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Nuwellis Inc. (NUWE+1.77%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing outlines the company's focus on the Aquadex System, a medical device for ultrafiltration therapy used in patients with fluid overload. The system is marketed primarily in the United States and select international markets.
Nuwellis reported net sales of $8.7 million for 2024, a slight decrease from $8.9 million in 2023. The decline is attributed to reduced console sales and international sales, partially offset by increased circuit sales.
Cost of goods sold decreased to $3.1 million from $3.9 million in the previous year, primarily due to higher manufacturing volumes and lower fixed overhead costs.
Selling, general, and administrative expenses decreased to $13.5 million from $17.2 million, reflecting efficiency initiatives.
Research and development expenses were $3.2 million, down from $5.4 million, due to reduced consulting fees and compensation-related expenses.
The company recorded a net loss of $11.2 million for 2024, compared to a net loss of $20.2 million in 2023.
Nuwellis addressed a material weakness in its internal controls, specifically relating to segregation of duties and documentation processes.
The company plans to continue investing in expanding its sales and marketing capabilities and developing new products, including a pediatric dialysis device.
Nuwellis raised approximately $11 million through various equity offerings during 2024 to support its operations.
The filing highlights potential risks, including dependence on a single product, competition, and the need for additional capital.
Nuwellis' board of directors has undergone changes, with John Erb serving as interim CEO following the retirement of Nestor Jaramillo, Jr.
The company is actively monitoring its Nasdaq listing compliance and has taken steps to address previous non-compliance issues.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nuwellis Inc. annual 10-K report dated March 11, 2025. To report an error, please email earnings@qz.com.