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Mar 31, 2023
Nuwellis Q1 2023 Earnings Report
Nuwellis reported a revenue decrease of 5% year-over-year, with growth in the Heart Failure segment offset by declines in Pediatrics and Critical Care. Gross margin increased by 120 basis points, and the company highlighted clinical evidence supporting its Aquadex therapy.
Key Takeaways
Nuwellis, Inc. reported first quarter 2023 financial results with revenue of $1.8 million, a 5% decrease compared to the prior-year period. The heart failure segment saw growth, but pediatrics and critical care declined. The company had cash, cash equivalents, and marketable securities of $12.1 million and no debt as of March 31, 2023.
Revenue for Q1 2023 was $1.8 million, a 5% decrease year-over-year.
Heart Failure segment revenue increased by approximately 21% compared to the same period last year.
Pediatrics and Critical Care segments declined by approximately 28% and 4%, respectively.
Gross margin increased to 58.4%, a 120 basis point increase from the prior-year period.