Nuwellis (Nasdaq:NUWE) shares were down today on second-quarter results that beat the consensus revenue forecast.
The Minneapolis-based fluid overload treatment developer — formerly known as CHF Solutions — posted losses of $4.3 million, or 41¢ per share, on sales of $2.2 million for the three months ended June 30, 2022, for a slight bottom-line gain while remaining in the red on a sales decline of 11.8%.
Nuwellis’ revenue totals topped expectations on Wall Street, where analysts were looking for sales of $2.1 million.
“I am very happy with our strong sequential performance in the quarter and remain encouraged by our considerable progress in executing our strategy to make the Aquadex System the standard of care for diuretic resistant patients needing fluid balance in the ICU or because of suffering from heart failure,” Nuwellis CEO Nestor Jaramillo said in a news release. “This includes securing reimbursement for outpatient ultrafiltration therapy, initiating a key pivotal trial, and making strategic enhancements to our product portfolio.
Nuwellis did not provide guidance for the full year.
Shares of NUWE were down 6.8% at 67¢ per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.3%.