Nuwellis (NUWE)
NASDAQ:NUWE
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Nuwellis
(NASDAQ:NUWE)
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Rating:41Neutral
Price Target:
$1.00
▼(-43.18% Downside)
Action:ReiteratedDate:03/28/26
The score is primarily constrained by weak financial fundamentals—large ongoing losses and negative free cash flow with limited cash on hand—alongside bearish technicals showing a sustained downtrend. Earnings-call progress on margins and operational focus, plus financing and M&A activity, provide some support but do not yet offset the near-term funding and execution risks.
Positive Factors
High gross margins
Sustained mid-60% product gross margins indicate strong unit economics for the Aquadex platform and consumables. These margins provide structural capacity to absorb SG&A and R&D as revenue scales, improving the path to operating leverage if commercial penetration and utilization continue to rise.
Negative Factors
Severe cash burn and low cash balance
Material negative operating and free cash flow with only roughly $1.2M year‑end cash creates a limited runway absent external financing. This structural funding need elevates execution and dilution risk, constraining ability to invest in commercial expansion or absorb integration costs for acquisitions.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margins
Sustained mid-60% product gross margins indicate strong unit economics for the Aquadex platform and consumables. These margins provide structural capacity to absorb SG&A and R&D as revenue scales, improving the path to operating leverage if commercial penetration and utilization continue to rise.
Read all positive factors
Nuwellis (NUWE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.50M
Dividend YieldN/A
Average Volume (3M)289.18K
Price to Earnings (P/E)―
Beta (1Y)1.79
Revenue Growth-8.93%
EPS Growth97.80%
CountryUS
Employees38
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.50
Shares Outstanding2,310,477
10 Day Avg. Volume82,161
30 Day Avg. Volume289,177
Financial Highlights & Ratios
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 Cap0.09
Enterprise Value/Revenue0.03
Enterprise Value/Gross Profit0.04
Enterprise Value/Ebitda-0.03
Forecast
1Y Price Target
$1.31Price Target Upside-25.57% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)-1.83
Revenue Forecast (FY)$9.01M
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...
How the Company Makes Money
Nuwellis generates revenue primarily by selling and supporting its ultrafiltration therapy platform used for fluid removal. Key revenue streams include: (1) sales of the Aquadex SmartFlow system capital equipment to healthcare providers; (2) recur...
Nuwellis Earnings Call Summary
Earnings Call Date:Mar 10, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Neutral
The call conveyed a mixed picture: management highlighted operational strengthening (manufacturing transition, margin improvement, focused commercial deployment), strategic clarity (cardiorenal focus, pediatric IP and NIH funding), and pockets of strong product performance (Q4 revenue growth, 208% increase in U.S. console sales). Offsetting these positives were continued top-line pressure for the year (full-year revenue down 5%), sizable net losses ($17.5M), significant cash burn with only ~$1.2M cash on hand at year-end, declines in critical care revenue, and reliance on financings and one-time accounting charges. Overall, the transcript presents balanced progress on restructuring and margin work but material near-term financial constraints and execution risks remain.Positive Updates
Fourth Quarter Revenue Growth
Revenue for Q4 2025 was $2.4 million, up 4% year-over-year and up 9% sequentially, driven primarily by increased utilization within targeted accounts.
Negative Updates
Full-Year Revenue Decline
Full-year 2025 revenue was $8.3 million, a 5% decrease compared to 2024, driven by lower consumables utilization, lower U.S. console average selling prices for the year, and reduced international contribution after strategic rationalization.
Read all updates
Q4-2025 Updates
Positive
Negative
Fourth Quarter Revenue Growth
Revenue for Q4 2025 was $2.4 million, up 4% year-over-year and up 9% sequentially, driven primarily by increased utilization within targeted accounts.
