Day: March 5, 2024

Strengthens Its Foundation for Growth, Strong Pediatric Sales, Expanding Margins and Increases Number of New Hospital Accounts MINNEAPOLIS, March 05, 2024 (GLOBE NEWSWIRE) — Nuwellis, Inc. (Nasdaq: NUWE), a medical technology company focused on transforming the lives of people with fluid overload, today reported financial results for the fourth quarter and full year ended December 31, 2023. Highlights:Record quarter revenue of $2.6 million, a 9% increase over prior-year period. Full year revenue of $8.9 million, a 4% increase over 2022. Fourth quarter pediatric revenue grew 35% year over year; 28% increase in utilization and a 49% increase in console sales. Four new pediatric accounts. Fourth quarter gross margin of 54.4%. Full year 2023 gross margin of 56.2%, a 56-basis point increase over full year 2022. Added two products:...

Full year 2023 net sales of $543.7 million up 9.3% over prior year (up 11.7% organically) and $3.7 million above the upper end of guidance range; gross margins expanded 270 basis points to 20.7%. Fourth quarter net sales of $134.9 million down 1.7% from prior year quarter (up 7.7% organically1); gross margins expanded 200 basis points to 21.5%. Full year 2023 net cash flow from operations of $37.4 million was favorable $48.0 million over 2022, with free cash flow1 totaling $33.0 million and $2.3 million in stock repurchases representing approximately 1.2% of its outstanding common stock. Net debt1 declined $36.3 million in 2023, finishing at $52.7 million and gross leverage per the Company’s credit agreement1 declined from 2.8x to 1.7x during the year. Fourth quarter net loss of $0.5 million, favorable $43.5 million over the prior year...