Nuwellis, Inc. Announces Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Nuwellis, Inc. reported a 9% decrease in revenue for Q4 2024, totaling $2.3 million, primarily due to a decline in US console and international sales, despite a 21% increase in consumables utilization [4][10] - The company achieved a 35% revenue growth in its Critical Care customer category, indicating strong demand for its Aquadex system [3][10] - A significant improvement in gross margin to 58.4% was noted, up from 54.4% in the prior year, driven by higher manufacturing volumes and lower fixed overhead costs [5][10] Financial Performance - Total operating expenses for Q4 2024 decreased by 25% to $3.7 million, down from $5.0 million in the prior year, reflecting cost-saving initiatives [7][10] - The operating loss for Q4 2024 was reduced to $2.4 million from $3.6 million in the previous year [8] - The net loss attributable to common shareholders improved significantly to $1.5 million, or $0.44 per share, compared to a net loss of $7.9 million, or $54.48 per share, in the prior year [9][10] Strategic Developments - The company anticipates growth in 2025, supported by increased awareness of clinical evidence for the Aquadex system and favorable changes in CMS reimbursement policies [3][10] - A four-fold increase in CMS payment for Aquadex Ultrafiltration Therapy to $1,639 in the outpatient setting is expected to create new expansion opportunities [10] - The company reported a full-year operating cost reduction of $5.9 million, or 26%, compared to the previous year [10] Balance Sheet Highlights - As of December 31, 2024, Nuwellis had cash and cash equivalents of approximately $5.1 million and no debt [11] - Total assets increased slightly to $9.864 million from $9.770 million in the prior year [18][19] - Current liabilities decreased to $2.559 million from $3.172 million, indicating improved financial health [18][19]