Nuwellis Reports 26.2% Revenue Growth but Wider Net Loss in Q1 2026

Nuwellis, Inc. reported its financial results for the first quarter of 2026, revealing a net sales increase of 26.2% to $2.4 million, compared to $1.9 million in the same period last year. The growth was primarily driven by a significant 633% rise in console sales and a 15% increase in circuits, reflecting a higher number of patients treated with the Aquadex therapy. Despite the revenue growth, the company reported a net loss of $4.5 million, widening from a loss of $3.0 million in the prior year, attributed to increased operating expenses, particularly in research and development and selling, general, and administrative costs.

Total operating expenses for the quarter rose to $6.3 million, up from $4.1 million in the previous year. The increase was largely due to a 214.4% rise in research and development expenses, driven by the recent acquisition of Rendiatech, which added automated kidney function monitoring technology to Nuwellis's portfolio. Selling, general, and administrative expenses also increased by 26.5%, reflecting higher headcount and sales-related compensation. The cost of goods sold decreased by 14.1% to $719,000, attributed to improved margins from a shift to contract manufacturing.

In terms of strategic developments, Nuwellis completed the acquisition of Rendiatech, Inc. on March 17, 2026, for a total consideration of approximately $803,000, which included cash and the issuance of common stock. This acquisition is expected to enhance the company's capabilities in cardiorenal care. Additionally, the company appointed Carisa Schultz as Chief Financial Officer effective February 2, 2026, as part of its ongoing organizational changes.

As of March 31, 2026, Nuwellis reported total assets of $6.96 million, up from $6.12 million at the end of 2025. The company had cash and cash equivalents of $2.1 million, a significant increase from $1.1 million at the end of the previous year. The total liabilities also rose to $4.3 million, compared to $3.5 million at the end of 2025, primarily due to increased accounts payable and accrued liabilities. The company’s accumulated deficit reached $320.9 million, indicating ongoing financial challenges.

Looking ahead, Nuwellis anticipates continued losses in the near term but remains focused on expanding its market presence and integrating the Rendiatech technology. The company plans to seek additional financing to support its operations and growth initiatives, emphasizing the importance of capital resources in achieving its strategic objectives. While management expresses confidence in its ability to fund operations, it acknowledges the uncertainty surrounding future capital availability and the potential for profitability.