Nuwellis(US:NUWE)2024-08-13 17:00Revenue and Growth - Revenue for Q2 2024 was $2.2 million, a 6% increase compared to Q2 2023[2] - Critical Care revenue grew by 28% year-over-year, while Heart Failure consumables utilization increased by 35%[2] Financial Performance - Gross margin improved to 67.2% in Q2 2024, up from 55.3% in the prior-year quarter[2] - Total operating costs decreased by 38% to $3.8 million compared to $6.2 million in Q2 2023[5] - Research and development expenses were $558 thousand, down from $1.5 million in the prior-year quarter[5] - Operating loss decreased to $2.3 million in Q2 2024 from $5.0 million in Q2 2023[6] - Net loss attributable to common shareholders was $7.7 million, or a loss of $18.85 per share, compared to a net loss of $4.8 million, or a loss of $127.65 per share in the prior-year quarter[6] Cash Flow and Liquidity - Net cash used in operating activities decreased to $5,616,000 in 2024 from $11,358,000 in 2023, indicating a reduction of about 50.6%[15] - Cash and cash equivalents at the end of the period were $1,023,000, down from $8,896,000 in 2023, reflecting a decrease of approximately 88.5%[15] - Issuance of common stock from offerings generated $2,403,000 in 2024, with net cash provided by financing activities totaling $2,903,000, compared to $2,108,000 in 2023[15] - The company experienced a net decrease in cash and cash equivalents of $2,777,000 in 2024, compared to a decrease of $8,841,000 in 2023, indicating an improvement in cash management[15] Investments and Assets - Accounts receivable increased by $659,000 in 2024, compared to an increase of $230,000 in 2023, indicating a significant rise in receivables[15] - The company reported a depreciation and amortization expense of $151,000 in 2024, slightly down from $169,000 in 2023[15] - The net cash provided by (used in) investing activities was $(53,000) in 2024, compared to $415,000 in 2023, showing a decline in investment cash flow[15] New Products and Agreements - The company expanded Aquadex® to pediatric patients in a major Florida hospital network[2] - A purchase agreement was announced with a 50-hospital network in Texas for Aquadex Ultrafiltration Therapy[2] - The company is excited to introduce QUELIMMUNE™ for pediatric patients suffering from acute kidney injury and sepsis[3] Warrant and Fair Value Changes - The company recorded a warrant financing cost of $5,607,000 in 2024, which was not present in 2023[15] - The change in fair value of warrant liability was a loss of $720,000 in 2024, contrasting with a gain of $755,000 in 2023[15] Year-to-Date Losses - Net loss for the six months ended June 30, 2024, was $12,055,000, compared to a net loss of $11,330,000 in 2023, representing an increase in loss of approximately 6.4%[15]