Q2 2024 Nuwellis Inc Earnings Call Transcript
Key Points
- Nuwellis Inc (NUWE) reported a 6% year-over-year increase in revenue for Q2 2024, reaching $2.2 million.
- The company saw a 30% increase in heart failure and critical care consumables utilization, indicating broader use of Aquadex therapy.
- Gross margin improved significantly to 67.2% from 55.3% in the prior-year quarter, driven by higher manufacturing volumes and lower fixed overhead expenses.
- Selling, general, and administrative expenses decreased by approximately 31%, reflecting efficiency initiatives enacted in the second half of 2023.
- Nuwellis Inc (NUWE) announced the first commercial sale of QUELIMMUNE to Cincinnati Children's Hospital, marking a significant milestone in penetrating the pediatric market.
- Pediatric revenue declined by 10% in the quarter, primarily due to a decrease in consumables utilization driven by a lower census of children born with kidney disease.
- Net loss attributable to common shareholders increased to $7.7 million, compared to $4.8 million in the same period in 2023.
- The company ended the quarter with only $1 million in cash and cash equivalents, raising concerns about liquidity.
- The pilot program with DaVita has seen slower-than-anticipated progress, requiring more intense interaction with hospitals.
- The rollout of QUELIMMUNE is constrained by the need for IRB approvals at each hospital, making it difficult to provide guidance on future sales.
Good morning, and welcome to Nuwellis earnings conference call for the second quarter ended June 30, 2024. (Operator Instructions) Participants of this call are advised that the audio of this conference call is being broadcast live over the Internet and is also being recorded for playback purposes. A replay of the call will be available approximately one hour after the end of the call.
I would now like to turn the conference over to Vivian Cervantes, Investor Relations for Gilmartin Group. Please go ahead, ma'am.
Thank you, operator. Good morning, everyone. Thank you for joining us in today's conference call to discuss Nuwellis' corporate developments and financial results for the second quarter ended June 30, 2024.
In addition to myself, with us today are Nestor Jaramillo, Nuwellis' President and CEO; as well as Rob Scott, CFO. We are also joined today by our Chief Medical Officer, Dr. John Jefferies, who will be available to take your questions.
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