Q4 2024 Nuwellis Inc Earnings Call
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Operator: Good morning and welcome to the Nuwellis earnings conference call for the fourth quarter and full year ended December 31st, 2024. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero.
Speaker Change: Good morning, and welcome to the Nols earnings Conference call for the fourth quarter and full year ended December 31st 2024.
All participants will be in a listen only mode.
Speaker Change: Should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.
Operator: After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then 1 on your telephone keypad. To withdraw your question, please press star, then 2.
Speaker Change: After todays presentation, there will be an opportunity to ask questions.
Speaker Change: To ask a question you May Press Star, then one where your telephone keypad.
Speaker Change: To withdraw your question. Please press Star then two.
Operator: 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.
Speaker Change: 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.
Speaker Change: A replay of the call will be available approximately one hour after the end of the call.
Vivian Cervantes: I would now like to turn the conference over to Vivian Cervantes, Investor Relations, Gilmour Team Group. Please go ahead. Thank you, Operator.
Speaker Change: I would now like to turn the conference over to be the answer Ventas Investor Relations Gilmartin group.
Speaker Change: Please go ahead.
Speaker Change: Thank you operator, good morning, everyone. Thank you for joining us on today's conference call to discuss new wild fish corporate developments and financial results for the fourth quarter and full year December 31, 2024 and.
Vivian Cervantes: Good morning, everyone. Thank you for joining us on today's conference call to discuss Nuwellis' corporate developments and financial results for the fourth quarter and full year, December 31st, 2024. In addition to myself, with us today are John Erb, Nuwellis' Chairman of the Board and Interim CEO, as well as Rob Scott, CFO. At 8 o'clock Eastern Time today, Nuwellis released financial results for the fourth quarter and full year 2024. If you have not received Nuwellis' earnings release, please visit the investor page on the company's website.
Speaker Change: In addition to myself with US today are John Erb, No I was the chairman.
Speaker Change: The board and interim CEO I've, just Rob Scott CFO.
Speaker Change: At eight o'clock eastern time today, the wireless released financial results for the fourth quarter and full year 2024.
Speaker Change: Have not received Neurolysis <unk> earnings release, please visit the Investor page on the company's website.
Vivian Cervantes: During today's conference call, the company will be making forward-looking statements. All forward-looking statements made during today's call will be protected under the Private Securities Litigation Reform Act of 1995. Any statements that relate to expectations or predictions of future events and market trends as well as our estimated results or performance are forward-looking statements. All forward-looking statements are based upon our current estimates and various assumptions. These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward-looking statements. All forward-looking statements are based upon current available information.
Speaker Change: During today today's conference call the company will be making forward looking statements. All forward looking statements made during today's call will be protected under the private Securities Litigation Reform Act of 1995.
Speaker Change: Any statements that relate to expectations or predictions of future events and market trends as well as our estimated results or performance are forward looking statements.
Speaker Change: All forward looking statements are based upon our current estimates and various assumptions.
Speaker Change: These statements involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied by these forward looking statements.
Speaker Change: All forward looking statements are based upon current available information.
Vivian Cervantes: and the company assumes no obligation to update these statements. Accordingly, you should not place undue reliance on these states. please refer to the cautionary statements and discussion of risk in the company's filings with the SEC, including the latest.
Speaker Change: And the company assumes no obligation to update these statements Accordingly, you should not place undue reliance on these statements. Please refer to the cautionary statements and discussion of risk in the company's filings with the SEC, including the latest 10-K.
John Erb: With that, I now would like to turn the call over to John. Thank you, Vivian, and good morning, everyone. Welcome to Nuwellis's fourth quarter and full year 2024 earnings conference call. I will provide an overview of our fourth quarter performance and give an update on our strategic initiatives as we welcome 2025. Next, our Chief Financial Officer, Rob Scott, will provide a detailed commentary on our financial results before opening the call up for questions and then concluding our call with my closing remarks.
John: With that I now would like to turn the call over to John.
John: Thank you Vivian and good morning, everyone welcome to <unk> fourth quarter and full year 2024 earnings conference call I will provide an overview of our fourth quarter performance and give an update on our strategic initiatives as we welcome 2025.
Speaker Change: Next our Chief Financial Officer, Rob Scott will provide a detailed commentary on our financial results before opening the call up for questions and then concluding our call with my closing remarks.
