NUWE on Nasdaq

Nuwellis, Inc.

Nuwellis, Inc. is an American electromedical and electrotherapeutic apparatus company.2 It is headquartered in Eden Prairie, United States.2

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Last updated Oct 21, 2026.

Overview

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  • TickerNUWE on Nasdaq2
  • IndustryElectromedical & Electrotherapeutic Apparatus2
  • HeadquartersEden Prairie, United States2
  • Incorporated inDE3
  • Business address12988 Valley View Road, Eden Prairie, Mn 553443
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI54930007LBO6YS5KNX752
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o CORPORATION SERVICE COMPANY, 251 LITTLE FALLS DRIVE, 19808 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 35546032

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 Aquadex SmartFlow® system is indicated for temporary (up to eight hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

62.0%Gross margin6
-134.3%Operating margin6
-211.9%Net margin6
-5.4%Revenue growth, 20256
-667.7%Return on equity6
-$10.9MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue16¢$3.1M
  • Research and development14¢$2.7M
  • Selling, general and admin70¢$13.5M
  • Income tax0¢$5.0K

Out of $8.3M in revenue.6 The company lost money this year.

Financial statements

Revenue78910116$8.3M in 2025+50% since 2019
0$2.5M$5.0M$7.5M$10.0M2019: $5.5M$5.5M20192020: $7.4M$7.4M2020+35%2021: $7.9M$7.9M2021+6%2022: $8.5M$8.5M2022+8%2023: $8.9M$8.9M2023+4%2024: $8.7M$8.7M2024−1%2025: $8.3M$8.3M2025−5%
Gross profit8910116$5.1M in 2025+26% since 2020
0$2.0M$4.0M$6.0M2020: $4.1M$4.1M20202021: $4.5M$4.5M2021+11%2022: $4.8M$4.8M2022+6%2023: $5.0M$5.0M2023+5%2024: $5.7M$5.7M2024+14%2025: $5.1M$5.1M2025−10%
Operating income78910116-$11.1M in 2025−39% since 2019
-$20.0M-$15.0M-$10.0M-$5.0M02019: -$18.1M-$18.1M20192020: -$17.0M-$17.0M2020−6%2021: -$19.5M-$19.5M2021+15%2022: -$17.2M-$17.2M2022−12%2023: -$17.6M-$17.6M2023+3%2024: -$11.0M-$11.0M2024−38%2025: -$11.1M-$11.1M2025+1%
Net income78910116-$17.5M in 2025−3% since 2019
-$30.0M-$20.0M-$10.0M02019: -$18.1M-$18.1M20192020: -$15.8M-$15.8M2020−13%2021: -$19.6M-$19.6M2021+23%2022: -$14.5M-$14.5M2022−26%2023: -$20.2M-$20.2M2023+39%2024: -$11.2M-$11.2M2024−45%2025: -$17.5M-$17.5M2025+57%

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Net sales$8.3M$8.7M
Cost of goods sold$3.1M$3.1M
Gross profit$5.1M$5.7M
Selling, general and administrative$13.5M$13.5M
Research and development$2.7M$3.2M
Total operating expenses$16.2M$16.7M
Loss from operations-$11.1M-$11.0M
Other income (expense)$10.0K-$80.0K
Gain on settlement$0$900.0K
Financing expense-$10.6M-$5.6M
Change in fair value of warrant liability$4.1M$4.6M
Loss before income taxes-$17.5M-$11.2M
Income tax expense-$5.0K-$5.0K
Net loss-$17.5M-$11.2M
Deemed dividend attributable to Series J Convertible Preferred Stock$4.0K$541.0K
Net loss attributable to common stockholders-$17.5M-$10.6M
Basic loss per share (in Dollars per share)-$25.39-$353.30
Diluted loss per share (in Dollars per share)-$25.39-$353.30
Weighted average shares outstanding - basic (in Shares)690.1K shares31.6K shares
Weighted average shares outstanding - diluted (in Shares)690.1K shares31.6K shares
Unrealized foreign currency translation adjustment$55.0K-$16.0K
Total comprehensive loss-$17.5M-$11.2M

Compare Nuwellis, Inc. with another company

Corporate structure

Nuwellis, Inc. sits at the top of its group. 2 entities, 2 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Nuwellis, Inc.

