Nuwellis Reports Second Quarter 2026 Financial Results and Business Highlights Focused on Double Digit Revenue Growth and Expanded Gross Margin
Rhea-AI Summary
Nuwellis (Nasdaq: NUWE) reported second quarter 2026 revenue of $2.0 million, up 14% year over year, with U.S. revenue up 17%. First-half 2026 revenue was $4.4 million, a 20% increase, driven primarily by higher U.S. circuit and console sales and stronger pediatrics, critical care, and heart failure segments.
Second quarter gross margin improved to 76% from 56% a year earlier, reflecting pricing actions, favorable mix, and the transition to contract manufacturing. Operating expenses rose to $4.7 million, and net loss was $4.8 million, including $1.7 million of non-cash warrant valuation expense, versus a $12.6 million loss in the prior-year quarter.
Nuwellis raised approximately $12.7 million in gross proceeds across June and July financings and warrant exercises, extending its cash runway through the second quarter of 2027 and ending June 30, 2026 with $3.9 million in cash and equivalents. The company also sold nine consoles in the quarter, advanced an Aquadex label expansion for smaller pediatric patients following a successful FDA pre-submission meeting, and appointed Mike McCormick as President and CEO effective June 30, 2026.
Positive
- Q2 2026 revenue $2.0M, up 14% year over year
- First-half 2026 revenue $4.4M, up 20% versus 2025
- Gross margin improved to 76% in Q2 2026 from 56% in Q2 2025
- Consoles sold 9 in Q2 2026 versus 3 in Q2 2025, expanding installed base
- Capital raised approximately $12.7M gross across June and July 2026 financings and warrant exercises
- Net loss reduced to $4.8M in Q2 2026 from $12.6M in Q2 2025
Negative
- Q2 2026 net loss $4.8M and first-half 2026 net loss $9.4M
- Operating expenses increased to $4.7M in Q2 2026 from $3.9M a year earlier
- Operating cash use $6.3M in first-half 2026, indicating ongoing cash burn
- Stockholders’ equity shifted to a $2.1M deficit at June 30, 2026 from $2.6M equity at year-end 2025
- Weighted average shares rose to 181,243 in Q2 2026 from 5,881 in Q2 2025, signaling significant dilution
News Explained
The enlarged common-share base creates dilution exposure for existing holders, while the July reverse split does not itself change company value.
Nuwellis reported second-quarter results on
The company said its most recent reverse stock split became effective on
The
Market reaction after 2Q26 earnings report: NUWE +9.23%
Following this news, NUWE has gained 9.23%, reflecting a notable positive market reaction. Our momentum scanner has triggered 21 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $1.42.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Jul 27 | Preliminary earnings | Positive | -2.9% | Reported expected Q2 revenue growth before final results were scheduled for August 13 |
| May 12 | Q1 earnings results | Positive | -1.0% | Revenue growth and margin improvement accompanied acquisition and leadership developments |
| Mar 10 | Q4 earnings report | Positive | +0.8% | Higher console sales and gross margin improved quarterly operating performance |
| Nov 12 | Q3 earnings results | Negative | -4.0% | Revenue declined year over year despite operational milestones and higher sequential sales |
| Aug 14 | Q2 earnings results | Negative | +2.5% | Revenue and gross margin declined amid industry-wide sterilization vendor issues, alongside a larger net loss |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Across five tag-matched earnings events, 3 were classified as Divergence and 2 as Alignment; the average move was -0.9%.
Key Terms
registered direct offering financial
contract manufacturing technical
warrant liabilities financial
ultrafiltration therapy medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
Recent capital raise and warrant exercises extend cash runway through second quarter of 2027
Conference call begins at 9:00 a.m. Eastern time today
MINNEAPOLIS, Aug. 13, 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 three and six months ended June 30, 2026.
Second Quarter Results and Recent Highlights:
- Net sales were
$2.0 million in the second quarter, a14% increase compared with the prior-year period; U.S. revenue increased17% - Net sales for the first six months of 2026 were
$4.4 million , a20% increase compared with the prior-year period; U.S. revenue increased24% - Gross margin in the second quarter improved to
76% , compared with56% in the prior-year quarter, reflecting improved pricing, product mix, and the transition to contract manufacturing - Sold nine consoles during the second quarter and 24 during the first half of 2026, compared with five during the first half of 2025, expanding the installed base for future circuit utilization
- First-half revenue increased across all core customer categories compared with the prior-year period, led by a
29% increase in pediatrics,28% in critical care, and27% in heart failure. U.S. revenue growth outpaced the total Company average, which included lower international, service, and rental revenue. - Raised
$6.0 million in gross proceeds through a June registered direct offering - Subsequent to June 30, 2026, raised approximately
$6.7 million in gross proceeds from a July financing and warrant exercises, strengthening the Company’s cash position and simplifying its capitalization structure - Advanced the proposed Aquadex label expansion to patients weighing 5 kilograms or more, from patients weighing 20 kilograms or more, following a successful U.S. Food and Drug Administration pre-submission meeting
- Appointed Mike McCormick as President and Chief Executive Officer, effective June 30, 2026
The second quarter demonstrated continued year-over-year growth, meaningful gross-margin improvement and progress across Nuwellis’ commercial and strategic priorities. The Company enters its next phase focused on increasing the installed based and utilization of Aquadex, building recurring circuit revenue, expanding its position in pediatrics and critical care, and selectively advancing technologies that strengthen its broader cardiorenal platform.
