Nuwellis (NUWE) AI Stock Analysis

• Market Cap: $5.01M
• Dividend Yield: N/A
• Average Volume (3M): 289.18K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.63
• Revenue Growth: -8.93%
• EPS Growth: 97.80%
• Country: US
• Employees: 38
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.56
• Shares Outstanding: 1,658,799
• 10 Day Avg. Volume: 82,161
• 30 Day Avg. Volume: 289,177
• PEG Ratio: 0.06
• Price to Book (P/B): 9.48
• Price to Sales (P/S): 7.08
• P/FCF Ratio: -6.41
• Enterprise Value/Market Cap: -0.10
• Enterprise Value/Revenue: -0.06
• Enterprise Value/Gross Profit: -0.10
• Enterprise Value/Ebitda: 0.06
• 1Y Price Target: $5.50
• Price Target Upside: 212.50% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $4.00 ▲(127.27% Upside)

The score is held down primarily by weak financial performance (sharp revenue decline, large ongoing losses, and negative free cash flow) despite low debt. Technicals are a near-term positive (strong momentum), but overbought signals add risk. Valuation is constrained by negative earnings, while the recent financing/acquisition modestly improves strategic outlook but introduces dilution.

Positive Factors

High gross margin (~61% TTM)

Gross margin near 61% TTM implies the core device and disposables business captures meaningful value per sale. High product-level margins support scalable profitability if volumes recover, enabling reinvestment in R&D and commercial expansion despite top-line volatility.

Low leverage / modest debt

Very low reported debt relative to equity reduces near-term solvency risk and gives operational flexibility. Modest leverage helps absorb ongoing losses, supports strategic activity such as acquisitions, and lowers bankruptcy risk versus heavily indebted peers.

Acquisition expands clinical technology portfolio

Acquiring Rendiatech adds automated kidney function monitoring to Nuwellis’s fluid-management franchise, broadening the addressable market. This structural product expansion enables cross-selling into nephrology workflows and strengthens long-term clinical relevance and technology differentiation.

Negative Factors

Sharp revenue decline and deep losses

A very large TTM revenue decline and sustained operating losses (EBIT margin ~ -50%, net margin ~ -176% TTM) indicate persistent demand or commercialization issues. Continued deep losses erode equity and complicate the path to durable profitability without structural fixes.

Negative operating and free cash flow

Material negative operating and free cash flow shows the business consumes cash to operate. This forces reliance on external funding for working capital, limits reinvestment capacity, and heightens the risk that financing cycles and dilution recur until operations become cash-generative.

Financing adds dilution and warrant overhang

The recent ~$5M private placement and warrant inducement improve liquidity but introduce significant warrant dilution and a multi-year overhang. Structural dilution reduces per-share economics, can constrain future capital strategy, and may depress long-term shareholder value absent earnings recovery.

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

Overall fundamentals are weak: revenue has fallen sharply TTM and profitability remains deeply negative (large operating and net losses) alongside negative operating cash flow and free cash flow. The main offset is relatively low leverage on the balance sheet, but ongoing losses continue to erode equity.

Income Statement

TTM (Trailing-Twelve-Months) revenue is down sharply versus the prior period (about -180%), following essentially flat to slightly down growth in 2024. Profitability remains very weak: despite solid gross margin (~61% TTM), operating losses are large (EBIT margin roughly -50% TTM) and the company continues to post deep net losses (net margin roughly -176% TTM). The main positive is that losses have generally narrowed from 2023’s extremely depressed profitability levels, but the business is still far from break-even and top-line volatility is a key concern.

Balance Sheet

Leverage appears low with modest total debt ($0.4M TTM) relative to equity ($3.9M TTM), which reduces near-term financial risk. However, equity has fallen materially from 2022–2024 levels, indicating ongoing balance sheet erosion from losses. Returns to shareholders are deeply negative (ROE ~ -13.5% TTM), underscoring that the capital base is not currently generating profits; continued losses could further pressure equity over time even with low debt.

Cash Flow

Cash generation is weak: operating cash flow is negative TTM (about -$9.3M) and free cash flow is also negative (about -$9.4M), indicating the company is consuming cash to run the business. There is improvement versus 2023’s much larger cash burn, but the company still relies on external funding sources to sustain operations. Free cash flow is roughly in line with net loss (both negative), suggesting limited non-cash offsets and that cash burn remains closely tied to the ongoing losses.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	8.17M	8.74M	8.86M	8.54M	7.92M	7.44M
Gross Profit	4.97M	5.83M	4.98M	4.75M	4.49M	4.06M
EBITDA	-7.53M	-10.53M	-16.36M	-4.90M	-19.06M	-16.65M
Net Income	-16.57M	-11.16M	-20.21M	-14.53M	-19.55M	-15.84M
Balance Sheet
Total Assets	7.98M	9.86M	9.77M	24.67M	30.42M	20.01M
Cash, Cash Equivalents and Short-Term Investments	3.09M	5.09M	3.80M	18.31M	24.20M	14.44M
Total Debt	383.00K	545.00K	760.00K	984.00K	1.18M	339.00K
Total Liabilities	4.07M	3.33M	6.56M	12.32M	4.47M	3.69M
Stockholders Equity	3.91M	6.53M	3.21M	12.36M	25.95M	16.32M
Cash Flow
Free Cash Flow	-9.41M	-9.65M	-18.18M	-15.27M	-18.06M	-16.87M
Operating Cash Flow	-9.28M	-9.59M	-17.94M	-15.15M	-17.84M	-16.57M
Investing Cash Flow	-125.00K	-60.00K	330.00K	14.73M	-15.72M	-267.00K
Financing Cash Flow	10.60M	10.96M	3.68M	9.42M	27.87M	30.02M

Nuwellis Technical Analysis

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

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NUWE, the sentiment is Neutral. The current price of 1.76 is below the 20-day moving average (MA) of 2.64, below the 50-day MA of 2.39, and below the 200-day MA of 10.72, indicating a neutral trend. The MACD of 0.41 indicates Negative momentum. The RSI at 53.75 is Neutral, neither overbought nor oversold. The STOCH value of 55.01 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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%
NUWE	50 Neutral	$5.01M	-0.03	-467.14%	―	-8.93%	97.80%
PAVM	49 Neutral	$10.91M	-0.60	20.03%	―	-99.28%	-46.17%
HSCS	46 Neutral	$9.31M	-0.43	-220.42%	―	-41.03%	35.71%
AEMD	45 Neutral	$2.18M	-0.04	-191.39%	―	―	76.53%
VTAK	42 Neutral	$3.12M	-0.05	-173.74%	―	82.96%	82.04%

Nuwellis Corporate Events

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.