NEW YORK, July 30, 2026, 1:06 p.m. EDT
- Nuwellis shares most recently traded at $4.35, rising 130.2%, in active Nasdaq trade. Trading volume topped 103.2 million shares.
- No cases of bleeding were directly linked to epoprostenol in a pediatric study. The retrospective analysis did not include a concurrent control group.
- Initial estimates indicate second-quarter revenue is approximately $1.96 million. The final, unaudited results are expected on August 13.
Nuwellis shares surged over 100% in early Nasdaq trading on Thursday, with the stock last quoted at $4.35, marking a gain of 130.2%. Trading volume surpassed 103.2 million shares. The company recently showcased pediatric data for its Aquadex fluid-removal system.
The adjustment far exceeded the earlier disclosed shift in short-term revenue. Early figures indicate that revenue for the second quarter is expected to be roughly $1.96 million, falling about 18% compared to the previous quarter. The main takeaway came from trading behavior.
| Latest trading snapshot | Thursday | Comparison |
|---|---|---|
| Share price | $4.35 | $1.89 previous close |
| Change | +130.2% | — |
| Open | $5.18 | — |
| Intraday range | $3.64-$6.19 | — |
| Volume | 103.2 million | — |
SEC filings make the matter clear. Summing the listed categories gives a reference total of 3.06 million share-equivalents. This figure encompasses June 5 shares, all June common and pre-funded units, as well as each warrant share authorized on July 24. The trading volume on Thursday was 33.7 times larger than this comprehensive base. This does not represent the current number of outstanding shares.
| Disclosed share category | Split-adjusted shares or equivalents |
|---|---|
| Outstanding common shares as of June 5 | 92,201 |
| Common shares issued through June offering | 54,381 |
| Shares represented by June pre-funded warrants | 516,762 |
| Warrant shares cleared on July 24 | 2,396,709 |
| Total broad reference | 3,060,053 |
| Thursday turnover vs. reference total | 33.7 times |
The study was released on July 22 in Frontiers in Pediatrics. Researchers examined 46 pediatric patients during 52 courses of treatment at UPMC Children’s Hospital. Epoprostenol, a short-acting drug designed to reduce platelet aggregation, was used as the only anticoagulant.
Median treatment duration was three days. The filter-to-day ratio reached 0.5, indicating about one filter used every two days. There were no cases of bleeding directly attributed to epoprostenol. However, 29% of courses experienced at least one interruption due to clotting or clogging.
| Clinical measure | Study result | Main qualification |
|---|---|---|
| Patients | 46 | Single facility |
| Treatment courses | 52 | Several patients received more than one course |
| Median therapy duration | 3 days | Observed over a brief period |
| Median filter-to-day ratio | 0.5 | About two days per filter used |
| Drug-attributed bleeding | None observed | No parallel control group present |
| Courses with a circuit interruption | 29% | Some cases saw clotting or clogging |
Chief Executive Mike McCormick stated that evidence was “essential to expanding confidence” in Aquadex. Senior author Dana Fuhrman described epoprostenol as “another tool at the bedside.” GlobeNewswire
The findings are preliminary. The research was conducted at a single site, used retrospective data, and did not include a concurrent control group. The authors described the platelet changes as descriptive rather than showing causality. Nuwellis paid for the publication but was not involved in the execution of the study.
Broader pediatric adoption forms the basis of the commercial argument. Aquadex holds clearance for use in patients of 20 kilograms or more. Nuwellis plans to submit a 510(k) application before the end of the year, aiming for approval to treat patients as light as five kilograms. The company also reported its initial pediatric system placements in Wisconsin on Tuesday.
Provisional, unaudited figures showed growth of 14% in the second quarter, and 20% for the first half. Using these percentages with the reported 2025 sales results in the following bridge. Final numbers will be released on August 13.
| Period | 2025 sales | 2026 sales | Year-on-year change |
|---|---|---|---|
| First quarter | $1.9 million | $2.4 million, reported | up 26% |
| Second quarter | $1.725 million | Roughly $1.97 million, based on initial estimate | up 14% |
| First half | $3.629 million | Roughly $4.35 million, based on initial estimate | up 20% |
Initial estimates use company-disclosed growth rates to project 2025 sales. These figures are unaudited and subject to revision.
The bridge indicates growth, but not a sequential surge. Second-quarter sales estimates are about 18% lower than those in the first quarter. Present revenue levels do not align with the scale of Thursday’s valuation reset.
Shares of companies in the kidney-device sector showed little movement. SeaStar Medical Holding Corp. (NASDAQ:ICU), provider of a pediatric acute-kidney-injury device, slipped 2.8%. Outset Medical, Inc. (NASDAQ:OM), maker of the Tablo dialysis system, gained 2.1%.
| Company | Relevant product focus | Latest move | Latest volume |
|---|---|---|---|
| Nuwellis | Aquadex ultrafiltration | up 130.2% | 103.2 million |
| SeaStar Medical | Pediatric acute-kidney-injury device | down 2.8% | 24,350 |
| Outset Medical | Hospital and home dialysis platform | up 2.1% | 10,831 |
Liquidity continues to be the main fundamental challenge. As of March 31, Nuwellis held $2.2 million in cash and restricted cash, and carried no debt. The company posted a net loss of $4.3 million in the first quarter, with sales totaling $2.4 million. A public offering in June generated $6 million in gross proceeds.
The company executed a 1-for-35 reverse stock split on June 25. Shareholders later approved as many as 2.40 million warrant shares. They also gave the go-ahead for an additional reverse split in a ratio ranging from 1-for-5 to 1-for-70 to meet Nasdaq requirements. The board has not yet declared a second split.
Risks: The study does not include a control group and lacks extended follow-up. Revenue results are still preliminary. Exercising warrants could lead to shareholder dilution, and high turnover creates the potential for reversal. New installations might need more time before generating regular sales from consumables.
The upcoming key data are scheduled for release on August 13 ahead of the market open. Figures on final revenue, gross margin, cash position and Aquadex utilization will provide a clearer indication of whether demand in pediatric cases is resulting in recurring sales.
