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NUWE

Nuwellis, Inc.

NUWE

Nuwellis, Inc. • NASDAQ
$2.44 ▲ 1.24% (+0.03)
Market Cap $2.20 M
52w High $70.14
52w Low $2.02
Dividend Yield 0%
P/E -0.01
Volume 21.66K
Outstanding Shares 902.66K

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.217M ▲ $4.142M ▲ $468K ▲ 21.11% ▲ $0.56 ▲ $468K ▲
Q2-2025 $1.725M ▼ $3.864M ▼ $-12.553M ▼ -727.71% ▼ $-60.99 ▼ $-2.856M ▲
Q1-2025 $1.904M ▼ $4.127M ▲ $-3.014M ▼ -158.298% ▼ $-0.69 ▼ $-2.987M ▼
Q4-2024 $2.322M ▼ $3.892M ▲ $-1.468M ▼ -63.221% ▼ $-0.44 ▼ $-2.154M ▼
Q3-2024 $2.367M $3.188M $2.358M 99.62% $73.08 $-1.456M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.094M ▼ $7.984M ▼ $4.07M ▼ $3.908M ▲
Q2-2025 $4.45M ▲ $9.2M ▲ $18.155M ▲ $-8.955M ▼
Q1-2025 $2.557M ▼ $7.006M ▼ $3.424M ▲ $3.582M ▼
Q4-2024 $5.095M ▲ $9.864M ▲ $3.334M ▼ $6.53M ▲
Q3-2024 $1.907M $6.728M $3.549M $3.179M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $468K ▲ $-3.147M ▼ $-98K ▼ $1.889M ▼ $-1.356M ▼ $-3.245M ▼
Q2-2025 $-12.553M ▼ $-2.097M ▲ $-4K ▼ $3.999M ▲ $1.893M ▲ $-2.101M ▲
Q1-2025 $-3.014M ▼ $-2.536M ▼ $0 ▲ $0 ▼ $-2.538M ▼ $-2.536M ▼
Q4-2024 $-1.468M ▼ $-1.504M ▲ $-23K ▼ $4.716M ▲ $3.188M ▲ $-1.527M ▲
Q3-2024 $2.358M $-2.471M $16K $3.343M $884K $-2.455M

Five-Year Company Overview

Income Statement

Income Statement Revenue over the past several years has been very small and largely flat, which suggests that commercial traction is still limited and the business is not yet scaling meaningfully. While there is some gross profit, it is thin, and operating losses have been persistent and relatively steady, implying that current sales do not come close to covering the fixed costs of running the company. Net losses each year indicate a business that is still in investment and development mode rather than one approaching profitability. The extremely volatile per‑share loss figures are driven mainly by repeated reverse stock splits, not by sudden swings in the underlying business, but they reinforce the picture of a company under financial pressure. Overall, the income statement points to a company with promising technology but a business model that has not yet translated into meaningful, growing revenue or a clear path to near‑term profitability.

Balance Sheet

Balance Sheet The balance sheet is very small in absolute size, reflecting a micro‑scale company with limited resources. Assets are modest, with cash making up most of what the company owns, and there is essentially no traditional interest‑bearing debt, which reduces financial leverage risk but also indicates heavy dependence on equity funding. Shareholders’ equity is thin and has fluctuated, at one point nearly disappearing before recovering somewhat, which often signals repeated capital raises and dilution as the company funds ongoing losses. The series of reverse stock splits over many years is consistent with a history of share price pressure and efforts to maintain exchange listing standards. In short, the balance sheet looks fragile: low debt is a positive, but the very small capital base and repeated restructurings highlight financial vulnerability and a limited margin for error.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, indicating that the core business is consuming cash rather than generating it. This ongoing cash burn appears relatively stable year to year but, given the small size of the company, it is still material and requires regular funding. Capital spending is minimal, which is typical for a company focused on intellectual property and specialized devices rather than large factories. As a result, free cash flow essentially mirrors operating cash flow and remains clearly negative. The main takeaway is that Nuwellis depends on external capital—likely equity offerings, grants, or partnerships—to sustain operations and fund development. Without a step‑change in revenue or substantial new financing, cash constraints could become a key limiting factor on growth and product rollout.

Competitive Edge

Competitive Edge Nuwellis operates in a narrow segment of healthcare: device‑based fluid management for patients with heart and kidney issues. Its Aquadex SmartFlow system targets a specific clinical problem where traditional drug therapy can be imperfect, giving it a focused niche rather than broad, generalized exposure. The company’s advantages include specialized clinical expertise, real‑time monitoring features, and a body of supporting clinical data for Aquadex. Its push into pediatrics—an underserved and technically demanding segment—further sharpens that niche positioning and could strengthen its reputation among key hospitals and specialist centers. However, Nuwellis is very small relative to global medical device leaders and competes indirectly with well‑established therapies such as diuretics and other renal replacement technologies. Limited scale, modest commercial resources, and dependence on specialist adoption all constrain its competitive power and make it more vulnerable to reimbursement changes, competitor innovation, and slow uptake in hospitals.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of Nuwellis. The Aquadex SmartFlow system introduces a more controlled, data‑driven approach to fluid removal, with user‑friendly automation and built‑in monitoring that can make life easier for clinical staff and potentially safer for patients. The development of the Vivian pediatric platform is especially notable. Designing a system from the ground up for very small, fragile patients addresses a real unmet need and goes beyond simply shrinking adult machines. The company has been actively building a patent portfolio around safety, precision, and usability features, which can help protect its know‑how and slow down direct imitation. That said, these innovations are still in various stages of clinical and regulatory progress, and turning them into a widely adopted standard of care will require time, evidence, and marketing resources. Success is not guaranteed, but if Vivian and expanded Aquadex use gain traction, they could materially change the company’s profile versus today’s small scale.

Summary

Nuwellis combines a high level of clinical and engineering innovation with a very modest and financially fragile business footprint. On the positive side, it has differentiated technology, a clear focus on fluid overload and pediatric renal care, and a growing set of patents and clinical data that support a specialized, expert image within its niche. On the risk side, revenue remains very small and flat, losses are persistent, cash burn is ongoing, and the balance sheet is thin, all of which signal reliance on continued external funding. The long history of reverse stock splits highlights past financial strain and shareholder dilution. Overall, NUWE looks like an early‑stage, high‑risk medical device story: meaningful technological potential in an underserved clinical area, but coupled with scale constraints, funding needs, and execution risk around clinical adoption, regulation, and commercialization. Progress on Vivian’s development, broader Aquadex uptake, and clear evidence of revenue traction will be key markers for how the company evolves from here.

NEWS

November 12, 2025 · 8:15 AM UTC

Nuwellis Reports Third Quarter 2025 Results and Continued Operational Momentum

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November 10, 2025 · 9:00 AM UTC

Nuwellis Receives Notice of Allowance of a New U.S. Patent Strengthening Vivian™ Pediatric System with Advanced Clamp Safety Technology

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October 23, 2025 · 9:00 AM UTC

Nuwellis, Inc. To Report Third Quarter 2025 Financial Results on November 12, 2025

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September 30, 2025 · 8:45 AM UTC

Nuwellis Announces 92% Survival in Children with Acute Kidney Injury (AKI), Fluid Overload or Congenital Kidney Failure Following Treatment with Aquadex®

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September 18, 2025 · 9:00 AM UTC

Nuwellis Receives New US Patent Reinforcing Vivian™ Pediatric Device Focused on Safer, More Precise Ultrafiltration

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