Nuwellis (NUWE) AI Stock Analysis

• Market Cap: $2.91M
• Dividend Yield: N/A
• Average Volume (3M): 289.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.79
• Revenue Growth: -8.93%
• EPS Growth: 97.80%
• Country: US
• Employees: 38
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -1.50
• Shares Outstanding: 2,310,477
• 10 Day Avg. Volume: 82,161
• 30 Day Avg. Volume: 289,177
• PEG Ratio: >-0.01
• Price to Book (P/B): 4.58
• Price to Sales (P/S): 1.45
• P/FCF Ratio: -1.10
• Enterprise Value/Market Cap: 0.13
• Enterprise Value/Revenue: 0.05
• Enterprise Value/Gross Profit: 0.07
• Enterprise Value/Ebitda: -0.05
• 1Y Price Target: $1.31
• Price Target Upside: -25.57% Downside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): -1.83
• Revenue Forecast (FY): $9.01M

• Rating: 42 Neutral
• Price Target: $1.00 ▼(-43.18% Downside)
• Action: Reiterated Date: 03/11/26
• Date: Action: Reiterated 03/11/26

The score is primarily constrained by weak financial performance: sustained heavy losses and negative free cash flow with limited cash on hand. Technicals also remain decisively bearish (below major moving averages with negative MACD). Offsetting factors include improving gross margins and constructive operational plans discussed on the earnings call, plus recent financing and portfolio actions, but these do not yet resolve the profitability and funding risks.

Positive Factors

Gross margin expansion

Sustained mid‑60s gross margins indicate strong product-level economics for Aquadex and consumables. Durable margins provide operating leverage as sales scale, allowing the company to absorb SG&A and invest in commercialization without immediate margin pressure if utilization grows.

Console unit and ASP traction

A meaningful rise in console sales and higher ASPs suggests improving adoption and pricing power. A growing installed base drives recurring disposables revenue and utilization, a structural driver of predictable recurring cash flows as clinical adoption and account penetration deepen.

Strategic M&A, manufacturing and management upgrades

Acquisition of complementary kidney/monitoring tech, a strengthened finance leadership team, and a manufacturing shift reduce operational risk and broaden product offerings. These structural moves enhance scalability, supply reliability, and commercial optionality over the medium term.

Negative Factors

High cash burn and low ending cash

Sustained high cash consumption with minimal liquidity is a structural vulnerability: it forces reliance on external financing, constrains marketing and R&D investments, and elevates execution risk over the next several months if revenue ramp or additional capital is delayed.

Persistent large operating and net losses

Chronic unprofitability and negative free cash flow erode equity and limit the company's ability to self‑fund growth. Without sustained revenue scale or structural expense reduction, losses will continue to pressure the balance sheet and constrain strategic flexibility.

Reliance on dilutive financings and legal uncertainty

Repeated reliance on equity/warrant financings and outstanding warrant overhang structurally dilute shareholders and signal funding dependence. Concurrent placement‑agent litigation introduces legal and contingent liability risk that can divert resources and complicate future capital access.

Nuwellis Business Overview & Revenue Model

Company Description

Nuwellis, Inc., a medical device company, focuses on developing, manufacturing, and commercializing medical devices used in ultrafiltration therapy. The company's products are the Aquadex FlexFlow and Aquadex SmartFlow systems, which are indicated for the treatment of patients suffering from fluid overload who have failed diuretics. Its Aquadex FlexFlow system includes a console, disposable blood set, and catheter. The company sells its products to hospitals and clinics through its direct salesforce in the United States; and through independent specialty distributors primarily in Austria, Brazil, Czech Republic, Germany, Greece, Hong Kong, India, Israel, Italy, Romania, Singapore, Slovakia, Spain, Switzerland, Thailand, the United Arab Emirates, and the United Kingdom. The company was formerly known as CHF Solutions, Inc. and changed its name to Nuwellis, Inc. in April 2021. Nuwellis, Inc. was founded in 1999 and is headquartered in Eden Prairie, Minnesota.

