Q1 2024 Nuwellis Inc Earnings Call Transcript
Key Points
- Nuwellis Inc reported a revenue of $1.9 million for Q1 2024, marking a 2% increase year-over-year, driven by an 11% increase in consumable utilization.
- The pediatric customer category showed significant growth with a 40% increase in revenue, driven by a 54% increase in consumable utilization.
- Gross margin improved to 64.1% in Q1 2024 from 58.4% in the same period last year, primarily due to higher manufacturing volumes of consumables.
- Operating expenses decreased by approximately $1 million compared to Q1 2023, as a result of cost-saving measures implemented in the second half of 2023.
- Nuwellis Inc has no debt on the balance sheet and successfully closed an underwritten public offering with gross proceeds of $2.7 million.
- Heart failure revenue decreased by 38% due to lower utilization and console sales.
- First quarter capital sales were lower than expected, continuing a trend of unpredictability in capital sales cycles at hospital accounts.
- Selling, general, and administrative expenses, although reduced, still represent a significant cost at $4.6 million for the quarter.
- The company reported a net loss of $3.8 million for Q1 2024, indicating ongoing challenges in achieving profitability.
- Nuwellis Inc ended the quarter with $1.4 million in cash and cash equivalents, which may pose challenges in sustaining operations without additional funding.
Good day and welcome to the Nuwellis first quarter 2024 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Vivian Cervantes, Investor Relations with Gilmartin Group. Please go ahead.
Thank you, Cindy. Good morning, everyone. Thank you for joining us in today's conference call to discuss the wireless and corporate developments and financial results for the first quarter ended March 31, 2024. In addition to myself with us today are Nestor Jaramillo, the President and CEO, as well as Rob Scott CFO at 8 AM. Eastern today, Noah's released financial results for the first quarter ended March 31, 2024. If you have not received with this earnings release, please visit the company's Investor page on its website. During this conference call, the Company will be making forward looking statements.
All forward-looking statements made during today's call will be protected under the Private Securities Litigation Reform Act
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