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NUWE logoNuwellis, Inc.(NUWE)Earnings, Financials & Key Ratios

NUWE•NASDAQ
$1.10
$2M mkt cap·Price updated May 7, 2026
SectorHealthcareIndustryMedical DevicesSub-IndustryRenal, dialysis, and blood purification
AboutNuwellis, 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.Show more
  • Revenue$8M-5.4%
  • EBITDA-$11M-0.1%
  • Net Income-$18M-56.9%
  • EPS (Diluted)-25.39-217.4%
  • Gross Margin61.96%-7.1%
  • EBITDA Margin-129.25%-5.8%
  • Operating Margin-134.29%-6.8%
  • Net Margin-211.81%-65.8%
  • ROE-382.72%-67.0%
  • ROIC-433.04%+43.5%
  • Debt/Equity0.13+49.8%
  • Interest Coverage-1.05+46.3%
Technical→

NUWE Key Insights

Nuwellis, Inc. (NUWE) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Efficient asset utilization: 1.4x turnover

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Weak momentum: RS Rating 5 (bottom 5%)
  • ✗Shares diluted 100.0% in last year
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

NUWE Price & Volume

Nuwellis, Inc. (NUWE) stock price & volume — 10-year historical chart

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NUWE Growth Metrics

Nuwellis, Inc. (NUWE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years63.93%
5 Years2.14%
3 Years-1.08%
TTM-5.38%

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-56.92%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-291.62%

Return on Capital

10 Years-173.97%
5 Years-133.42%
3 Years-168.16%
Last Year-213.76%

NUWE Peer Comparison

Nuwellis, Inc. (NUWE) competitors in Renal, dialysis, and blood purification — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
NVCR logoNVCRNovoCure LimitedDirect Competitor1.92B16.83-13.808.28%-25.66%-50.82%0.85
ANGO logoANGOAngioDynamics, Inc.Direct Competitor468.54M11.27-13.58-3.76%-9.02%-15.71%
ATRC logoATRCAtriCure, Inc.Direct Competitor1.41B27.80-115.8314.88%-0.83%-0.95%0.18
CNMD logoCNMDCONMED CorporationProduct Competitor1.17B38.0925.225.16%4%5.4%0.81
MMSI logoMMSIMerit Medical Systems, Inc.Product Competitor3.72B62.3329.2611.66%9.03%8.95%0.57
BDX logoBDXBecton, Dickinson and CompanySupply Chain55.53B153.2626.298.23%5.33%4.54%0.76
BSX logoBSXBoston Scientific CorporationSupply Chain84.08B56.5829.1619.87%14.4%12.4%0.51
MDT logoMDTMedtronic plcSupply Chain99.94B77.9621.603.62%13%9.45%0.59

Compare NUWE vs Peers

Nuwellis, Inc. (NUWE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs NVCR

Most directly comparable listed peer for NUWE.

Scale Benchmark

vs ABT

Larger-name benchmark to compare NUWE against a more recognizable public peer.