  • Nuwellis, Inc. Eden Prairie, Minnesota, United States
    • Sunshine Heart Ireland Limited Subsidiary · Ireland

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Nuwellis, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$4.3M6 Dec 31, 2025$4.3M6 Dec 31, 2024+2.1%
Accumulated depreciation$4.0M6 Dec 31, 2025$3.8M6 Dec 31, 2024+5.3%
Property and equipment, net$368.0K6 Dec 31, 2025$478.0K6 Dec 31, 2024−23.0%
Operating-lease assets (leased space)$293.0K6 Dec 31, 2025$510.0K6 Dec 31, 2024−42.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$1.1M6 Dec 31, 2025$5.1M6 Dec 31, 2024−78.7%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.9M6 Dec 31, 2025$1.7M6 Dec 31, 2024+11.2%
Raw materials$1.5M6 Dec 31, 2025$1.3M6 Dec 31, 2024+11.2%
Work in process$88.0K6 Dec 31, 2025$131.0K6 Dec 31, 2024−32.8%
Finished goods$445.0K6 Dec 31, 2025$512.0K6 Dec 31, 2024−13.1%

Properties, in its own words

Properties.

We lease a 23,000 square-foot facility located in Eden Prairie, Minnesota for office and manufacturing space under a non-cancelable operating lease that expires in March 2027. In November 2021, the Company entered into a fourth amendment to the lease, extending the term of the lease from March 31, 2022, to March 31, 2027. This facility serves as our corporate headquarters and houses substantially all our functional areas. Monthly rent and common area maintenance charges, including an estimate for property taxes for our headquarters, total approximately $36,000. The lease contains provisions for annual inflationary adjustments. Rent expense is being recorded on a straight-line basis over the term of the lease.

The rest of Item 2

We believe that our current facilities are suitable and adequate to meet our current needs, and that suitable additional or substitute space will be available as needed to accommodate expansion of our operations.

Item 2 of the 10-K filed Mar 11, 2026.5

Leadership

Who has led Nuwellis, Inc., and when. Pick a name to see everywhere that person has worked.

Board members and other officers (34)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • DirectorArchelle L. Georgiou, M.D. named Aug 2, 2024 to Nov 20, 202457
  • DirectorDave Kendrick McDonald named Aug 2, 2024 to Nov 20, 202457

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Sunshine Heart Ireland Limited Ireland (Dissolved in December 2025)4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • CHF Solutions, Inc.May 30, 2017 to Apr 16, 20213
  • Sunshine Heart, Inc.Nov 24, 2010 to May 23, 20173

Timeline

  1. Aug 26, 20268-K Regulation FD disclosure58
  2. Aug 13, 20268-K Results of operations59
  3. Aug 3, 20268-K Entered a material agreement; Unregistered sale of shares; Other events60
  4. Jul 24, 20268-K Shareholder vote61
  5. Jul 1, 2026New chief executive Michael Kendrick McCormick becomes CEO14
  6. Jun 24, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed62
  7. Jun 18, 20268-K Executive or director change; Regulation FD disclosure63
  8. Jun 10, 20268-K Regulation FD disclosure64
  9. May 12, 20268-K Results of operations65
  10. Apr 29, 20268-K Shareholder vote66
  11. Apr 24, 20268-K Other events67
  12. Apr 1, 20268-K Executive or director change68
  13. Mar 27, 20268-K Executive or director change69
  14. Jan 26, 2021New chief executive Nestor Jaramillo Jr. becomes CEO15
  15. Mar 16, 2016New chief executive John L. Erb becomes CEO16
  16. Feb 14, 2012New chief executive David A. Rosa becomes CEO17
  17. Aug 22, 2002Founded Nuwellis, Inc. is founded2

