Nuwellis (NASDAQ:NUWE), a commercial-stage medical device company focused on transforming the care of patients with fluid overload, reported fourth-quarter 2025 revenue of $2.4 million on Tuesday.
The results represent a 4% year-over-year increase and a 9% sequential improvement, signaling a recovery in capital equipment demand for its Aquadex SmartFlow® system.
The quarterly growth was primarily driven by a 208% increase in U.S. console sales compared to the prior year, supported by higher average selling prices (ASPs).
This shift toward capital sales helped drive the fourth-quarter gross margin to 68.2%, a significant expansion from the 58.4% reported in the same period of 2024.
For the full year 2025, total revenue was $8.3 million, a 5% decline compared to 2024.
The company reported a full-year net loss attributable to common shareholders of $17.5 million; however, this figure included a $6.4 million non-cash warrant valuation expense.
On an operational basis, the Q4 operating loss was approximately $2.4 million.
In a move to diversify its technological moat, Nuwellis executed a definitive agreement to acquire Rendiatech, a developer of advanced sensor technology for real-time fluid monitoring.
The acquisition is expected to integrate seamlessly with the Aquadex platform, providing clinicians with more precise data to manage heart failure and critical care patients.