“Nuwellis has an established commercial foundation with differentiated strength in pediatrics and momentum in critical care. Our straightforward objective is to grow recurring revenue, improve operating leverage, and position Nuwellis as the leading precision fluid management company across the cardiorenal continuum,” said Mike McCormick, Nuwellis President and Chief Executive Officer. “The recent infusion of capital strengthens our balance sheet and extends our cash runway, which provides financial flexibility to execute on our strategic priorities. We intend to concentrate our investments where we have clear clinical differentiation, attractive commercial opportunities, and the ability to generate sustainable shareholder value. As part of our strategic plan, we are evaluating opportunities to leverage our commercial infrastructure through complementary products and collaborations that deepen relationships within our existing hospital customers.”
Second Quarter 2026 Financial Results
Revenue for the second quarter of 2026 was
The Company sold nine consoles during the second quarter, compared with three during the second quarter of 2025. The expanding installed base is expected to bolster growth in recurring circuit revenue, which remains the Company's primary driver of long-term growth.
U.S. circuit and console average selling prices increased approximately
Gross margin for the second quarter of 2026 was
Operating expenses were approximately
As of June 30, 2026, the Company had cash and cash equivalents of approximately
Webcast and Conference Call Information
The Company will host a conference call and webcast at 9:00 a.m. Eastern time 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, the live conference call may be accessed by dialing (833) 316-1983 or (785) 838-9310 and using conference ID NUWEQ2. An audio archive of the webcast will be available following the call on the Investors page.
About Aquadex
The Aquadex SmartFlow System is indicated for the continuous ultrafiltration therapy 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 kilograms 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 of whom having received training in extracorporeal therapies.
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:
CORE IR
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) | |||||||||
| June 30, 2026 | December 31, 2025 | ||||||||
| ASSETS | (Unaudited) | ||||||||
| Current assets | |||||||||
| Cash and cash equivalents | $ | 3,922 | $ | 1,085 | |||||
| Accounts receivable | 1,545 | 1,493 | |||||||
| Inventories, net | 1,742 | 1,910 | |||||||
| Other current assets | 690 | 698 | |||||||
| Total current assets | 7,899 | 5,186 | |||||||
| Property, plant and equipment, net | 347 | 368 | |||||||
| Operating lease right-of-use asset | 179 | 293 | |||||||
| Intangible assets, net | 102 | — | |||||||
| Other assets | 599 | 271 | |||||||
| TOTAL ASSETS | $ | 9,126 | $ | 6,118 | |||||
| LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT) | |||||||||
| Current liabilities | |||||||||
| Accounts payable and accrued liabilities | $ | 2,896 | $ | 2,226 | |||||
| Accrued compensation | 731 | 460 | |||||||
| Current portion of operating lease liability | 200 | 261 | |||||||
| Deferred consideration from Rendiatech acquisition, current | 113 | — | |||||||
| Other current liabilities | 68 | 85 | |||||||
| Total current liabilities | 4,008 | 3,032 | |||||||
| Deferred consideration from Rendiatech acquisition, non-current | 200 | — | |||||||
| Warrant liabilities | 6,963 | 389 | |||||||
| Operating lease liability | — | 67 | |||||||
| Total liabilities | 11,171 | 3,488 | |||||||
| Commitments and contingencies | |||||||||
| Mezzanine Equity Series J Convertible Preferred Stock as of June 30, 2026 and December 31, 2025, par value | 10 | 6 | |||||||
| Stockholders’ equity (deficit) | |||||||||
| Series A junior participating preferred stock as of June 30, 2026 and December 31, 2025, par value | — | — | |||||||
| Series F convertible preferred stock as of June 30, 2026 and December 31, 2025, par value | — | — | |||||||
| Series F-1 convertible preferred stock as of June 30, 2026 and December 31, 2025, par value | — | — | |||||||
| Preferred stock as of June 30, 2026 and December 31, 2025, par value | — | — | |||||||
| Common stock as of June 30, 2026 and December 31, 2025, par value 574,455 and 48,178, respectively | — | — | |||||||
| Additional paid‑in capital | 323,618 | 318,928 | |||||||
| Accumulated other comprehensive income: | |||||||||