How the Company Makes Money

Nuwellis generates revenue primarily through the sale of its medical devices, particularly the Aquadex SmartFlow system and related disposables. Revenue streams include direct sales to hospitals and healthcare providers, as well as rental agreements for their devices. The company may also benefit from strategic partnerships with healthcare institutions and distributors to expand its market reach and improve product adoption. Additionally, Nuwellis could explore opportunities for reimbursement from insurance providers for the cost of its products and services, contributing to its overall revenue. Factors such as increasing demand for effective fluid management solutions and the growing prevalence of heart failure and related conditions further enhance the company's earning potential.

Nuwellis Financial Statement Overview

Summary

Solid and improving gross margins and a 2025 revenue rebound are outweighed by persistent, very large operating/net losses and consistently negative operating and free cash flow. Low leverage helps, but the declining equity/asset base and ongoing cash burn imply elevated funding risk.

Income Statement

Revenue has been relatively small and volatile: after modest growth in 2022–2023 and a slight decline in 2024, 2025 shows a sharp growth rebound. Gross profit margin is solid and fairly consistent (roughly mid-50% to mid-60%), indicating decent product-level economics. However, the company remains deeply unprofitable, with very large operating losses and net losses every year and net margins that are materially negative (often worse than -100%), suggesting the cost structure is far too heavy relative to current scale.

Balance Sheet

Leverage looks low, with total debt small and debt-to-equity generally modest, which reduces near-term balance-sheet strain. That said, equity and assets have declined meaningfully versus earlier years, and returns on equity are sharply negative, reflecting ongoing losses and pressure on the capital base. Overall, the balance sheet is not highly levered, but the trend in equity/asset levels and continued losses are key risks.

Cash Flow

Cash generation is weak: operating cash flow and free cash flow are consistently negative across all years, indicating the business is consuming cash rather than funding itself. There is improvement from the very large cash burn in 2023 to a lower burn level in 2024 and 2025, but cash flows remain materially negative. Free cash flow broadly tracks net losses (losses are not being offset by strong cash conversion), reinforcing the need for external funding if this pattern persists.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	8.27M	8.74M	8.86M	8.54M	7.92M
Gross Profit	5.12M	5.83M	4.98M	4.75M	4.49M
EBITDA	-10.69M	-10.53M	-16.36M	-4.90M	-19.06M
Net Income	-17.52M	-11.16M	-20.21M	-14.53M	-19.55M
Balance Sheet
Total Assets	6.12M	9.86M	9.77M	24.67M	30.42M
Cash, Cash Equivalents and Short-Term Investments	1.08M	5.09M	3.80M	18.31M	24.20M
Total Debt	328.00K	545.00K	760.00K	984.00K	1.18M
Total Liabilities	3.49M	3.33M	6.56M	12.32M	4.47M
Stockholders Equity	2.62M	6.53M	3.21M	12.36M	25.95M
Cash Flow
Free Cash Flow	-10.90M	-9.65M	-18.18M	-15.27M	-18.06M
Operating Cash Flow	-10.81M	-9.59M	-17.94M	-15.15M	-17.84M
Investing Cash Flow	-90.00K	-60.00K	330.00K	14.73M	-15.72M
Financing Cash Flow	6.94M	10.96M	3.68M	9.42M	27.87M

Nuwellis Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 1.76
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NUWE, the sentiment is Negative. The current price of 1.76 is above the 20-day moving average (MA) of 1.56, below the 50-day MA of 2.12, and below the 200-day MA of 5.73, indicating a bearish trend. The MACD of -0.28 indicates Positive momentum. The RSI at 32.51 is Neutral, neither overbought nor oversold. The STOCH value of 22.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NUWE.

