Nuwellis Inc (NASDAQ:NUWE) Stock Extends Fall On Disappointing Earnings
As the earnings season gathers steam, it might be a good time this morning for investors to take a look at some of the companies which announced their financial results yesterday.
Market Stats
On Tuesday, NUWE stock moved up 9.60% at $1.84 with more than 1.55 million shares, compared to its average volume of 348k shares. The stock has moved within a range of $1.8300 – 1.9900 after opening the trade at $1.99.
Third Quarter 2021 Financial Results
Yesterday, Nuwellis Inc (NASDAQ:NUWE) was one of the companies to have announced its financial results for the third fiscal quarter that had ended on September 30, 2021. Although it is true that the Nuwellis stock actually declined and ended the day with losses of as much as 9.50%, it might be a good idea to take a look at the financial results nonetheless.
In the third quarter, the company generated total revenues of as much as $1.9 million and that reflected a drop of as much as 3% on a year on year basis.
On the other hand, in the first 9 months of the year, Nuwellis managed to bring in revenues of $6.3 million and that worked out to a year on year rise of 16% from the same period in 2020. In addition to that, it reflected a rise of 52% from the same period in 2019. Last but not the least, Nuwellis also announced that it set up as many as three new paediatric accounts in the third quarter.
Key Quote
“Although the third quarter was a challenging environment due to COVID headwinds, we were able to continue adding new pediatric customers and drive increased utilization within our Critical Care business at key accounts,” said Nestor Jaramillo, CEO of Nuwellis. “Similar to previous cycles where COVID cases drop following spikes in geographic hot spots, we believe we will be able execute our operating plan and accelerate revenue growth in our key markets when the healthcare environment normalizes.”
Traders Corner
NUWE stock is trading below the 20-Day and 50-Day Moving averages of $2.10 and $2.48 respectively. Moreover, the stock is trading below the 200-Day moving average of $4.92. The stock is down 53% in the past 3-month.
