Revenue growth remains highly volatile, fluctuating between a 26.2% expansion in 2026Q1 and a 21.4% contraction in 2025Q2, while operating margins reached a concerning low of -181.6% in the most recent quarter.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Jun'11 | Jun'09 | Jun'08 | Jun'07 | Jun'06 | Jun'05 | Jun'04 |
|---|
| Sales/Revenue | 8.77M | 8.27M | 8.74M | 8.86M | 8.54M | 7.92M | 7.44M | 5.51M | 5M | 3.55M | 1.29M | 59K | 295K | 59K | 0 | 0 | 400.02K | 108.3K | 422.04K | 2.73M | 1.25M | 381.76K | 23.43K |
| Revenue Growth % | -0.2% | -5.38% | -1.4% | 3.76% | 7.85% | 6.45% | 35.02% | 10.26% | 40.67% | 175.64% | 2084.75% | -80% | 400% | - | - | -100% | 269.36% | -74.34% | -84.55% | 117.99% | 228.25% | 1529.3% | - |
| Cost of Goods Sold | 3.03M | 3.15M | 2.91M | 3.88M | 3.79M | 3.43M | 3.38M | 2.66M | 3.67M | 2.76M | 713K | 325K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | 38.04% | 33.34% | 43.78% | 44.34% | 43.3% | 45.48% | 48.27% | 73.43% | 77.77% | 55.31% | 550.85% | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 5.74M | 5.12M | 5.83M | 4.98M | 4.75M | 4.49M | 4.06M | 2.85M | 1.33M | 790K | 576K | -266K | 295K | 59K | 0 | 0 | 400.02K | 108.3K | 422.04K | 2.73M | 1.25M | 381.76K | 23.43K |
| Gross Margin % | 65.47% | 61.96% | 66.66% | 56.22% | 55.66% | 56.7% | 54.52% | 51.73% | 26.57% | 22.23% | 44.69% | -450.85% | 100% | 100% | - | - | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | -12.05% | 16.92% | 4.79% | 5.88% | 10.7% | 42.3% | 114.68% | 68.1% | 37.15% | 316.54% | -190.17% | 400% | - | - | -100% | 269.36% | -74.34% | -84.55% | 117.99% | 228.25% | 1529.3% | - |
| Operating Expenses | 18.15M | 16.23M | 16.81M | 22.61M | 21.93M | 24.02M | 21.09M | 20.96M | 18.36M | 11.65M | 16.24M | 26.02M | 26.08M | 22.93M | 14.87M | 16.56M | 6.62M | 6.86M | 9.74M | 12.52M | 6.69M | 4.17M | 1.22M |
| OpEx % of Revenue | - | 196.25% | 192.38% | 255.11% | 256.65% | 303.21% | 283.36% | 380.28% | 367.43% | 327.92% | 1259.74% | 44096.61% | 8841.36% | 38864.41% | - | - | 1654.76% | 6336.48% | 2307.6% | 458.29% | 533.77% | 1093.53% | 5220.43% |
| Selling, General & Admin | 11.28M | 13.52M | 0 | 17.19M | 17.58M | 19.04M | 17.42M | 16.29M | 15.31M | 10.17M | 8.13M | 8.35M | 9.21M | 9.43M | 6.87M | 5.36M | 3.07M | 3.49M | 3.25M | 3.13M | 1.94M | 1.7M | 738.21K |
| SG&A % of Revenue | - | 163.46% | - | 193.94% | 205.83% | 240.36% | 234.07% | 295.5% | 306.34% | 286.24% | 630.64% | 14144.07% | 3121.36% | 15976.27% | - | - | 766.81% | 3225.99% | 770.35% | 114.71% | 154.86% | 445.9% | 3150.57% |
| Research & Development | 3.69M | 2.71M | 3.21M | 5.42M | 4.34M | 4.98M | 3.67M | 4.67M | 3.05M | 1.48M | 8.11M | 17.67M | 16.87M | 13.5M | 8M | 11.2M | 2.95M | 2.52M | 5.58M | 8.73M | 4.4M | 2.44M | 461.51K |
| R&D % of Revenue | - | 32.79% | 36.72% | 61.17% | 50.83% | 62.85% | 49.29% | 84.78% | 61.08% | 41.68% | 629.09% | 29952.54% | 5720% | 22888.14% | - | - | 736.9% | 2326.02% | 1322.72% | 319.67% | 351.09% | 640.16% | 1969.64% |
| Other Operating Expenses | 1000K | 0 | 13.61M | 0 | 75K | 0 | 0 | 0 | 10K | 28K | 2K | -749K | -49K | -100K | 0 | 0 | 604.23K | 849.59K | 905.39K | 653.13K | 348.6K | 28.49K | 23.48K |
| Operating Income | -12.41M | -11.11M | -10.99M | -17.63M | -17.17M | -19.53M | -17.03M | -18.11M | -17.04M | -14.81M | -15.66M | -25.96M | -25.79M | -22.87M | -14.87M | -16.56M | -6.22M | -6.75M | -9.32M | -9.79M | -5.44M | -3.79M | -1.2M |
| Operating Margin % | -141.53% | -134.29% | -125.72% | -198.89% | -201% | -246.51% | -228.84% | -328.54% | -340.86% | -416.89% | -1215.05% | -43996.61% | -8741.36% | -38764.41% | - | - | -1554.76% | -6236.49% | -2207.6% | -358.29% | -433.77% | -993.53% | -5120.43% |
| Operating Income Growth % | - | -1.07% | 37.67% | -2.67% | 12.06% | -14.67% | 5.95% | -6.28% | -15.01% | 5.43% | 39.66% | -0.66% | -12.75% | -53.82% | 10.22% | -166.29% | 7.92% | 27.51% | 4.81% | -80.06% | -43.31% | -216.14% | - |
