-over-year.
Key developments include expanding to 47 pediatric centers, completing a $5 million gross capital raise, and executing a manufacturing outsourcing plan to KDI Precision Manufacturing. The company reported a net loss of $12.6 million, or $60.99 per share, compared to $7.7 million loss in Q2 2024. As of June 30, 2025, Nuwellis maintained $4.5 million in cash and remained debt-free.
Positive
- Expansion to 47 pediatric centers with two new additions in the Southeast US
- Successful completion of $5 million gross capital raise
- New U.S. patent granted for fluid bag design
- Company remains debt-free
- Strategic manufacturing outsourcing to KDI Precision Manufacturing
Negative
- Revenue declined 22.7% to $1.7 million year-over-year
- Gross margin contracted significantly from 67.2% to 55.5%
- Operating loss increased to $2.9 million from $2.3 million
- Net loss widened to $12.6 million from $7.7 million year-over-year
- Production disruption due to sterilization vendor issues
News Market Reaction
On the day this news was published, NUWE gained 2.55%, reflecting a moderate positive market reaction. Argus tracked a peak move of +24.7% during that session. Argus tracked a trough of -13.8% from its starting point during tracking. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $77K to the company's valuation, bringing the market cap to $3M at that time. Trading volume was above average at 1.5x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
MINNEAPOLIS, Aug. 14, 2025 (GLOBE NEWSWIRE) -- Nuwellis, Inc. (Nasdaq: NUWE), a commercial-stage medical technology company dedicated to transforming care for fluid overload patients, today announced financial results for the second quarter ended June 30, 2025, and provided a business update.
Second Quarter 2025 and Recent Business Highlights
Nuwellis continued to advance its strategic realignment during the second quarter, sharpening focus on high-impact growth areas in pediatric and cardiac surgery care while laying the foundation for expansion in outpatient heart failure. Despite temporary revenue disruption related to an industry-wide sterilization vendor issue, the company took swift action to prioritize patient care, protect its most vulnerable populations, and ensure strong momentum entering the third quarter.
- Revenue of
$1.7 million , compared to$2.2 million in Q2 2024 - Pediatric category remains a key driver of sustained demand
- Executed a transition plan to outsource manufacturing to KDI Precision Manufacturing
- Completed a
$5 million gross capital raise during the quarter - Successfully grew to 47 pediatric centers that adopted Aquadex therapy as part of their fluid management approach with the addition of two new centers across the Southeastern United States
- Expanded IP portfolio with granting of new U.S. patent covering the fluid bag design that passively drains once full
“While we faced a temporary headwind this quarter due to a vendor issue, our response demonstrated the strength of our operational discipline and our commitment to patients,” said John Erb, Chairman of the Board and CEO of Nuwellis. “We’re entering the second half of the year with clear priorities, a sharpened focus on our core markets, and the confidence that we’re executing on the right strategy to drive long-term growth.”
Second Quarter 2025 Financial Results
Revenue for the second quarter of 2025 was
Gross margin was
Selling, general and administrative (SG&A) expenses were
Total operating expenses for the quarter were
Operating loss for the quarter was
Net loss attributable to common shareholders was
As of June 30, 2025, the company had
Conference Call and Webcast Information
Nuwellis will host a conference call and webcast today at 9:00 AM ET to discuss its first quarter results and recent business developments.
To access the live webcast, please visit the Investors page of the Nuwellis website at https://ir.nuwellis.com. Alternatively, participants may dial 1-800-245-3047 (U.S.) or 1-203-518-9765 (International) and use conference ID: NUWEQ2. A replay will be available following the event.
About Nuwellis
Nuwellis, Inc. (Nasdaq: NUWE) is a commercial-stage medical device company dedicated to transforming the lives of patients suffering from fluid overload through science, collaboration, and innovation. The company’s focus is on commercializing the Aquadex SmartFlow® system for ultrafiltration therapy. Nuwellis is headquartered in Minneapolis, Minnesota, with a wholly owned subsidiary in Ireland. For more information, visit ir.nuwellis.com or follow us on LinkedIn or X.
