Nuwellis Executes 35-for-1 Reverse Split, Names New CEO, Reports 26% Revenue Gain
NUWE•Nuwellis executed a 35-for-1 reverse stock split on June 26 to satisfy Nasdaq listing rules and appointed Mike McCormick as CEO effective June 30 to spearhead growth. In Q1 2026, revenue rose 26% year-over-year and gross margin improved to 70.1% while launching a three-unit pediatric Aquadex program in Michigan.
1. Reverse Stock Split Execution
On June 26, 2026, Nuwellis implemented a 35-for-1 reverse stock split to consolidate its outstanding shares and meet Nasdaq listing requirements. This corporate action increased the price per share by reducing share count without altering market capitalization.
2. Leadership Transition
Effective June 30, Mike McCormick was appointed Chief Executive Officer to lead Nuwellis's next growth phase. His mandate includes expanding commercial operations and driving adoption of the Aquadex system in new markets.
3. Q1 Financial Performance
In the first quarter of 2026, Nuwellis reported a 26% year-over-year increase in revenue and achieved a 70.1% gross margin, up 14 percentage points from the prior year. These results reflect improved operational efficiency and stronger product sales.
4. Pediatric Program Launch
The company launched its first pediatric Aquadex SmartFlow program in Michigan, installing three systems to treat pediatric fluid management cases. This initiative aims to open a new market segment and support long-term revenue diversification.
