Nuwellis Inc

nuwellis.com

What Do They Do?

Sells ultrafiltration systems for removing excess fluid to hospitals, clinics, and other healthcare providers.

How Do They Make Money?

Hospitals, clinics, and distributors buy its products. Payment is generally due 30 days after invoicing; product sales are counted at shipment or receipt, while extended service plans are spread over time.

FY2025 revenue

Who Are Their Customers?

In the United States, hospitals and clinics—including healthcare systems, academic hospitals, and pediatric hospitals—are served primarily by a direct salesforce. Outside the United States, specialty healthcare distributors resell products to hospitals and clinics.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 26% from two customers

Do Revenues Turn Into Profits?

No. It lost $17.5M in FY2025.

Operating income, FY2025

−134% of revenue

▲ +1% (Loss) vs FY2024 (−$11M, −126%)

Net income, FY2025

−212% of revenue

▲ +57% (Loss) vs FY2024 (−$11.2M, −128%)

Free cash flow, FY2025

−132% of revenue

▲ +13% (Loss) vs FY2024 (−$9.7M, −110%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +14%; vs $1.7M in Q2 FY2025
Net income: ▼ −62% (Loss); vs −$12.6M in Q2 FY2025

Jun 18, 2026 Nuwellis appointed Mike McCormick CEO as John Erb remained chair McCormick became CEO and President; Erb continued as Chairman of the Board.
Mar 17, 2026 Nuwellis completed its acquisition of kidney-monitoring developer Rendiatech Rendiatech develops automated kidney function monitoring technology for critically ill patients.

Flat. Revenue was $8.3M in FY2025, about the same as the $7.9M of FY2021.

Who Do They Compete With?

Competes with Baxter, Medtronic, DaVita, and Mozarc Medical

Comments