Calendar

Coming up

  1. Nov 11, 2026Reports results for the quarter ending Sep/202670

When it reported results

  1. Aug 13, 2026Reported quarterly or annual results59
  2. May 12, 2026Reported quarterly or annual results65
  3. Mar 10, 2026Reported quarterly or annual results71
  4. Nov 12, 2025Reported quarterly or annual results72
  5. Aug 14, 2025Reported quarterly or annual results73
  6. May 13, 2025Reported quarterly or annual results74
  7. Mar 11, 2025Reported quarterly or annual results75
  8. Nov 12, 2024Reported quarterly or annual results76

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

312 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 103 major events, 42 insider forms, 20 large holders, 4 private raises, 123 other. The latest 20:

  1. Sep 18, 2026SCHEDULE 13G/A EDGAR
  2. Aug 26, 2026EFFECT EDGAR
  3. Aug 26, 2026424B3 EDGAR
  4. Aug 26, 20268-K EDGAR
  5. Aug 18, 2026S-3 EDGAR
  6. Aug 14, 2026SCHEDULE 13G/A EDGAR
  7. Aug 13, 20268-K EDGAR
  8. Aug 13, 202610-Q EDGAR
  9. Aug 7, 2026SCHEDULE 13G EDGAR
  10. Aug 6, 2026SCHEDULE 13G EDGAR
  11. Aug 5, 2026SCHEDULE 13G EDGAR
  12. Aug 3, 20268-K EDGAR
  13. Aug 3, 2026424B5 EDGAR
  14. Jul 24, 20268-K EDGAR
  15. Jul 7, 2026DEF 14A EDGAR
  16. Jul 1, 20263 EDGAR
  17. Jun 26, 2026PRE 14A EDGAR
  18. Jun 24, 20268-K EDGAR
  19. Jun 18, 20268-K EDGAR
  20. Jun 10, 20268-K EDGAR

The 312 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

1 open-market trades by officers, directors and large owners since October 2021: 1 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Mar 15, 2023Jaramillo Nestor Jr.President and CEOBuy4,098$4.79$19.6KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Nov 6, 2024Raised $3.8 million in a private offering of securities Form D: 9 investors so far Form D
  2. Aug 26, 2024Filed a private offering of securities Form D: 6 investors so far Form D
  3. Jul 25, 2024Filed a private offering of securities Form D: 7 investors so far Form D
  4. Jun 19, 2023Filed a private offering of securities Form D: 1 investor so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Sabby Management, LLC16,372$49.9K0.4%New
UBS Group AG4,415$13.5K0.0%New
Tower Research Capital LLC (TRC)138$4210.0%New
Morgan Stanley35$1070.0%New
SBI Securities Co., Ltd.4$120.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Nuwellis, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNuwellis, Inc.1
  • CIK0001506492
  • Employer ID (EIN)68-05334535
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)3845 Electromedical & Electrotherapeutic Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address12988 Valley View Road, Eden Prairie, MN 553441
  • Phone952-345-42001
  • Shares outstanding3,647,264 as of Aug 10, 202613
  • Public float$4.6M as of Jun 30, 20255
  • AuditorBaker Tilly US, LLP, Minneapolis, Minnesota PCAOB ID 23; no auditor attestation of internal control over financial reporting5
  • On EDGAR sinceNov 24, 20101
  • Filings1,085 in all: 4 (272), 8-K (251), CORRESP (54), 3 (45), 10-Q (44), S-1/A (38), SC 13G/A (28), EFFECT (27)1
    All 49 form types

    424B4 (25), UPLOAD (25), DEF 14A (23), SC 13G (23), 424B5 (20), D (20), S-1 (19), 10-K (15), S-8 (14), 424B3 (13), SD (13), PRE 14A (12), 4/A (7), 5 (7), DEFA14A (7), FWP (7), S-3 (7), SCHEDULE 13G (7), 3/A (6), 8-K/A (6), S-1MEF (6), 10-12B/A (5), 5/A (5), ARS (5), SC 13D/A (4), PRER14A (3), SCHEDULE 13G/A (3), 10-K/A (2), DEFR14A (2), DRS (2), POS AM (2), S-3/A (2), 10-12B (1), 8-A12B (1), AW (1), CERTNAS (1), CT ORDER (1), POS462C (1), S-3MEF (1), SC 13D (1), SCHEDULE 13D (1)