Read all positive updates
Company Guidance
Management's guidance for 2026 focuses on translating strategic clarity into more predictable commercial performance by driving deeper penetration and utilization in active accounts, with priorities on gross‑margin consistency, disciplined expense management, enhanced commercial visibility, and prudent capital deployment; this follows Q4 revenue of $2.4M (+4% YoY, +9% sequential) and FY‑2025 revenue of $8.3M (‑5% YoY), Q4 gross margin of 68.2% (vs. 58.4% prior‑year quarter) and FY gross margin of 62%, Q4 operating expenses of $4.1M and FY OpEx of $16.2M, Q4 operating and net loss of $2.4M, FY net loss of $17.5M (including $6.4M noncash warrant expense and ~$300k severance), full‑year cash utilization of ~$10.9M ending cash of ~$1.2M with no debt and ~$7M raised in 2025; operational actions highlighted to support the plan include the KDI manufacturing transition, integration of the Rendiatek/RoentDeck acquisition and a midyear relaunch of Clarity, a maintained sales force of ~24, and targeted commercial execution informed by recent metrics (208% increase in U.S. console sales in Q4—eight units vs. three prior‑year quarter—and an 11% circuit ASP increase).Nuwellis Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
44
Neutral
Cash Flow
20
Very Negative
| 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
Negative
1.76
Price Trends
1.82
Negative
2.01
Negative
4.01
Negative
Market Momentum
-0.15
Negative
36.29
Neutral
50.89
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 1.12, below the 50-day MA of 1.82, and below the 200-day MA of 4.01, indicating a bearish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 36.29 is Neutral, neither overbought nor oversold. The STOCH value of 50.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NUWE.
Nuwellis Risk Analysis
Nuwellis disclosed 37 risk factors in its most recent earnings report. Nuwellis reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Nuwellis Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $2.93M | -0.28 | -191.39% | ― | ― | 76.53% | |
45 Neutral | $62.81M | -1.01 | 1.02% | ― | -99.28% | -46.17% | |
44 Neutral | $2.32M | -115.09 | -173.74% | ― | 82.96% | 82.04% | |
41 Neutral | $2.50M | -0.69 | -6046.59% | ― | -8.93% | 97.80% | |
40 Underperform | $7.17M | -1.29 | -220.42% | ― | -41.03% | 35.71% |
* Healthcare Sector Average
NUWE
Nuwellis
1.08
-35.04
-97.01%
AEMD
Aethlon Medical
2.23
-26.01
-92.10%
PAVM
PAVmed
9.84
-10.95
-52.67%
VTAK
Catheter Precision
0.86
-4.84
-84.88%
BBLG
Bone Biologics
1.28
-2.73
-68.08%
HSCS
Heart Test Laboratories, Inc.
2.25
-0.80
-26.23%
Nuwellis Corporate Events
Business Operations and StrategyExecutive/Board Changes
Nuwellis Board Directors Resign Amid Governance Dispute
Negative
Mar 27, 2026
On March 26, 2026, Nuwellis directors Mika Grasso and Katharyn Field resigned from the Board effective immediately, citing in their letters various disagreements with the company, including alleged failures by Nuwellis and its advisers to provide ...
Business Operations and StrategyM&A Transactions
Nuwellis Completes Acquisition of Kidney Monitoring Innovator Rendiatech
Positive
Mar 17, 2026
On March 17, 2026, Nuwellis, Inc. closed its previously announced acquisition of Rendiatech, Inc., an Israeli developer of automated kidney function monitoring technology for critically ill patients. The deal expands Nuwellis’s capabilities ...
Business Operations and StrategyExecutive/Board ChangesLegal Proceedings
Nuwellis Expands Board With New Independent Financial Experts
Negative
Feb 26, 2026
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, wi...
Business Operations and StrategyExecutive/Board ChangesM&A TransactionsPrivate Placements and Financing
Nuwellis Raises Capital and Acquires Rendiatech to Expand
Positive
Jan 30, 2026
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 w...
Executive/Board ChangesPrivate Placements and Financing
Nuwellis refreshes board amid linked capital raise plans
Neutral
Jan 23, 2026
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, polic...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.