Peer Set

Compare Top 5

vs NVCR, ANGO, ATRC, CNMD

NUWE Income Statement

Nuwellis, Inc. (NUWE) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Sales/Revenue3.55M5M5.51M7.44M7.92M8.54M8.86M8.74M8.27M
Revenue Growth %175.64%40.67%10.26%35.02%6.45%7.85%3.76%-1.4%-5.38%
Cost of Goods Sold2.76M3.67M2.66M3.38M3.43M3.79M3.88M2.91M3.15M
COGS % of Revenue77.77%73.43%48.27%45.48%43.3%44.34%43.78%33.34%38.04%
Gross Profit
790K▲ 0%
1.33M▲ 68.1%
2.85M▲ 114.7%
4.06M▲ 42.3%
4.49M▲ 10.7%
4.75M▲ 5.9%
4.98M▲ 4.8%
5.83M▲ 16.9%
5.12M▼ 12.0%
Gross Margin %22.23%26.57%51.73%54.52%56.7%55.66%56.22%66.66%61.96%
Gross Profit Growth %37.15%68.1%114.68%42.3%10.7%5.88%4.79%16.92%-12.05%
Operating Expenses11.65M18.36M20.96M21.09M24.02M21.93M22.61M16.81M16.23M
OpEx % of Revenue327.92%367.43%380.28%283.36%303.21%256.65%255.11%192.38%196.25%
Selling, General & Admin10.17M15.31M16.29M17.42M19.04M17.58M17.19M013.52M
SG&A % of Revenue286.24%306.34%295.5%234.07%240.36%205.83%193.94%-163.46%
Research & Development1.48M3.05M4.67M3.67M4.98M4.34M5.42M3.21M2.71M
R&D % of Revenue41.68%61.08%84.78%49.29%62.85%50.83%61.17%36.72%32.79%
Other Operating Expenses28K10K0-1K075K013.61M0
Operating Income
-14.81M▲ 0%
-17.04M▼ 15.0%
-18.11M▼ 6.3%
-17.03M▲ 6.0%
-19.53M▼ 14.7%
-17.17M▲ 12.1%
-17.63M▼ 2.7%
-10.99M▲ 37.7%
-11.11M▼ 1.1%
Operating Margin %-416.89%-340.86%-328.54%-228.84%-246.51%-201%-198.89%-125.72%-134.29%
Operating Income Growth %5.43%-15.01%-6.28%5.95%-14.67%12.06%-2.67%37.67%-1.07%
EBITDA-14.04M-16.8M-17.87M-16.65M-19.04M-16.8M-17.27M-10.68M-10.69M
EBITDA Margin %-395.24%-336.21%-324.21%-223.79%-240.35%-196.64%-194.81%-122.17%-129.25%
EBITDA Growth %6.16%-19.66%-6.33%6.8%-14.33%11.76%-2.79%38.16%-0.1%
D&A (Non-Cash Add-back)769K232K239K376K488K372K362K310K417K
EBIT-10.86M-17.04M-18.11M-17.03M-19.55M-5.27M-16.72M-10.84M-11.11M
Net Interest Income00000-9.25M-3.48M-5.61M-10.55M
Interest Income000000000
Interest Expense2.54M00009.25M3.48M5.61M10.55M
Other Income/Expense1.44M10K01.2M-19K2.65M-2.57M-172K-6.41M
Pretax Income
-13.38M▲ 0%
-17.03M▼ 27.3%
-18.11M▼ 6.3%
-15.83M▲ 12.6%
-19.55M▼ 23.5%
-14.52M▲ 25.7%
-20.2M▼ 39.2%
-11.16M▲ 44.8%
-17.52M▼ 57.0%
Pretax Margin %-376.47%-340.66%-328.54%-212.7%-246.75%-169.92%-227.9%-127.69%-211.8%
Income Tax6K6K8K9K9K9K8K5K5K
Effective Tax Rate %-0.04%-0.04%-0.04%-0.06%-0.05%-0.06%-0.04%-0.04%-0.03%
Net Income
-13.38M▲ 0%
-17.03M▼ 27.3%
-18.11M▼ 6.4%
-15.84M▲ 12.6%
-19.55M▼ 23.5%
-14.53M▲ 25.7%
-20.21M▼ 39.1%
-11.16M▲ 44.8%
-17.52M▼ 56.9%
Net Margin %-376.64%-340.78%-328.69%-212.82%-246.86%-170.02%-227.99%-127.75%-211.81%
Net Income Growth %15.26%-27.28%-6.35%12.58%-23.48%25.72%-39.13%44.75%-56.89%
Net Income (Continuing)-13.38M-17.03M-18.11M-15.84M-19.55M-14.53M-20.21M-11.16M-17.52M
Discontinued Operations000000000
Minority Interest000000000
EPS (Diluted)
-999999.00▲ 0%
-999999.00▲ 0.0%
-411681.82▲ 58.8%
-20276.57▲ 95.1%
-10004.09▲ 50.7%
-2921.95▲ 70.8%
-360.07▲ 87.7%
-8.00▲ 97.8%
-25.39▼ 217.4%
EPS Growth %15.26%4.54%90.33%95.07%50.66%70.79%87.68%97.78%-217.38%
EPS (Basic)-999999.00-999999.00-411681.82-20276.57-10004.09-2921.95-360.07-8.00-25.39
Diluted Shares Outstanding34447811.96K4.97K56.13K1.33M6.9M
Basic Shares Outstanding34447811.96K4.97K56.13K1.33M6.9M
Dividend Payout Ratio---------