  • Latest filingsAnnual report (10-K) Mar 11, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Jul 7, 2026
    Latest 8-K (8-K) Aug 26, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.0001 per shareNUWENasdaq

From the cover page of the 10-K filed Mar 11, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Nuwellis, Inc. names in Item 1A of its 10-K filed Mar 11, 2026: 46 risks under these headings, as written.5

  • Risks Related to Our Business
  • We will need to raise additional capital to fund our operations through the end of fiscal year 2026. If additional capital is not available, we will have to delay, reduce, or cease operations.
  • Our near-term prospects are highly dependent on revenues from a single product, the Aquadex System. We face significant challenges in expanding market acceptance of the Aquadex System, which could adversely affect our potential sales.
  • We have limited history of operations and limited experience in sales and marketing, and we might be unsuccessful in increasing our sales and cannot assure you that we will ever generate substantial revenue or be profitable.
  • We have incurred operating losses since our inception and anticipate that we will continue to incur operating losses in the near term.
  • We have identified two material weaknesses in connection with our internal control over financial reporting which, if not remediated, could adversely affect our business, reputation and stock price.
  • We depend on a limited number of customers, the loss of which, or failure of which to order our products in a particular period, could cause our revenues to decline.
  • We have limited commercial manufacturing experience and could experience difficulty in producing commercial volumes of the Aquadex System and related components because we depend on third parties for manufacturing.
  • We depend upon third-party suppliers, including single-source suppliers, making us vulnerable to supply problems and price fluctuations.
  • If we cannot develop adequate distribution, customer service and technical support networks, then we may not be able to market and distribute the Aquadex System effectively and our sales will suffer.
  • We compete against many companies, many of which have longer operating histories, more established products and greater resources than we do, which may prevent us from achieving further market penetration or improving operating results.
  • Significant additional governmental regulation could subject us to unanticipated delays which would adversely affect our sales.
The other 35 risks
  • We have experienced and may continue to experience product defects or issues with quality management, which may result in lawsuits for product liability, and could harm our business, results of operations and financial condition.
  • We may face significant risks associated with international operations, which could have a material adverse effect on our business, financial condition and results of operations.
  • If we are not able to maintain sufficient quality controls, then the approval or clearance of our products by the FDA or other relevant authorities could be withdrawn, delayed or denied and our sales will suffer.
  • If we violate any provisions of the FDC Act or any other statutes or regulations, then we could be subject to enforcement actions by the FDA or other governmental agencies.
  • Our products may cause or contribute to adverse medical events or be subject to failures or malfunctions that we are required to report to the FDA, and if we fail to do so, we would be subject to sanctions that could harm our reputation, business, financial condition and results of operations. The discovery of serious safety issues with our products, or a recall of our products either voluntarily or at the direction of the FDA or another governmental authority, could have a negative impact on us.
  • We face significant uncertainty in the industry due to government healthcare reform and changes to healthcare regulations.
  • We are subject, directly or indirectly, to United States federal and state healthcare fraud and abuse and false claims laws and regulations. Prosecutions under such laws have increased in recent years and we may become subject to such litigation. If we are unable to, or have not fully complied with such laws, we could face substantial penalties.
  • Failure to comply with anti-bribery, anti-corruption, and anti-money laundering laws could subject us to penalties and other adverse consequences.
  • If we acquire other businesses, products or technologies, we could incur additional impairment charges and will be subject to risks that could hurt our business.
  • Our business could be adversely affected due to risks related to proposed acquisitions and the subsequent integration of such accumulations.
  • If we fail to comply with federal and state laws regarding off-label use of our products, we could be subject to regulatory or enforcement actions and face substantial civil and criminal penalties and our business, financial condition, results of operations, and prospects could be adversely affected.
  • Risks Related to Our Intellectual Property
