Nuwellis Q2 revenue $2.1M (-6% YoY); net loss $4.8M; DaVita pilot agreement

Nuwellis, Inc.

2023-Q2 EPS reported -$9.23 revenue$3,901,000

Revenue $2.1M, down 6% YoY but up 14% sequentially; gross margin 55.3% (+730 bps).
Net loss $4.8M ($3.65 per share) vs $4.3M ($40.67 per share) in prior-year period.
Heart Failure revenue up 8% YoY; Pediatrics down 5% YoY but up 72% sequentially.
Supply & Collaboration Agreement with DaVita to pilot Aquadex in select U.S. markets.
Cash $9M, no debt; Mike McCormick appointed to Board of Directors.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Nuwellis, Inc. reported second quarter ended June 30, 2023 results: revenue $2.1 million, net income $4.8 million, EPS $3.65 per share.

Period: second quarter ended June 30, 2023
Revenue: $2.1 million
Net income: $4.8 million
EPS: $3.65 per share
Result: reported results

Exact text from the filing

Revenue for the second quarter of 2023 was $2.1 million, compared to $2.2 million in the prior-year period. Results in the quarter were driven by an increase of 14% in circuit sales offset by lower console sales. Gross margin was 55.3% for the second quarter of 2023, a 730-basis point improvement year over year, primarily due to favorable product sales mix and a $0.1 million non-cash inventory write-off related to the discontinuation of a distribution agreement in the prior-year period. Selling, general and administrative expenses for the second quarter of 2023 were $4.7 million, compared to $4.3 million in the prior-year period. The increase was primarily due to increased professional fees in the current year quarter. Second quarter research and development expenses were $1.5 million, compared to $1.1 million in the second quarter of 2022, reflecting higher spend on the new pediatric CRRT device as we ramp up the development effort in preparation for the IDE submission. Total operatin

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Source: SEC EDGAR

accession 0001140361-23-038456

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