NUWE Balance Sheet

Nuwellis, Inc. (NUWE) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Current Assets17.86M8.13M4.04M18.54M28.13M22.77M8.21M8.86M5.19M
Cash & Short-Term Investments15.6M5.48M1.28M14.44M24.2M18.31M3.8M5.09M1.08M
Cash Only15.6M5.48M1.28M14.44M8.74M17.74M3.8M5.09M1.08M
Short-Term Investments000015.46M569K000
Accounts Receivable545K786K799K905K750K1.41M1.95M1.73M1.49M
Days Sales Outstanding55.9957.452.9244.3934.5660.0780.3472.1265.89
Inventory1.59M1.66M1.8M2.96M2.84M2.66M2M1.72M1.91M
Days Inventory Outstanding209.78164.9246.58318.94302.54256.41187.81215.19221.6
Other Current Assets136K203K-1237K0396K461K0698K
Total Non-Current Assets591K649K1.57M1.48M2.29M1.9M1.56M1.01M932K
Property, Plant & Equipment570K536K1.43M1.46M2.27M1.88M1.44M988K661K
Fixed Asset Turnover6.23x9.32x3.85x5.11x3.49x4.54x6.15x8.85x12.51x
Goodwill000000000
Intangible Assets000000000
Long-Term Investments000000000
Other Non-Current Assets21K113K133K21K21K21K120K21K271K
Total Assets
18.45M▲ 0%
8.78M▼ 52.4%
5.6M▼ 36.2%
20.01M▲ 257.2%
30.42M▲ 52.0%
24.67M▼ 18.9%
9.77M▼ 60.4%
9.86M▲ 1.0%
6.12M▼ 38.0%
Asset Turnover0.19x0.57x0.98x0.37x0.26x0.35x0.91x0.89x1.35x
Asset Growth %147.02%-52.45%-36.17%257.23%51.99%-18.88%-60.4%0.96%-37.98%
Total Current Liabilities2.09M2.84M3.35M3.58M3.31M4.69M3.17M2.56M3.03M
Accounts Payable862K1.13M1.49M1.1M1.41M2.25M2.38M1.64M2.23M
Days Payables Outstanding113.87112.68204.18118.32150.47216.32223.83205.42258.26
Short-Term Debt00000000261K
Deferred Revenue (Current)000000000
Other Current Liabilities208K1.71M85K66K36K58K576K41K545K
Current Ratio8.54x2.86x1.20x5.17x8.50x4.86x2.59x3.46x1.71x
Quick Ratio7.78x2.28x0.67x4.35x7.65x4.29x1.96x2.79x1.08x
Cash Conversion Cycle151.89109.6195.32245.01186.63100.1644.3281.8929.23
Total Non-Current Liabilities126K1.13M261K109K1.16M7.63M3.39M775K456K
Long-Term Debt0000000067K
Capital Lease Obligations00261K109K984K760K544K307K67K
Deferred Tax Liabilities000000000
Other Non-Current Liabilities126K000179K6.87M2.84M468K389K
Total Liabilities2.22M2.84M3.61M3.69M4.47M12.32M6.56M3.33M3.49M
Total Debt00447K339K1.18M984K760K545K328K
Net Debt-15.6M-5.48M-832K-14.1M-7.57M-16.75M-3.04M-4.55M-757K
Debt / Equity--0.22x0.02x0.05x0.08x0.24x0.08x0.13x
Debt / EBITDA---------
Net Debt / EBITDA---------
Interest Coverage-5.82x-----1.86x-5.06x-1.96x-1.05x
Total Equity
16.24M▲ 0%
5.94M▼ 63.4%
1.99M▼ 66.5%
16.32M▲ 720.0%
25.95M▲ 59.0%
12.36M▼ 52.4%
3.21M▼ 74.0%
6.53M▲ 103.4%
2.62M▼ 59.8%
Equity Growth %824.19%-63.44%-66.48%720%59.01%-52.38%-74.01%103.36%-59.82%
Book Value per Share999999.00999999.0045227.2720893.7313258.562485.8257.214.920.38
Total Shareholders' Equity16.24M5.94M1.99M16.32M25.95M12.36M3.21M6.53M2.62M
Common Stock0000001K00
Retained Earnings-182.36M-199.39M-217.5M-233.34M-252.89M-267.42M-287.63M-298.79M-316.31M
Treasury Stock000000000
Accumulated OCI1.23M1.22M1.21M-7K-35K38K-31K-47K8K
Minority Interest000000000

