NUWE · Nuwellis, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $8.27M | $8.74M | $8.86M | $8.54M | $7.92M | $7.44M |
| Cost of Revenue | $3.15M | $3.06M | $3.88M | $3.79M | $3.43M | $3.38M |
| Gross Profit | $5.12M | $5.68M | $4.98M | $4.75M | $4.06M | $4.06M |
| R&D | $2.71M | $3.21M | $5.42M | $4.34M | $4.98M | $3.67M |
| SG&A | $13.52M | $13.46M | $17.19M | $17.58M | $19.04M | $17.42M |
| Total Operating Expenses | $16.23M | $16.66M | $22.61M | $21.93M | $21.09M | $24.47M |
| D&A | $200.0K | $310.0K | $362.0K | $372.0K | $488.0K | $376.0K |
| Operating Income | ($11.11M) | ($10.99M) | ($17.63M) | ($17.17M) | ($19.53M) | ($17.03M) |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $5.0K | $5.0K | $8.0K | $9.0K | $9.0K | $9.0K |
| Net Income | ($17.52M) | ($11.16M) | ($20.21M) | ($14.53M) | ($19.58M) | ($15.84M) |
| EPS - Basic | ($25.39) | ($353.22) | ($16934.40) | ($122818.50) | ($1568490.00) | - |
| EPS - Diluted | ($25.39) | ($353.22) | ($16934.40) | ($122818.50) | ($1568490.00) | - |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.08M | $5.09M | $3.80M | $17.74M | $24.20M | $14.44M |
| Accounts Receivable | $1.49M | $1.73M | $1.95M | $1.41M | $750.0K | $905.0K |
| Inventory | $1.91M | $1.72M | $2.00M | $2.66M | $2.84M | $2.96M |
| Accounts Payable | - | - | - | - | $1.41M | $1.10M |
| Current Assets | $5.19M | $8.86M | $8.21M | $22.77M | $28.13M | $18.54M |
| Total Assets | $6.12M | $9.86M | $9.77M | $24.67M | $30.42M | $20.01M |
| Current Liabilities | $3.03M | $2.56M | $3.17M | $4.69M | $3.31M | $3.58M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | $3.49M | $3.33M | $6.56M | $12.32M | $4.47M | $3.69M |
| Stockholders' Equity | $2.62M | $6.53M | $2.99M | $12.36M | $25.95M | $16.32M |
| Retained Earnings | ($316.31M) | ($298.79M) | ($287.63M) | ($267.42M) | ($252.92M) | ($233.34M) |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($10.81M) | ($9.59M) | ($17.94M) | ($15.15M) | ($17.88M) | ($16.57M) |
| Investing Cash Flow | ($90.0K) | ($60.0K) | $330.0K | $14.73M | ($219.0K) | ($267.0K) |
| Financing Cash Flow | $6.94M | $10.96M | $3.68M | $9.42M | $27.87M | $30.02M |
| CapEx | $90.0K | $60.0K | $149.0K | $122.0K | $219.0K | $298.0K |
| Free Cash Flow | ($10.90M) | ($9.65M) | ($18.09M) | ($15.27M) | ($18.10M) | ($16.87M) |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 62.0% | 64.9% | 56.2% | 55.7% | 51.2% | 54.5% |
| Operating margin | -134.3% | -125.7% | -198.9% | -201.0% | -246.5% | -228.8% |
| EBITDA margin | -131.9% | -122.2% | -194.8% | -196.6% | -240.3% | -223.8% |
| Net margin | -211.9% | -127.7% | -228.0% | -170.0% | -247.2% | -212.8% |
| Free cash flow margin | -131.8% | -110.4% | -204.0% | -178.8% | -228.5% | -226.7% |
| FCF / Net income | 0.62 | 0.86 | 0.89 | 1.05 | 0.92 | 1.07 |
| R&D / Revenue | 32.8% | 36.7% | 61.2% | 50.8% | 62.8% | 49.3% |
| SG&A / Revenue | 163.5% | 153.9% | 193.9% | 205.8% | 240.4% | 234.1% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -286.4% | -113.2% | -206.8% | -58.9% | -64.4% | -79.1% |
| Return on equity | -667.7% | -171.0% | -675.9% | -117.5% | -75.5% | -97.0% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.71 | 3.46 | 2.59 | 4.86 | 8.50 | 5.17 |
| Quick ratio | 1.08 | 2.79 | 1.96 | 4.29 | 7.65 | 4.35 |
| Cash ratio | 0.36 | 1.99 | 1.20 | 3.78 | 7.32 | 4.03 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 2.33 | 1.51 | 3.27 | 2.00 | 1.17 | 1.23 |
| Liabilities / Assets | 0.57 | 0.34 | 0.67 | 0.50 | 0.15 | 0.18 |
| Efficiency | ||||||
| Asset turnover | 1.35 | 0.89 | 0.91 | 0.35 | 0.26 | 0.37 |
| Inventory turnover | 1.65 | 1.78 | 1.94 | 1.42 | 1.21 | 1.14 |
| Days sales outstanding | 66d | 72d | 80d | 60d | 35d | 44d |
| Days inventory outstanding | 222d | 205d | 188d | 256d | 303d | 319d |
| Days payable outstanding | - | - | - | - | 150d | 118d |
| Cash conversion cycle | - | - | - | - | 187d | 245d |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | 0.5x | 9.5x | 560.2x | - | - | - |
| P / S | 0.1x | 7.1x | 188.9x | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | -5.4% | -1.4% | 3.8% | 7.9% | 6.5% | 35.0% |
| Revenue CAGR (3y) | -1.1% | 3.3% | 6.0% | 15.7% | 16.6% | 27.9% |
| Revenue CAGR (5y) | 2.1% | 9.7% | 12.1% | 19.2% | 43.8% | 163.1% |
| Gross profit growth (YoY) | -9.7% | 13.9% | 4.8% | 17.2% | 0.0% | 42.3% |
| Operating income growth (YoY) | -1.1% | 37.7% | -2.7% | 12.1% | -14.7% | 6.0% |
| Net income growth (YoY) | -56.9% | 44.8% | -39.1% | 25.8% | -23.6% | 12.6% |
| EPS growth (YoY) | 92.8% | 97.9% | 86.2% | 92.2% | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -12.9% | 46.6% | -18.4% | 15.6% | -7.3% | -0.1% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -59.8% | 118.3% | -75.8% | -52.4% | 59.0% | 720.0% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$8.27M totalFluid Overload$8.27M · 100.0%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
-47.51
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Electromedical & Electrotherapeutic Apparatus
Comparing Nuwellis against the 5 most active filers in the same SIC group.