Nuwellis, Inc. Announces Fourth Quarter and Full Year 2025 Financial Results

Core Insights - Nuwellis, Inc. experienced a year of structural change and strategic re-focus in 2025, with a decline in full-year revenue compared to 2024, but fourth-quarter results showed stronger utilization trends and gross margin expansion [3][4] Fourth Quarter Highlights - Revenue for Q4 2025 was $2.4 million, reflecting a 4% increase year-over-year and a 9% increase sequentially, driven by a 208% increase in U.S. console sales and an 11% increase in circuit average selling price [4][8] - Gross margin improved to 68.2% in Q4 2025 from 58.4% in the prior-year quarter, attributed to better pricing and product mix [5][8] - Operating expenses for Q4 2025 were approximately $4.1 million, up from approximately $3.7 million in the prior-year quarter, resulting in an operating loss of approximately $2.4 million, consistent with the prior-year quarter [5][6] Full Year Financial Results - Total revenue for the full year 2025 was $8.3 million, a 5% decrease from the previous year, with Heart Failure revenue increasing by 8% and Pediatrics by 14%, while Critical Care revenue declined by 19% [7][9] - The gross margin for the full year was 62.0%, down from 64.9% in the prior year [7] - The net loss attributable to common shareholders for the full year was approximately $17.5 million, which included a $6.4 million non-cash warrant valuation expense [9] Strategic Developments - The company is entering 2026 with new momentum, including the acquisition of Rendiatech, the appointment of a new Chief Financial Officer, and additional capital to support operations [3][8] - The focus for 2026 includes integrating the Rendiatech acquisition, developing Vivian, a novel pediatric solution, and enhancing commercial execution [3]