24/7 Market News Snapshot 01 November, 2024 – Nuwellis, Inc. Common Stock (NASDAQ:NUWE)

November 1, 2024

DENVER, Colo., 01 November, 2024 (247marketnews.com) – (NASDAQ:NUWE) are discussed in this article.
Nuwellis, Inc. has experienced significant upward momentum in its stock price, which surged by 53.84% today, opening at $1.69 and currently trading at $2.646, accompanied by a trading volume of approximately 834.88K shares. This sharp increase reflects a robust market sentiment and growing investor interest, positioning Nuwellis as a stock of considerable attention.

In addition to this market activity, Nuwellis has reported encouraging preliminary, unaudited financial results for the third quarter of 2024. The company anticipates an estimated revenue of about $2.4 million, showcasing substantial growth particularly in the Pediatric customer segment, which experienced a remarkable 28% increase compared to the same quarter in 2023. Moreover, Nuwellis has improved its gross margin to 70%, up from 57.3% year-over-year, indicating strong operational efficiency while simultaneously reducing total operating costs by approximately 30%.

President and CEO Nestor Jaramillo applauded the team’s commitment, noting the continued adoption of Aquadex ultrafiltration therapy. The company has successfully established five new accounts, further emphasizing the efficacy of the Aquadex system as supported by recent clinical studies. Cash usage in operations for this quarter is estimated at around $2.5 million, with approximately $1.9 million in cash and cash equivalents at the quarter’s conclusion.

While these financial figures remain preliminary and subject to adjustments, complete results will be disclosed during an earnings conference call scheduled for November 11, 2024. Nuwellis continues to focus on advancing patient care through innovative solutions, reinforcing its dedication to improving outcomes for patients with fluid overload via the Aquadex SmartFlow® system.

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