| Foreign currency translation adjustment | 8 | 8 | |||||||
| Accumulated deficit | (325,681 | ) | (316,312 | ) | |||||
| Total stockholders’ equity (deficit) | (2,055 | ) | 2,624 | ||||||
| TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY(DEFICIT) | $ | 9,126 | $ | 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 June 30 | Six months ended June 30 | ||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||
| Net sales | $ | 1,969 | $ | 1,725 | $ | 4,372 | $ | 3,629 | |||||||||||||
| Cost of goods sold | 471 | 767 | 1,190 | 1,604 | |||||||||||||||||
| Gross profit | 1,498 | 958 | 3,182 | 2,025 | |||||||||||||||||
| Operating expenses: | |||||||||||||||||||||
| Selling, general and administrative | 3,725 | 3,189 | 8,249 | 6,766 | |||||||||||||||||
| Research and development | 942 | 675 | 2,670 | 1,225 | |||||||||||||||||
| Total operating expenses | 4,667 | 3,864 | 10,919 | 7,991 | |||||||||||||||||
| Loss from operations | (3,169 | ) | (2,906 | ) | (7,737 | ) | (5,966 | ) | |||||||||||||
| Other income | 7 | 10 | 8 | 17 | |||||||||||||||||
| Financing expense | (6,077 | ) | (10,553 | ) | (6,077 | ) | (10,553 | ) | |||||||||||||
| Change in fair value of warrant liabilities | 4,411 | 900 | 4,437 | 940 | |||||||||||||||||
| Loss before income taxes | (4,828 | ) | (12,549 | ) | (9,369 | ) | (15,562 | ) | |||||||||||||
| Income tax expense | - | (4 | ) | - | (5 | ) | |||||||||||||||
| Net loss | $ | (4,828 | ) | $ | (12,553 | ) | $ | (9,369 | ) | $ | (15,567 | ) | |||||||||
| Deemed dividend attributable to Series J Convertible Preferred Stock | 1 | 1 | 3 | 2 | |||||||||||||||||
| Net loss attributable to common shareholders | $ | (4,827 | ) | $ | (12,552 | ) | $ | (9,366 | ) | $ | (15,565 | ) | |||||||||
| Basic and diluted loss per share | $ | (26.64 | ) | $ | (2,134.19 | ) | $ | (77.90 | ) | $ | (3,514.87 | ) | |||||||||
| Weighted average shares outstanding – basic and diluted | 181,243 | 5,881 | 120,263 | 4,428 | |||||||||||||||||
| Other comprehensive loss: | |||||||||||||||||||||
| Net Loss | $ | (4,828 | ) | $ | (12,553 | ) | $ | (9,369 | ) | $ | (15,567 | ) | |||||||||
| Foreign currency translation adjustments | - | (5 | ) | - | (7 | ) | |||||||||||||||
| Total comprehensive loss | $ | (4,828 | ) | $ | (12,558 | ) | $ | (9,369 | ) | $ | (15,574 | ) | |||||||||
| NUWELLIS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (Unaudited) (in thousands) | |||||||
| Six Months ended June 30 | |||||||
| 2026 | 2025 | ||||||
| Operating Activities: | |||||||
| Net loss | $ | (9,369 | ) | $ | (15,567 | ) | |
| Adjustments to reconcile net loss to cash flows used in operating activities: | |||||||
| Depreciation and amortization | 75 | 123 | |||||
| Stock-based compensation expense | 47 | 84 | |||||
| Change in fair value of warrant liabilities | (4,437 | ) | (940 | ) | |||
| Financing expense | 6,077 | 10,553 | |||||
| Non-cash IP R&D from Rendiatech acquisition | 757 | - | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (52 | ) | 534 | ||||
| Inventory, net | 218 | (310 | ) | ||||
| Other current assets | 8 | (430 | ) | ||||
| Other assets | (213 | ) | 106 | ||||
| Other liabilities | (144 | ) | (74 | ) | |||
| Accounts payable and accrued expenses | 746 | 1,288 | |||||
| Net cash used in operating activities | (6,287 | ) | (4,633 | ) | |||
| Investing Activities: | |||||||
| Purchases of property and equipment | (39 | ) | (4 | ) | |||
| Purchase of intangible assets | (90 | ) | - | ||||
| Cash paid for acquisition of Rendiatech, net of cash acquired | (164 | ) | - | ||||
| Net cash used in investing activities | (293 | ) | (4 | ) | |||
| Financing Activities: | |||||||
| Proceeds from issuance of common stock and warrants, net | 9,363 | 3,999 | |||||
| Issuance of common stock from ATM, net | 55 | ||||||
| Net cash provided by financing activities | 9,418 | 3,999 | |||||
| Effect of exchange rate changes on cash | - | (7 | ) | ||||
| Net increase (decrease) in cash and cash equivalents | 2,838 | (645 | ) | ||||
| Cash and cash equivalents, and restricted cash - beginning of period | 1,190 | 5,095 | |||||
| Cash and cash equivalents, and restricted cash - end of period | $ | 4,028 | $ | 4,450 | |||
| Supplemental cash flow information | |||||||
| Common stock issued as consideration in asset acquisition | $ | 162 | $ | - | |||
| Issuance of common stock for conversion of Series F-1 Preferred Stock | $ | - | $ | 1,100 | |||
| Deferred costs issued as consideration in asset acquisition | $ | 313 | $ | - | |||
| Deemed dividend on Series J Preferred Stock | $ | 3 | $ | 2 | |||