| EBITDA | -11.92M | -10.69M | -10.68M | -17.27M | -16.8M | -19.04M | -16.65M | -17.87M | -16.8M | -14.04M | -14.96M | -25.63M | -25.51M | -22.69M | -14.73M | -16.51M | -6.17M | -6.7M | -9.24M | -9.73M | -5.4M | -3.76M | -1.18M |
| EBITDA Margin % | -135.92% | -129.25% | -122.17% | -194.81% | -196.64% | -240.35% | -223.79% | -324.21% | -336.21% | -395.24% | -1160.98% | -43445.76% | -8647.46% | -38450.85% | - | - | -1541.97% | -6184.54% | -2189.86% | -356.29% | -431.03% | -986.06% | -5020.21% |
| EBITDA Growth % | -32.55% | -0.1% | 38.16% | -2.79% | 11.76% | -14.33% | 6.8% | -6.33% | -19.66% | 6.16% | 41.62% | -0.48% | -12.45% | -54% | 10.79% | -167.69% | 7.91% | 27.53% | 5.04% | -80.19% | -43.48% | -220.03% | - |
| D&A (Non-Cash Add-back) | 492K | 417K | 310K | 362K | 372K | 488K | 376K | 239K | 232K | 769K | 697K | 325K | 277K | 185K | 138K | 50K | 51.17K | 56.26K | 74.89K | 54.51K | 34.36K | 28.49K | 23.48K |
| EBIT | -8.29M | -6.96M | -10.84M | -16.72M | -5.27M | -19.55M | -17.03M | -18.11M | -17.04M | -10.86M | -15.34M | -25.96M | -25.79M | -22.87M | -14.84M | -16.31M | -11.85M | -6.44M | -6.52M | -8.71M | -9.79M | -5.44M | -4.21M |
| Net Interest Income | -10.55M | -10.55M | -5.61M | -3.48M | -9.25M | 0 | 0 | 0 | 0 | 0 | -504K | -743K | 0 | 0 | 0 | 502K | 0 | 0 | 234.03K | 0 | 0 | 0 | -23.83K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 251K | 0 | 234.03K | 234.03K | 0 | 0 | 0 | 0 |
| Interest Expense | 10.55M | 10.55M | 5.61M | 3.48M | 9.25M | 0 | 0 | 0 | 0 | 2.54M | 504K | 743K | 49K | 100K | 0 | -251K | 0 | 0 | 0 | 0 | 0 | 23.83K | 3.99K |
| Other Income/Expense | -6.43M | -6.41M | -172K | -2.57M | 2.65M | -19K | 1.2M | 0 | 10K | 1.44M | -184K | -749K | -49K | -100K | 33K | 251K | 0 | -222.06K | 311.98K | 1.08M | 0 | 0 | -23.83K |
| Pretax Income | -18.84M | -17.52M | -11.16M | -20.2M | -14.52M | -19.55M | -15.83M | -18.11M | -17.03M | -13.38M | -15.85M | -26.71M | -25.84M | -22.97M | -14.84M | -16.31M | -6.22M | -6.52M | -9.32M | -9.79M | -5.44M | -3.82M | -1.2M |
| Pretax Margin % | -214.86% | -211.8% | -127.69% | -227.9% | -169.92% | -246.75% | -212.7% | -328.54% | -340.66% | -376.47% | -1229.33% | -45266.1% | -8757.97% | -38933.9% | - | - | -1554.76% | -6020.39% | -2207.6% | -358.29% | -433.77% | -999.77% | -5137.47% |
| Income Tax | 4K | 5K | 5K | 8K | 9K | 9K | 9K | 8K | 6K | 6K | -54K | -124K | -249K | -1.21M | -771K | -115K | -667.47K | -234.03K | 0 | 0 | -215.06K | 23.83K | -190.4K |
| Effective Tax Rate % | -0.02% | -0.03% | -0.04% | -0.04% | -0.06% | -0.05% | -0.06% | -0.04% | -0.04% | -0.04% | 0.34% | 0.46% | 0.96% | 5.28% | 5.2% | 0.71% | 10.73% | 3.59% | 0% | 0% | 3.96% | -0.62% | 15.82% |
| Net Income | -18.84M | -17.52M | -11.16M | -20.21M | -14.53M | -19.55M | -15.84M | -18.11M | -17.03M | -13.38M | -15.79M | -26.58M | -25.59M | -21.76M | -14.06M | -16.2M | -5.55M | -6.52M | -9.32M | -9.79M | -5.22M | -3.82M | -1.01M |
| Net Margin % | -214.9% | -211.86% | -127.75% | -227.99% | -170.02% | -246.86% | -212.82% | -328.69% | -340.78% | -376.64% | -1225.14% | -45055.93% | -8673.56% | -36877.97% | - | - | -1387.9% | -6020.39% | -2207.6% | -358.29% | -416.61% | -999.77% | -4324.88% |
| Net Income Growth % | -91.34% | -56.93% | 44.75% | -39.13% | 25.72% | -23.48% | 12.58% | -6.35% | -27.28% | 15.26% | 40.59% | -3.89% | -17.6% | -54.7% | 13.16% | -191.72% | 14.85% | 30.02% | 4.81% | -87.48% | -36.78% | -276.64% | - |
| Net Income (Continuing) | -18.84M | -17.52M | -11.16M | -20.21M | -14.53M | -19.55M | -15.84M | -18.11M | -17.03M | -13.38M | -15.79M | -26.58M | -25.59M | -21.76M | -14.06M | -16.2M | -12.27M | -5.75M | -6.52M | -8.71M | -9.79M | -5.22M | -4.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -317.88 | -25.39 | -280.00 | -12602.45 | -102268.25 | -350143.15 | -709679.95 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| EPS Growth % | -220.59% | 90.93% | 97.78% | 87.68% | 70.79% | 50.66% | 95.07% | 90.33% | 4.54% | 15.26% | 59.27% | 3.32% | -15.84% | 15.62% | 42.1% | -179.45% | 14.85% | -6.54% | 4.81% | -87.48% | -36.78% | -189.99% | - |
