NASDAQ:NUWE   Nuwellis, Inc.
Revenue for the first quarter ended March 31, 2021, was $1.9 million, an increase of 18 percent compared to the prior-year period
Increased Aquadex therapy utilization amongst strategic Critical Care accounts; highest levels seen in the past five quarters
Enrolled first pediatric patient into the clinical registry in April 2021
Received strong endorsements for Category III CPT code application from two major medical societies
Ended the quarter with $27.9 million in cash and no debt
“Following our most recent $20.9 million capital raise with net proceeds of $18.9 million on March 19, 2021, Nuwellis is in a strong position to execute against our long-term strategic growth plan,”

Revenue growth in the first quarter of 2021 was primarily driven by increased capital equipment sales and strong utilization within Critical Care. The Company also continued to see increasing utilization among established pediatric accounts during the quarter.

Gross margin was 50.4% for the first quarter 2021, compared to 51.2% in the prior year period. The decline in gross margins was primarily due to strong sales of capital equipment.

Selling, general and administrative (“SG&A”) expenses for the first quarter of 2021 were $5.2 million, an increase of 15% compared to the prior-year period. The increase in SG&A was primarily due to the timing of non-recurring administrative expenses and continued investment in sales and marketing activities. Research and development (“R&D”) expenses in the first quarter of 2021 were $0.9 million, an increase of 10% compared to the prior-year period. The increase in R&D expenses was driven primarily by clinical expenditures related to the pediatric registry.

The net loss for the first quarter of 2021 was $5.2 million, compared to a net loss of $4.6 million in the prior-year period.

Cash and cash equivalents were $27.9 million with no debt as of March 31, 2021. During the first quarter of 2021, the Company used $5.4 million of cash in operations. The Company also completed a $20.9 million capital raise with net proceeds of $18.9 million on March 19, 2021.


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