Nuo Therapeutics (AURX) is a medical device company focused on chronic wound care that commercializes the Aurix System, a point-of-care technology for separating autologous blood to produce a platelet-based therapy. Revenue comes from product sales of the Aurix System and related expansion kits, with distribution handled through a Distribution Agreement with Smith+Nephew that includes a private-label arrangement. The Aurix System is one of three platelet-derived products cleared by the FDA under Section 510(k) for chronic wound care use, cleared in 2007. The company operates primarily within the U.S. chronic wound care market, which sits inside the broader advanced wound care market estimated at approximately $10.8 billion globally in 2021 and approximately $4.15 billion in North America in 2020. For FY2025 and FY2024, the company reported net losses of approximately $2.5 million and $2.3 million, respectively. Going-concern doubt is disclosed in the FY2025 10-K, with the company relying on a Loan and Security Agreement providing up to $1.6 million in aggregate principal, entered January 21, 2026.

Revenue model

Transactional product sales of the Aurix System and related expansion kits, distributed through Smith+Nephew under a Distribution Agreement that includes a private-label product arrangement. Smith+Nephew acted as interim sales agent on commission through December 31, 2025.

Products and services

Aurix System: a point-of-care device that separates autologous blood to produce a platelet-based topical gel therapy for chronic wound management, including leg ulcers, pressure ulcers, diabetic ulcers, and other exuding wounds. FDA-cleared under Section 510(k) in 2007. Also sells expansion kits added to the Distribution Agreement effective January 1, 2026.

Customers and end markets

Chronic wound care patients and the clinical facilities treating them, primarily within the U.S. End markets include treatment of leg ulcers, pressure ulcers, and diabetic ulcers. Smith+Nephew serves as the distribution partner and was also an interim sales agent to its own customer base through December 31, 2025.

Value-chain role

Medical device manufacturer and product owner that develops and commercializes the Aurix System. Outsources distribution to Smith+Nephew under a Distribution Agreement. Holds FDA clearance and related IP for the Aurix platform.

Geographic exposure

Primarily United States, as stated in the FY2025 10-K filing.

Source: SEC 10-K, filed 2026-03-30

Industry: Surgical & Medical Instruments & Apparatus