First Quarter and Recent Highlights:
Net sales were $2.4 million, a 26% increase compared to the prior-year period
Gross margin improved to 70.1%, reflecting improved pricing, product mix, and the transition to contract manufacturing
Completed the acquisition of Rendiatech, adding automated kidney-function monitoring capabilities to the Company's product development portfolio
Appointed Carisa Schultz as Chief Financial Officer and Dr. Stuart L. Goldstein as Director of Clinical Strategy
Appointed Martin J. Emerson and reappointed David A. McDonald to the Board of Directors
Expanded commercial coverage with a new South Texas territory and the return of experienced sales leaders with deep Aquadex expertise
Received issuance of a new U.S. patent supporting advanced safety design for pediatric extracorporeal therapy
Received a Notice of Allowance from the U.S. Patent and Trademark Office for a new patent covering the Company's novel dual-lumen midline catheter technology designed for use in ultrafiltration therapies
The first quarter marked an important step in Nuwellis' transition from strategic reset to execution. The quarter demonstrated progress across the Company's commercial, financial, and platform priorities, with stronger Aquadex performance, continued pediatric momentum, and further expansion of its broader cardiorenal strategy.
"Q1 showed that the strategic reset we made in 2025 is beginning to translate into a more focused and commercially disciplined company," said John Erb, Chairman and Chief Executive Officer of Nuwellis. "We are concentrating our resources around the areas where Nuwellis has clear clinical relevance, existing customer traction, and a differentiated path to growth, while maintaining the financial discipline required to execute. Aquadex gives us the foundation, pediatrics gives us a distinct growth category, and Rendiatech expands our ability to think more broadly across the cardiorenal continuum."
First Quarter 2026 Financial Results
Revenue for the first quarter of 2026 was $2.4 million, compared to $1.9 million in the prior-year quarter, a 26% increase over the prior year period. Revenue growth in the first quarter was driven by continued expansion across all core categories, including Pediatric, Adult Heart Failure, and Critical Care, along with growth in both system placements and utilization of Aquadex therapy.
Gross margin for the first quarter of 2026 was 70.1%, a 14% increase to the prior-year quarter. The gross margin improvement reflects improved pricing and product mix and switching to contract manufacturing.
Operating expenses for the first quarter of 2026 were approximately $6.0 million, compared to approximately $4.1 million in the prior-year quarter. The increase is driven by increased sales headcount and compensation associated with increased sales.
Net loss attributable to common shareholders for the first quarter of 2026 was approximately $4.3 million.
On March 31, 2026, the Company had no debt and cash, cash equivalents, and restricted cash of approximately $2.2 million.
Webcast and Conference Call InformationThe Company will host a conference call and webcast at 9:00 AM ET today to discuss its financial results and provide an update on the Company's performance.
To access the live webcast, please visit the Investors page of the Nuwellis website at https://ir.nuwellis.com.
Alternatively, you may access the live conference call by dialing 1-800-274-8461 (U.S.) or 1-203-518-9814 (international) and using the conference ID: NUWEQ1. An audio archive of the webcast will be available following the call on the Investors page.
For more information, visit www.nuwellis.com.
About Nuwellis
Nuwellis, Inc. (NASDAQ:NUWE) is a medical technology company committed to delivering solutions for patients with cardiorenal conditions. The Company develops solutions designed to support patient care through monitoring, therapy, and data-informed clinical decision-making across acute and chronic care settings. Nuwellis' portfolio includes commercially available and development-stage technologies addressing complex cardiorenal conditions, with a focus on safety, precision, and scalability across patient populations. For more information, visit www.nuwellis.com.
Forward-Looking Statements
Certain statements in this release may be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation, statements regarding the new market opportunities and anticipated growth in 2026 and beyond. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this release, including, without limitation, those risks associated with our ability to execute on our commercialization strategy, the possibility that we may be unable to raise sufficient funds necessary for our anticipated operations, our post-market clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, our ability to integrate acquired businesses, our expectations regarding anticipated synergies with and benefits from acquired businesses, and other risks and uncertainties described in our filings with the SEC. Forward-looking statements speak only as of the date when made. Nuwellis does not assume any obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or otherwise.
For further information, please contact:
Investor Relations: [email protected]
Media Contact: CORE PR[email protected]
NUWELLIS, INC. AND SUBSIDIARIESCondensed Consolidated Balance Sheets(in thousands, except share and per share amounts)
March 31,2026
December 31, 2025
ASSETS
(Unaudited)
Current assets
Cash and cash equivalents
$
2,083
$
1,085
Accounts receivable
1,559
1,493
Inventories, net
1,779
1,910
Other current assets
406
698
Total current assets
5,827
5,186
Property, plant and equipment, net
365
368
Operating lease right-of-use asset
237
293
Intangible assets, net
317
—
Other assets
420
271
TOTAL ASSETS
$
7,166
$
6,118
LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued liabilities
$
2,429
$
2,226
Accrued compensation
852
460
Current portion of operating lease liability
265
261
Deferred consideration from Rendiatech acquisition, current
113
—
Other current liabilities
71
85
Total current liabilities
3,730
3,032
