On this page of StockholderLetter.com we present the latest annual shareholder letter from Nuwellis, Inc. — ticker symbol NUWE. Reading current and past NUWE letters to shareholders can bring important insights into the investment thesis.

 •  5/17/2024 Letter Continued (Full PDF)
 •  4/7/2023 NUWE Stockholder Letter
 •  More "Medical Instruments & Supplies" Category Stockholder Letters
 •  NUWE Benford's Law Stock Score = 96

NUWE Shareholder/Stockholder Letter Transcript:

Dear Nuwellis Stockholders:
May 17, 2024
2023 proved to be a year of significant progress for Nuwellis. We navigated a challenging environment for
micro-cap companies while staying focused on our strategic growth initiatives, including new product
development, expanding our clinical and market access to the Aquadex   system in treating heart failure
patients, and enhancing our strategic collaborations with key strategic partners. This resulted in a strong
second half, with overall revenue growth of 27% compared to the first half of the year.
A key highlight was the remarkable turnaround in domestic console sales, surging 207% in the second half
of the year. This signifies strong potential for future utilization and patient treatment with the Aquadex
system for patients suffering from fluid overload. We ended 2023 with record fourth quarter revenue,
demonstrating continued momentum.
We remain committed to our internal product development. We continue to advance the pediatric
continuous kidney replacement therapy device, Vivian   . We, along with many pediatric nephrologists,
believe this product holds the promise to significantly improve the survival and quality of life in neonates
born with kidney disfunction. Additionally, the late-2023 FDA clearance for the 11cm dELC Catheter
provides physicians with more venous access options for adult treatments using the Aquadex system.
In 2023, we solidified our corporate development efforts with a strategic collaboration with DaVita. This
collaboration allows us to pilot Aquadex therapy for adult heart failure patients in select U.S. markets.
Pairing Aquadex with DaVita   s clinical infrastructure could potentially help accelerate the clinical adoption
of ultrafiltration when first-line medical treatments are ineffective. Our organization is thrilled and actively
collaborating with the DaVita team as we prepare to begin patient therapy.
We are also pleased with the progress of our distribution partner, SeaStar Medical. Their Selective
Cytopheretic Device (SCD), Quelimmune   , received FDA HDE approval in February 2024. With exclusive
U.S. license and distribution rights, we have begun commercializing Quelimmune in targeted medical
centers. The unique technology behind Quelimmune has demonstrated a 77% survival rate in children with
potentially deadly hyperinflammation. This product complements Vivian, further strengthening our pediatric
care portfolio.
Since Aquadex    s commercial reintroduction in 2016, we have positively impacted the lives of approximately
25,700 patients and their families. The milestones achieved in 2023 and our plans for 2024 bring us closer
to our ambitious goal of treating 100,000 patients within ten years. We commend our dedicated employees,
whose resilience, passion, and tenacity continue to drive Nuwellis' mission forward.
With the momentum gained in the latter half of 2023, increased awareness of Aquadex    s efficacy, and the
valuable milestones achieved, despite capital market headwinds, we believe that Nuwellis is poised for
meaningful growth in 2024. We remain excited about the future and are committed to delivering value to
our investors, customers, and the patients we serve.
Thank you for your continued support, without it, we would not be able to achieve key advances in
transforming the lives of patients suffering from fluid overload.
Very truly yours,
Nestor Jaramillo, Jr.
President & Chief Executive Officer

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 5/17/2024 Letter Continued (Full PDF)