NUWE Cash Flow Statement

Nuwellis, Inc. (NUWE) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations-11.92M-14.56M-16.37M-16.57M-17.84M-15.15M-17.94M-9.59M-10.81M
Operating CF Margin %-335.49%-291.32%-296.99%-222.71%-225.26%-177.33%-202.36%-109.74%-130.71%
Operating CF Growth %26.84%-22.15%-12.41%-1.25%-7.67%15.1%-18.4%46.53%-12.71%
Net Income-13.38M-17.03M-18.11M-15.84M-19.55M-14.53M-20.21M-11.16M-17.52M
Depreciation & Amortization769K232K239K376K488K372K362K310K417K
Stock-Based Compensation499K2.09M1.51M1.35M1.31M862K670K478K127K
Deferred Taxes00-2.05M000000
Other Non-Cash Items2.54M2.32M2.05M-1.16M13K-2.46M2.66M1.09M6.42M
Working Capital Changes-2.35M153K-4K-1.3M-104K598K-1.42M-305K-253K
Change in Receivables-263K-241K-13K-106K155K-656K-545K224K234K
Change in Inventory-911K-70K-343K-1.42M-143K140K697K279K-192K
Change in Payables-1.18M545K334K115K00-1.5M0406K
Cash from Investing-259K-198K-490K-267K-15.72M14.73M330K-60K-90K
Capital Expenditures-259K-198K-490K-298K-219K-122K-149K-60K-90K
CapEx % of Revenue7.29%3.96%8.89%4%2.76%1.43%1.68%0.69%1.09%
Acquisitions000000000
Investments---------
Other Investing00031K00-99K00
Cash from Financing26.45M4.65M12.66M30.02M27.87M9.42M3.68M10.96M6.94M
Debt Issued (Net)000-20K-26K-26K-28K00
Equity Issued (Net)1000K1000K1000K1000K1000K1000K1000K1000K1000K
Dividends Paid000000000
Share Repurchases000000000
Other Financing1.99M004.12M1K0120K2.53M0
Net Change in Cash
14.27M▲ 0%
-10.12M▼ 170.9%
-4.2M▲ 58.5%
13.16M▲ 413.2%
-5.7M▼ 143.3%
8.99M▲ 257.9%
-13.94M▼ 254.9%
1.29M▲ 109.3%
-3.9M▼ 401.5%
Free Cash Flow
-12.18M▲ 0%
-14.76M▼ 21.2%
-16.86M▼ 14.2%
-16.87M▼ 0.1%
-18.06M▼ 7.1%
-15.27M▲ 15.5%
-18.18M▼ 19.1%
-9.65M▲ 46.9%
-10.9M▼ 12.9%
FCF Margin %-342.78%-295.28%-305.88%-226.72%-228.03%-178.75%-205.16%-110.42%-131.8%
FCF Growth %25.78%-21.18%-14.22%-0.08%-7.07%15.45%-19.08%46.93%-12.94%
FCF per Share-999999.00-999999.00-383113.64-21600.51-9229.43-3072.02-324.01-7.27-1.58
FCF Conversion (FCF/Net Income)0.89x0.85x0.90x1.05x0.91x1.04x0.89x0.86x0.62x
Interest Paid000000000
Taxes Paid6K2K4K10K11K9K12K7K0

NUWE Key Ratios

Nuwellis, Inc. (NUWE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)-226.77%-148.73%-153.62%-457.08%-173%-92.53%-75.84%-259.62%-229.24%-382.72%
Return on Invested Capital (ROIC)-2706.57%-2062.95%-2325.2%-1682.71%-756.13%-142.17%-184.16%-7732.46%-766.25%-433.04%
Gross Margin44.69%22.23%26.57%51.73%54.52%56.7%55.66%56.22%66.66%61.96%
Net Margin-1225.14%-376.64%-340.78%-328.69%-212.82%-246.86%-170.02%-227.99%-127.75%-211.81%
Debt / Equity---0.22x0.02x0.05x0.08x0.24x0.08x0.13x
Interest Coverage-31.08x-5.82x-----1.86x-5.06x-1.96x-1.05x
FCF Conversion1.03x0.89x0.85x0.90x1.05x0.91x1.04x0.89x0.86x0.62x
Revenue Growth2084.75%175.64%40.67%10.26%35.02%6.45%7.85%3.76%-1.4%-5.38%

NUWE Frequently Asked Questions

Nuwellis, Inc. (NUWE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Nuwellis, Inc. (NUWE) reported $8.3M in revenue for fiscal year 2025. This represents a 35195% increase from $0.0M in 2004.

Nuwellis, Inc. (NUWE) saw revenue decline by 5.4% over the past year.

Nuwellis, Inc. (NUWE) reported a net loss of $17.5M for fiscal year 2025.

Dividend & Returns

Nuwellis, Inc. (NUWE) has a return on equity (ROE) of -382.7%. Negative ROE indicates the company is unprofitable.

Nuwellis, Inc. (NUWE) had negative free cash flow of $10.9M in fiscal year 2025, likely due to heavy capital investments.

Explore More NUWE

Nuwellis, Inc. (NUWE) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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