Nuwellis Q4 2023 Earnings Report
Key Takeaways
Nuwellis, Inc. reported a 9% increase in revenue for the fourth quarter of 2023, reaching $2.6 million, driven by growth in pediatric revenue and increased disposable utilization. The company is focused on expanding the use of Aquadex into new clinical applications and has taken steps to reduce its monthly cash burn rate.
Revenue for the fourth quarter of 2023 was $2.6 million, a 9% increase compared to the prior-year period.
Fourth quarter pediatric revenue grew 35% year over year, with a 28% increase in utilization and a 49% increase in console sales.
Gross margin was 54.4% for the fourth quarter of 2023.
The company reduced its monthly cash burn rate by approximately 40%.
Nuwellis
Nuwellis
Forward Guidance
Nuwellis anticipates a strong revenue year in 2024, driven by clinical superiority of Aquadex over diuretics, new products for existing pediatric customers, completion of the DaVita Pilot phase, and the IDE submission for its pediatric dedicated renal disease device branded Vivian. The company is balancing these growth catalysts with the need to raise capital and has taken steps to reduce its monthly cash burn rate by approximately 40%.
Positive Outlook
- Clinical superiority of Aquadex over diuretics.
- New products for existing pediatric customers.
- Completion of the DaVita Pilot phase.
- IDE submission for pediatric dedicated renal disease device Vivian.
- Reduced monthly cash burn rate by approximately 40%.
Challenges Ahead
- Need to raise capital this year.
- Tougher capital market conditions for microcap companies.
- Hospital budgetary constraints.
- Nursing shortages.
- Balancing growth initiatives with cost reduction.