Nuwellis reports Q3 revenue of $2.2 million and operating loss of $2.7 million
Nuwellis Inc. reported third quarter 2025 revenue of $2.2 million, compared to $2.4 million in the same quarter last year. On a pro-forma basis, revenue increased approximately 7% year-over-year, excluding one-time SeaStar medical revenue and decreased international revenue due to wind-down activities. Gross margin was 65.2%, down from 70.0% in the prior year period. Operating expenses rose 30% year-over-year to $4.1 million, reflecting increased investment in rebuilding the U.S. sales force and additional spending on engineering and quality systems. The company reported an operating loss of $2.7 million, compared to $1.5 million last year, and ended the quarter with $3.1 million in cash and cash equivalents, remaining debt-free. Key business developments included the transition of manufacturing to KDI Precision Manufacturing, exit from international operations to focus on the U.S. market, and raising $1.9 million through an ATM facility.
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