Nuwellis Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PAVM	49 Neutral	$15.27M	-0.43	20.03%	―	-99.28%	-46.17%
HSCS	46 Neutral	$8.16M	-0.90	-220.42%	―	-41.03%	35.71%
NUWE	42 Neutral	$2.91M	-0.69	-1308.35%	―	-8.93%	97.80%
AEMD	42 Neutral	$2.56M	-0.28	-191.39%	―	―	76.53%
VTAK	42 Neutral	$2.27M	-3.70	-173.74%	―	82.96%	82.04%

Nuwellis Corporate Events

Nuwellis Expands Board With New Independent Financial Experts

On February 24, 2026, Nuwellis, Inc. expanded its board of directors from five to seven members and appointed medical device veteran Martin J. Emerson and healthcare capital markets specialist David A. McDonald as independent Class I directors, with terms expiring at the 2026 annual meeting. Both have been designated “financial experts” for Audit Committee purposes and will also serve on key governance and compensation committees, reinforcing the company’s focus on operational discipline and long-term value creation.

Emerson, currently CEO of Monteris Medical and a former leader of Galil Medical and American Medical Systems, brings extensive experience in scaling medical device businesses and executing strategic transformations and exits. McDonald, who previously served on the Nuwellis board from November 2023 to January 2026 and is Vice Chairman Healthcare Investment Banking at Lake Street Capital Markets, adds deep capital markets and corporate development expertise, supporting Nuwellis’ strategic and financing priorities.

On February 11, 2026, E.F. Hutton & Co. filed a complaint against Nuwellis in New York state court, alleging breach of an engagement letter related to exclusive placement agent services for registered securities offerings and seeking monetary damages. Nuwellis has stated it will vigorously defend the case but, given the early stage of the litigation and the absence of an answer filed so far, the company cannot estimate the potential financial impact, leaving investors and other stakeholders with uncertainty regarding any ultimate liability.

The most recent analyst rating on (NUWE) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Nuwellis stock, see the NUWE Stock Forecast page.

Nuwellis Raises Capital and Acquires Rendiatech to Expand

On January 29, 2026, Nuwellis entered into a private placement with an institutional accredited investor for approximately $3.1 million in gross proceeds through the issuance of pre-funded and common stock purchase warrants, alongside a separate warrant inducement transaction in which an investor immediately exercised previously issued warrants at a reduced price, generating about $2 million in additional gross proceeds; the combined $5 million financing, expected to close around January 30, 2026, will be used for working capital and general corporate purposes and includes resale registration undertakings and temporary restrictions on further dilutive issuances, reinforcing the company’s near-term liquidity but adding to its warrant overhang. On the same date, Nuwellis agreed to acquire all shares of Israeli company Rendiatech Ltd.—formed in 2025 to acquire certain assets of bankrupt RenalSense Ltd.—for a mix of cash, stock, options and up to $2 million in earn-out royalties tied to sales of the Clarity RMS and Clarity Prime kidney monitoring products, and also appointed seasoned healthcare finance executive Carisa Schultz as Chief Financial Officer effective February 2, 2026, moves that collectively aim to strengthen the company’s technology portfolio, operational capabilities and strategic positioning in precision kidney and fluid monitoring despite ongoing equity dilution for existing shareholders.

The most recent analyst rating on (NUWE) stock is a Sell with a $3.50 price target. To see the full list of analyst forecasts on Nuwellis stock, see the NUWE Stock Forecast page.

Nuwellis refreshes board amid linked capital raise plans

On January 21, 2026, Nuwellis implemented significant changes to its board of directors, with Dave McDonald, Mike McCormick and Dr. Maria Costanzo resigning—departures the company said were not due to any disagreements over operations, policies or practices—prompting a reduction in board size from six to five members. Effective the same day, the company appointed iSpecimen CEO Katharyn Field and investment manager Mika Grasso as independent Class I directors, assigning them to key committees and making them eligible for standard director compensation and indemnification; both have agreed to resign if a planned equity investment of at least $5 million does not materialize within a specified period following the filing and clearance of a related registration statement, underscoring the close linkage between the refreshed board composition and Nuwellis’s near-term capital-raising efforts.

The most recent analyst rating on (NUWE) stock is a Sell with a $2.00 price target. To see the full list of analyst forecasts on Nuwellis stock, see the NUWE Stock Forecast page.