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Nuwellis is dedicated to advancing cardiorenal care by enabling earlier, safer, and more controlled fluid management for patients. The company is focused on developing, manufacturing, and commercializing medical devices used in ultrafiltration therapy, including the Aquadex FlexFlow and the Aquadex SmartFlow systems (collectively the Aquadex System ).
The business is unprofitable at the operating level (-134.29% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.4% YoY. Margins deteriorated 8.6pp alongside, both lines moving the wrong way.
ROIC dropped from -160.41% to -175.40%, capital efficiency is deteriorating. Negative free cash flow of -$11M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$9M
▼ -5.4% YoY
Net Income (TTM)
-$19M
▼ -56.9% YoY
Op. Margin
-143.85%
▼ -8.6pp YoY
ROIC
-376.54%
▼ -15.0pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$12M
▼ -12.9% YoY
Op. Cash Flow (TTM)
-$11M
▼ -12.7% YoY
Net Debt
-$2M
Net Cash Position
Cash & Equiv.
$2M
5Y CAGR: +2.1%
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