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Mar 31, 2024
Nuwellis Q1 2024 Earnings Report
Nuwellis reported a revenue increase of 2% driven by consumables sales growth and gross margin improvement in Q1 2024.
Key Takeaways
Nuwellis, Inc. reported a 2% increase in revenue for the first quarter of 2024, driven by an 11% increase in consumable sales. The company's gross margin improved to 64.1% compared to 58.4% in the prior year period. Operating loss decreased due to cost-saving measures.
Revenue increased by 2% year-over-year to $1.9 million.
Consumables sales grew by 11% year-over-year, representing 82% of total revenue.
Pediatric revenue increased by 40% year-over-year, with consumable sales up by 54%.
Gross margin improved to 64.1% from 58.4% in the prior year period.
Nuwellis
Nuwellis
Forward Guidance
Nuwellis anticipates significant expense reductions and continued positive momentum and growth in 2024.
Positive Outlook
- Expects significant expense reductions through efficiency initiatives.
- New 12 cm catheter will provide increased access optionality and a new source of revenue.
- Advancing pilot phase with DaVita.
- Begin to commercialize Quelimmune™ SCD under exclusive license and distribution agreement with SeaStar Medical.
- Increased awareness of the clinical and economic benefits of the Aquadex system continues to result in healthy utilization gains demonstrating increased therapy adoption
Challenges Ahead
- Risks associated with ability to execute on commercialization strategy.
- Possibility of being unable to raise sufficient funds for anticipated operations.
- Risks related to post-market clinical data collection activities.
- Uncertainties regarding market and physician acceptance of products.
- Potential risks from competitive product offerings.