About the Aquadex SmartFlow® System
The Aquadex SmartFlow system delivers clinically proven therapy using a simple, flexible, and smart method of removing excess fluid from patients suffering from hypervolemia (fluid overload). The Aquadex SmartFlow system is indicated for temporary (up to 8 hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics. All treatments must be administered by a healthcare provider within an outpatient or inpatient clinical setting, under physician prescription, both having received training in extracorporeal therapies.
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 future growth and market opportunities. Forward-looking statements are based on current assumptions and expectations and involve risks and uncertainties that could cause actual results to differ materially. These risks are detailed in the Company's filings with the Securities and Exchange Commission. Nuwellis undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contacts:
Investors:
Robert Scott
Nuwellis
Chief Financial Officer
ir@nuwellis.com
Media Contact:
Leah McMullen
Nuwellis
Director of Communications
Leah.mcmullen@nuwellis.com
| NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Balance Sheets (in thousands, except share and per share amounts) | |||||||
| June 30, 2025 | December 31, 2024 | ||||||
| (Unaudited) | |||||||
| ASSETS | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 4,450 | $ | 5,095 | |||
| Accounts receivable | 1,193 | 1,727 | |||||
| Inventories, net | 2,028 | 1,718 | |||||
| Other current assets | 745 | 315 | |||||
| Total current assets | 8,416 | 8,855 | |||||
| Property, plant and equipment, net | 359 | 478 | |||||
| Operating lease right-of-use asset | 404 | 510 | |||||
| Other assets | 21 | 21 | |||||
| TOTAL ASSETS | $ | 9,200 | $ | 9,864 | |||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||
| Current liabilities | |||||||
| Accounts payable and accrued liabilities | $ | 3,008 | $ | 1,640 | |||
| Accrued compensation | 561 | 640 | |||||
| Current portion of operating lease liability | 249 | 238 | |||||
| Other current liabilities | 74 | 41 | |||||
| Total current liabilities | 3,892 | 2,559 | |||||
| Warrant liabilities | 14,074 | 468 | |||||
| Operating lease liability | 189 | 307 | |||||
| Total liabilities | 18,155 | 3,334 | |||||
| Commitments and contingencies | |||||||
| Mezzanine Equity Series J Convertible Preferred Stock as of June 30, 2025 and December 31, 2024, par value | 5 | 2 | |||||
| Stockholders’ equity (deficit) | |||||||
| Series A junior participating preferred stock as of June 30, 2025 and December 31, 2024, par value | — | — | |||||
| Series F convertible preferred stock as of June 30, 2025 and December 31, 2024, par value | — | — | |||||
| Series F-1 convertible preferred stock as of June 30, 2025 and December 31, 2024, par value | — | — | |||||
| Preferred stock as of June 30, 2025 and December 31, 2024, par value | — | — | |||||
| Common stock as of June 30, 2025 and December 31, 2024, par value 527,158 and 104,142, respectively | — | — | |||||
| Additional paid-in capital | 305,452 | 305,366 | |||||
| Accumulated other comprehensive income: | |||||||
| Foreign currency translation adjustment | (54 | ) | (47 | ) | |||
| Accumulated deficit | (314,358 | ) | (298,791 | ) | |||
| Total stockholders’ equity (deficit) | (8,960 | ) | 6,528 | ||||
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | $ | 9,200 | 9,864 | ||||
| NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (in thousands, except per share amounts and weighted average shares outstanding) | |||||||||||||||
| Three months ended June 30 | Six months ended June 30 | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Net sales | $ | 1,725 | $ | 2,194 | $ | 3,629 | $ | 4,051 | |||||||
| Cost of goods sold | 767 | 720 | 1,604 | 1,386 | |||||||||||
| Gross profit | 958 | 1,474 | 2,025 | 2,665 | |||||||||||
| Operating expenses: | |||||||||||||||