| EPS (Basic) | - | -25.39 | -280.00 | -12602.45 | -102268.25 | -350143.15 | -709679.95 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 | -999999.00 |
| Diluted Shares Outstanding | 59.28K | 197.18K | 37.92K | 1.6K | 142 | 56 | 22 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Basic Shares Outstanding | 59.28K | 197.18K | 37.92K | 1.6K | 142 | 56 | 22 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity shortfall
According to the latest quarterly filings, Nuwellis exhibits a highly inconsistent revenue trajectory, with recent growth figures fluctuating between a 26.2% expansion in 2026Q1 and a 21.4% contraction in 2025Q2, suggesting that the company struggles to maintain a predictable commercial adoption rate for its Aquadex system.
The lack of sustained top-line momentum indicates that the company's direct sales force is failing to penetrate the hospital market effectively. Investors should monitor whether the recent 26.2% growth in 2026Q1 represents a genuine inflection or merely a temporary recovery from previous quarters of significant decline.
As reported in financial statements, Nuwellis maintains a relatively healthy gross margin profile, averaging approximately 62% over the last ten quarters, which highlights the inherent value of its proprietary disposable blood sets despite the company's inability to achieve positive operating margins at its current scale.
While the gross margin suggests a viable product-market fit for the disposables, the persistent operating losses indicate that the cost of customer acquisition and clinical support remains prohibitively high. The structural disconnect between high gross margins and deep operating deficits suggests that the current business model may be fundamentally unscalable without a significant increase in unit volume.
Based on the company's historical income statements, Nuwellis's cost structure is characterized by erratic SG&A and R&D expenditures that frequently exceed gross profits, leading to an operating margin that reached a low of -181.6% in 2026Q1, reflecting a lack of disciplined expense management.
The volatility in SG&A, which appears to drop to zero in certain periods, warrants further investigation into the company's accounting practices and potential shifts in sales force compensation. This erratic spending pattern suggests that management may be prioritizing short-term survival over the development of a sustainable, efficient operational infrastructure.
Data from recent filings suggests that Nuwellis operates as a distressed entity, with a net margin of -211.86% and a cash position of only $1.085M, indicating that the company faces a high probability of needing dilutive financing or strategic alternatives to continue as a going concern.
Short-sellers would likely focus on the company's inability to convert its 510(k) clearances into meaningful, recurring revenue, viewing the current valuation as disconnected from the underlying operational reality. The reliance on equity raises to fund ongoing losses suggests that the company's long-term viability is highly contingent on external capital markets rather than internal cash generation.
Quick answers to the most common questions about buying NUWE stock.
For fiscal year 2025, Nuwellis, Inc. (NUWE) reported total revenue of $8.3M. This represents a 35195.1% increase compared to $0.0M in 2004.
Nuwellis, Inc. (NUWE) reported a net loss of $17.5M for the fiscal year ending 2025.
Nuwellis, Inc. (NUWE) reported an operating income of $-11.1M, resulting in an operating profit margin of -134.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Nuwellis, Inc. (NUWE) generated $5.1M in gross profit for the year, representing a gross profit margin of 62.0%. This demonstrates the company's core pricing power and production efficiency.