Nuwellis(NUWE) - 2024 Q4 - Annual Results

Financial Performance - Fourth quarter 2024 revenue was $2.3 million, a 9% decrease compared to the prior year quarter[5] - Net loss attributable to common shareholders for Q4 2024 was $1.5 million, significantly improved from a net loss of $7.9 million in the prior year quarter[11] - Net loss for 2024 was $11,165 million, a decrease from $20,209 million in 2023, indicating improved financial performance[23] - Net cash used in operating activities decreased to $9,591 million in 2024 from $17,937 million in 2023, reflecting better cash flow management[23] Cost Management - The company achieved a full year operating cost reduction of $5.9 million, or 26%, compared to the previous year[7] - Total operating expenses for Q4 2024 were $3.7 million, a 25% decrease compared to $5.0 million in the prior year quarter[9] - Research and development expenses decreased to $831 thousand in Q4 2024, down from $1.4 million in the prior year quarter[9] Cash Position - The company had cash and cash equivalents of approximately $5.1 million as of December 31, 2024[12] - Cash and cash equivalents at the end of the period increased to $5,095 million from $3,800 million, showing a positive cash position[23] - Net cash provided by financing activities rose significantly to $10,962 million in 2024 compared to $3,683 million in 2023, highlighting strong capital raising efforts[23] - Proceeds from April 2024 common stock offerings amounted to $2,403 million, up from $2,109 million in the previous year, indicating robust investor interest[23] Inventory and Liabilities - Inventory net decreased to $279 million in 2024 from $697 million in 2023, reflecting improved inventory management[23] - Accounts payable and accrued expenses improved to $(626) million in 2024 from $(1,500) million in 2023, indicating better payment practices[23] Other Financial Metrics - Gross margin improved to 58.4% in Q4 2024, up from 54.4% in the prior year quarter[6] - The company reported a significant one-time gain of $900,000 from the termination of the SeaStar Medical distribution agreement[11] - The company recorded a change in fair value of warrant liability of $(4,615) million in 2024, compared to $(758) million in 2023, suggesting increased volatility in warrant valuations[23] - Depreciation and amortization expenses decreased to $310 million in 2024 from $362 million in 2023, indicating potential asset efficiency improvements[23] Revenue Growth - Consumables utilization grew by 21% year-over-year, while revenue in the Critical Care customer category increased by 35%[4] - A four-fold payment increase to $1,639 for Aquadex Ultrafiltration Therapy in the outpatient setting is effective January 1, 2025[7]