| Selling, general and administrative | 3,189 | 3,236 | 6,766 | 7,842 | |||||||||||
| Research and development | 675 | 558 | 1,225 | 1,892 | |||||||||||
| Total operating expenses | 3,864 | 3,794 | 7,991 | 9,734 | |||||||||||
| Loss from operations | (2,906 | ) | (2,320 | ) | (5,966 | ) | (7,069 | ) | |||||||
| Other income (expense), net | 10 | 6 | 17 | (95 | ) | ||||||||||
| Financing expense | (10,553 | ) | (5,607 | ) | (10,553 | ) | (5,607 | ) | |||||||
| Change in fair value of warrant liabilities | 900 | 198 | 940 | 720 | |||||||||||
| Loss before income taxes | (12,549 | ) | (7,723 | ) | (15,562 | ) | (12,051 | ) | |||||||
| Income tax expense | (4 | ) | (2 | ) | (5 | ) | (4 | ) | |||||||
| Net loss | $ | (12,553 | ) | $ | (7,725 | ) | $ | (15,567 | ) | $ | (12,055 | ) | |||
| Deemed dividend attributable to Series J Convertible Preferred Stock | 1 | — | 2 | 541 | |||||||||||
| Net loss attributable to common shareholders | $ | (12,552 | ) | $ | (7,725 | ) | $ | (15,565 | ) | $ | (11,514 | ) | |||
| Basic and diluted loss per share | $ | (60.99 | ) | $ | (791.82 | ) | $ | (100.44 | ) | $ | (139.74 | ) | |||
| Weighted average shares outstanding – basic and diluted | 205,839 | 9,755 | 154,991 | 86,261 | |||||||||||
| Other comprehensive loss: | |||||||||||||||
| Net Loss | $ | (12,553 | ) | $ | (7,725 | ) | $ | (15,567 | ) | $ | (12,055 | ) | |||
| Foreign currency translation adjustments | $ | (5 | ) | $ | (2 | ) | $ | (7 | ) | $ | (11 | ) | |||
| Total comprehensive loss | $ | (12,558 | ) | $ | (7,727 | ) | $ | (15,574 | ) | $ | (12,066 | ) | |||
| NUWELLIS, INC. AND SUBSIDIARY Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||
| Six months ended June 30 | |||||||
| 2025 | 2024 | ||||||
| Operating Activities: | |||||||
| Net loss | $ | (15,567 | ) | $ | (12,055 | ) | |
| Adjustments to reconcile net loss to cash flows used in operating activities: | |||||||
| Depreciation and amortization | 123 | 151 | |||||
| Stock-based compensation expense | 84 | 273 | |||||
| Change in fair value of warrant liabilities | (940 | ) | (720 | ) | |||
| Financing expense | 10,553 | 5,607 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 534 | 659 | |||||
| Inventory, net | (310 | ) | 30 | ||||
| Other current assets | (430 | ) | (395 | ) | |||
| Other assets and liabilities | 32 | 5 | |||||
| Accounts payable and accrued expenses | 1,288 | 829 | |||||
| Net cash used in operating activities | (4,633 | ) | (5,616 | ) | |||
| Investing Activities: | |||||||
| Purchases of property and equipment | (4 | ) | (53 | ) | |||
| Net cash used in investing activities | (4 | ) | (53 | ) | |||
| Financing Activities: | |||||||
| Issuance of common stock and warrants from offering, net | 3,999 | 2,403 | |||||
| Proceeds from the exercise of Series J Convertible Preferred Warrants | — | 500 | |||||
| Net cash provided by financing activities | 3,999 | 2,903 | |||||
| Effect of exchange rate changes on cash | (7 | ) | (11 | ) | |||
| Net decrease in cash and cash equivalents | (645 | ) | (2,777 | ) | |||
| Cash and cash equivalents - beginning of period | 5,095 | 3,800 | |||||
| Cash and cash equivalents - end of period | $ | 4,450 | $ | 1,023 | |||
| Supplemental cash flow information | |||||||
| Issuance of Series J Preferred Stock for exercise of Warrants | $ | — | $ | 1,857 | |||
| Issuance of Common Stock for conversion of Series J Preferred Stock | $ | — | $ | 1,535 | |||
| Issuance of Common Stock for conversion of Series F-1 Preferred Stock | $ | 1,100 | $ | — | |||
| Deemed dividend on Series J Preferred Stock | $ | 2 | $ | (541 | ) | ||
| Common stock offering costs included in prepaids | $ | — | $ | 306 | |||
FAQ
What were Nuwellis (NUWE) Q2 2025 earnings results?
How much cash does Nuwellis (NUWE) have as of Q2 2025?
What caused Nuwellis (NUWE) revenue decline in Q2 2025?
How many pediatric centers use Nuwellis (NUWE) Aquadex therapy?
What strategic changes did Nuwellis (NUWE) implement in Q2 2025?