  • If we or any of our independent contractors, consultants, collaborators, manufacturers, vendors or service providers fail to comply with healthcare laws and regulations, we or they could be subject to enforcement actions, which could result in penalties and affect our ability to develop, market and sell our product candidates and may harm our reputation.
  • We may not be able to protect our intellectual property rights effectively, which could have an adverse effect on our business, financial condition or results of operations
  • Intellectual property litigation could be costly and disruptive to us.
  • If we were unable to protect the confidentiality of our proprietary information and know-how, the value of our technology and system could be adversely affected.
  • Our products could infringe patent rights of others, which may require costly litigation and, if we are not successful, could cause us to pay substantial damages or limit our ability to commercialize our products.
  • We may be subject to claims that our employees have wrongfully used or disclosed alleged trade secrets of their former employers.
  • Security breaches, loss of data and other disruptions could compromise sensitive information related to our business or prevent us from accessing critical information and expose us to liability, which could adversely affect our business and our reputation.
  • Changes in U.S. federal government funding for the FDA and other government agencies could hinder their ability to hire and retain key leadership and other personnel, or otherwise prevent new or modified products from being developed, approved, or commercialized in a timely manner or at all, which could negatively impact our business.
  • If we experience an interruption in supply from a material sole-source supplier, our business may be harmed.
  • Risks Related to Our Common Stock
  • Nasdaq may delist our common stock from its exchange which could limit your ability to make transactions in our securities and subject us to additional trading restrictions.
  • Nasdaq has proposed enhanced listing standards, which could adversely affect our ability to maintain our Nasdaq listing and access to capital markets.
  • Sales of a substantial number of shares of our common stock by our stockholders in the public market could cause our stock price to fall.
  • The rights of holders of our capital stock will be subject to, and could be adversely affected by, the rights of holders of our outstanding preferred stock and stock that may be issued in the future.
  • There may be future sales of our securities or other dilution of our equity, which may adversely affect the market price of our common stock.
  • We have a large number of authorized but unissued shares of stock, which could negatively impact a potential investor if they purchased our common stock.
  • A more active, liquid trading market for our common stock may not develop, and the price of our common stock may fluctuate significantly.
  • We are subject to litigation which could result in a material impact on our business, results of operations, and financial condition.
  • Our ability to use U.S. net operating loss carryforwards might be limited.
  • We do not intend to pay cash dividends on our common stock in the foreseeable future.
  • Provisions in our charter documents and Delaware law may delay or deter a change-in-control transaction or limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
  • We are a “smaller reporting company” under federal securities laws and we cannot be certain whether the reduced reporting requirements applicable to such companies will make our common stock less attractive to investors.
  • Worldwide economic and market conditions, an unstable economy and other adverse developments, including inflation, could adversely affect our business, results of operations and liquidity, and stock price.
  • Changes in spending or budgetary priorities may materially adversely affect our business.
  • Changes to U.S. tariff and import/export regulations may have a negative effect on our suppliers and/or service providers and, in turn, could have a material adverse impact on our financial condition.

Legal proceedings

Legal Proceedings.

On February 11, 2026, E.F. Hutton & Co. (“Hutton”) filed a complaint against the Company with the Supreme Court of the State of New York. The complaint alleges, among other things, that the Company breached its engagement letter with Hutton to act as its exclusive placement agent for the Company’s registered securities offerings. The complaint seeks compensatory damages, punitive damages, interest, costs and attorneys’ fees. The Company intends to vigorously defend itself in this matter; however, in light of, among other things, the preliminary stage of the litigation, the Company is unable to provide any assurances as to the ultimate outcome of the lawsuit and is unable to make a meaningful estimate of the amount or range of loss, if any, that could result from an unfavorable outcome. The Company has not yet filed an answer to the complaint. Please See Note 4 – Subsequent Events to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.5

Sources

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