Nuwellis Shares Slide Post Street-Missing Q1 Performance

Nuwellis, Inc. NUWE shares are plummeting Tuesday following lackluster first-quarter results.
The company reported first-quarter FY23 revenues of $1.83 million, missing the consensus estimate of $2.34 million. Revenues slumped 5.2% year over year.
The medical devices firm reported an adjusted EPS loss of $(5.76), missing the consensus estimate of ($3.79).
Lower patient volume in large hospital accounts weighed on quarterly performance.
The gross margin of 58.4% in 1Q increased 120 basis points from the same period last year. Higher margins were driven primarily by pricing increases.
Cash and equivalents as at quarter end stood at $12.1 million.
"With growth in our heart failure segment fueled by new clinical evidence, and an active pipeline of business development activities, our team is excited to continue executing on our growth agenda, utilizing our growing body of clinical evidence that supports use of the Aquadex ultrafiltration therapy as a mechanical fluid removal solution for fluid-overloaded patients across multiple hospital specialty units," said Nestor Jaramillo, Jr., President & CEO of Nuwellis.
Price Action: NUWE stock is down 19.5% at $3.58 during the market session on the last check Tuesday.

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