Nuwellis, Inc. NUWE
Nuwellis is dedicated to advancing cardiorenal care by enabling earlier, safer, and more controlled fluid management for patients. The company is focused on developing, manufacturing, and commercializing medical devices used in ultrafiltration therapy, including the Aquadex FlexFlow® and the Aquadex SmartFlow® systems (collectively the "Aquadex System"). The Aquadex SmartFlow® system is indicated for temporary (up to eight hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics.
Please note that selected authors in the citations below are either current consultants to the Company or were previously compensated consultants. Each author typically is required to disclose any actual or potential conflicts of interest at the time they submitted their written manuscript to the potential publication. Dr. Sean Pinney for example, was the principal investigator under the Company's former REVERSE-HF heart failure clinical study. Additionally, Dr. Maria Rosa Costanzo, joined the Company's Board of Directors in September 2019, though many of her cited publications preceded her membership on the Board of Directors. She resigned from the Board of Directors on January 21, 2026, which was not the result of any disagreement with Nuwellis regarding its operations, policies, or practices. Since joining the Company's Board, Dr. Costanzo has declined any equity ownership in the Company, although she has accepted cash remuneration for her Board and Committee participation.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8.3M | $8.7M | $8.9M | $8.5M | $7.9M | $7.4M | $5.5M | $5.0M | $3.6M | $1.3M |
| Cost of revenue | $3.1M | $3.1M | $3.9M | $3.8M | $3.4M | $3.4M | $2.7M | $3.7M | $2.8M | $713.0K |
| Gross profit | $5.1M | $5.7M | $5.0M | $4.8M | $4.5M | $4.1M | $2.9M | $1.3M | $790.0K | $576.0K |
| R&D | $2.7M | $3.2M | $5.4M | $4.3M | $5.0M | $3.7M | $4.7M | $3.1M | $1.5M | $8.1M |
| SG&A | $13.5M | $13.5M | $17.2M | $17.6M | $19.0M | $17.4M | $16.3M | $15.3M | $10.2M | $8.1M |
| Total operating expenses | $16.2M | $16.7M | $22.6M | $21.9M | $24.0M | $21.1M | $23.6M | $22.0M | $18.4M | $17.0M |
| Operating income | -$11.1M | -$11.0M | -$17.6M | -$17.2M | -$19.5M | -$17.0M | -$18.1M | -$17.0M | -$14.8M | -$15.7M |
| Interest expense | — | — | — | — | — | — | — | — | — | $504.0K |
| Pre-tax income | -$17.5M | -$11.2M | -$20.2M | -$14.5M | -$19.5M | -$15.8M | -$18.1M | -$17.0M | -$13.4M | -$15.8M |
| Income tax | $5.0K | $5.0K | $8.0K | $9.0K | $9.0K | $9.0K | $8.0K | $6.0K | $6.0K | $54.0K |
| Net income | -$17.5M | -$11.2M | -$20.2M | -$14.5M | -$19.6M | -$15.8M | -$18.1M | -$17.0M | -$13.4M | -$15.8M |
| EPS, basic | -25.39 | -353.30 | -360.06 | -83.55 | -285.36 | -10.67 | — | — | — | — |
| EPS, diluted | -25.39 | -353.30 | -360.06 | -83.55 | -285.36 | -10.67 | -278.90 | -42.14 | -525.01 | -536.12 |
| Shares, diluted (wtd. avg.) | 690,145 | 31,601 | 56,126 | 173,846 | 69,000 | 1.6M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.1M | $5.1M | $3.8M | $17.7M | $8.7M | $14.4M | $1.3M | $5.5M | $15.6M | $1.3M |
| Short-term investments | — | — | $0 | $569.0K | $15.5M | — | — | — | — | — |
| Receivables | $1.5M | $1.7M | $2.0M | $1.4M | $750.0K | $905.0K | $799.0K | $786.0K | $545.0K | $282.0K |
| Inventory | $1.9M | $1.7M | $2.0M | $2.7M | $2.8M | $3.0M | $1.8M | $1.7M | $1.6M | $677.0K |
| Total current assets | $5.2M | $8.9M | $8.2M | $22.8M | $28.1M | $18.5M | $4.0M | $8.1M | $17.9M | $2.4M |
| Property, plant and equipment | $368.0K | $478.0K | $728.0K | $980.0K | $1.2M | $1.2M | $991.0K | $536.0K | $570.0K | $540.0K |
| Goodwill | — | — | — | — | — | — | — | — | $0 | $189.0K |
| Other intangibles | — | — | — | — | — | — | — | — | $0 | $4.3M |
| Total assets | $6.1M | $9.9M | $9.8M | $24.7M | $30.4M | $20.0M | $5.6M | $8.8M | $18.5M | $7.5M |
| Accounts payable | $2.2M | $1.6M | $2.4M | $2.2M | $1.4M | $1.1M | $1.5M | $1.1M | $862.0K | $2.0M |
| Total current liabilities | $3.0M | $2.6M | $3.2M | $4.7M | $3.3M | $3.6M | $3.4M | $2.8M | $2.1M | $3.3M |
| Total liabilities | $3.5M | $3.3M | $6.6M | $12.3M | $4.5M | $3.7M | $3.6M | $2.8M | $2.2M | $5.2M |
| Retained earnings | -$316.3M | -$298.8M | -$287.6M | -$267.4M | -$252.9M | -$233.3M | -$217.5M | -$199.4M | -$182.4M | -$169.0M |
| Total equity | $2.6M | $6.5M | $3.0M | $12.4M | $25.9M | $16.3M | $2.0M | $5.9M | $16.2M | $1.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$10.8M | -$9.6M | -$17.9M | -$15.1M | -$17.8M | -$16.6M | -$16.4M | -$14.6M | -$11.9M | -$16.3M |
| Depreciation and amortisation | $200.0K | $310.0K | — | $372.0K | $488.0K | $376.0K | $239.0K | $232.0K | $769.0K | $697.0K |
| Stock-based compensation | $127.0K | $478.0K | $670.0K | $862.0K | $1.3M | $1.3M | $1.5M | $2.1M | $499.0K | $949.0K |
| Capital expenditure | $90.0K | $60.0K | $149.0K | $122.0K | $219.0K | $298.0K | $490.0K | $198.0K | $259.0K | $117.0K |
| Investing cash flow | -$90.0K | -$60.0K | $330.0K | $14.7M | -$15.7M | -$267.0K | -$490.0K | -$198.0K | -$259.0K | -$4.1M |
| Financing cash flow | $6.9M | $11.0M | $3.7M | $9.4M | $27.9M | $30.0M | $12.7M | $4.6M | $26.5M | -$1.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001140361-26-009080.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3M | $3.6M | $5.0M | $5.5M | $7.4M | $7.9M | $8.5M | $8.9M | $8.7M | $8.3M |
| Gross profit | $576.0K | $790.0K | $1.3M | $2.9M | $4.1M | $4.5M | $4.8M | $5.0M | $5.7M | $5.1M |
| Net income | -$15.8M | -$13.4M | -$17.0M | -$18.1M | -$15.8M | -$19.6M | -$14.5M | -$20.2M | -$11.2M | -$17.5M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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