Nuwellis Q3 2024 Earnings Report
Key Takeaways
Nuwellis, Inc. reported third quarter 2024 financial results with a revenue of $2.4 million. The company achieved a gross margin of 70% and reduced total operating costs by 30% compared to the prior-year quarter. Net income attributable to common shareholders was $2.4 million, primarily due to the revaluation of a prior period warrant liability.
Revenue was $2.4 million.
Pediatrics revenue grew by 28% compared to the prior year quarter.
Gross margin increased to 70% compared to 57.3% in the prior-year quarter.
Total operating costs decreased by 30% compared to the prior-year quarter.
Nuwellis
Nuwellis
Forward Guidance
The company anticipates continued growth and market adoption of Aquadex ultrafiltration therapy, supported by clinical evidence and favorable reimbursement changes.
Positive Outlook
- CMS reimbursement increase expected to expand the outpatient marketplace.
- New clinical study supports reduction in heart failure readmissions.
- Momentum with new accounts opening due to increasing awareness of Aquadex efficacy.
- Aquadex is becoming the standard of care for fluid removal.
- Gross proceeds received through warrant exercises will support operations.
Challenges Ahead
- Year-over-year revenue decrease due to decreased consumables utilization.
- Decrease in US console sales.
- Company is still loss from operations.
- Forward-looking statements are subject to risks and uncertainties.
- Company's ability to execute on commercialization strategy is subject to risks.