John Erb: Before I begin my review of our fourth quarter results, I would like to take a moment to acknowledge and thank Nestor Jaramillo for his many important strategic contributions to Nuwellis and wish him the best in his retirement. I am honored to take the helm and work closely with the team to execute on near-term priorities as we search for a permanent CEO. Turning to 2025, I'd like to convey how positive our team is for what lies ahead of us. Our focused execution and continued growth in our body of clinical data has resulted in nine new account wins throughout 2024.
Speaker Change: Before I begin my review of our fourth quarter results I would like to take a moment to acknowledge and thank nestor harder meal for his many important strategic contributions junior Welch and wish him. The best in his retirement I am honored to take the helm and work closely with the team to execute on near term priorities.
Speaker Change: As we search for a permanent CEO.
Speaker Change: Turning to 2025 I'd like to convey how positive our team is for what lies ahead of us our focused execution and continued growth in our body of clinical data has resulted in nine new account wins throughout 2024, combined with a new and favorable reimbursement change effective January 1st allowing us.
John Erb: Combined with a new and favorable reimbursement change effective January 1st, allowing us to actively enter a new market for outpatient services for our Aquadex technology, we expect to see continued momentum as we penetrate accounts, now both in the inpatient and outpatient settings. Turning to the quarter, Nuwellis generated $2.3 million in revenue for the fourth quarter of 2024, a 9% decrease year-over-year due to a decline in U.S. console sales and international sales, and offset by a 21% increase in consumables utilization as clinicians are using, increase using and adoption of our Aquadex system. We are pleased to see the increase in the number of patients treated, a testimony of the clinical value of using the Aquadex ultrafiltration system to treat a portion of the 1 million patients hospitalized annually for heart failure and symptoms of fluid overload.
Speaker Change: To actively entering new market for outpatient services for architects technology, we expect to see continued momentum as we penetrate accounts now both in the inpatient and outpatient settings.
Speaker Change: Turning to the quarter <unk> generated $2 3 million in revenue for the fourth quarter of 2024% to 9% decrease year over year due to a decline in U S console sales and international sales and offset by a 21% increase in consumables utilization.
Speaker Change: <unk> as clinicians are using.
Speaker Change: The increase using and adoption of our <unk> system. We are pleased to see the increase in the number of patients treated a testimony of the clinical value using the Ocwen next ultrafiltration system to treat a portion of the 1 million patients hospitalized annually for heart failure and symptoms of fluid overload.
John Erb: By customer category, we are pleased to report 35% year-over-year quarterly revenue growth in our critical care business, our largest customer category, which benefited from both the higher console sales and consumable utilization. We also saw two recent account wins in pediatrics with the University of Iowa Health Care Steve Family Children's Hospitals joining our network and the pediatric division of a nationally ranked Utah hospital earlier this year. For the remainder of our customer categories, heart failure and pediatrics were down 36% and 20%, respectively, on lower console sales.
Speaker Change: By customer category, we are pleased to report 35% year over year quarterly revenue growth in our critical care business, our largest customer category, which benefited from both the higher console sales and consumable utilization.
Speaker Change: We also saw two recent account wins in pediatrics with the University of Iowa Health care, Steve family Children's hospitals, joining our network and the pediatric division of a nationally ranked Utah Hospital earlier this year.
Speaker Change: For the remainder of our customer categories heart failure in pediatrics were down, 36% and 20% respectively on lower console sales in 2025. We are excited about several strategic initiatives that will position us continue to continue to drive growth in our business.
John Erb: In 2025, we are excited about several strategic initiatives that will position us to continue to drive growth in our business. As mentioned in the past, a key initiative for us is to build our body of clinical evidence in order to make our Aquadex Ultrafiltration Therapy a standard of care and get into medical society guidelines. Therefore, we're very excited by a recent peer-reviewed publication in JACC Heart Failure, as this data demonstrated patients who received Aquadex Therapy had a 60% reduction in heart failure events at 30 days when compared to those receiving traditional IV diuretics. We believe this data helps advance current medical management of heart failure, paving the way for broader adoption of our technology.
Speaker Change: As mentioned in the past a key initiative for US is to build our body of clinical evidence in order to make our awkward ex ultrafiltration therapy, a standard of care and get into medical Society guidelines. Therefore were very excited by our recent peer reviewed publication in J a C C heart failure as this data.
Speaker Change: Demonstrated patients who received <unk> therapy had a 60% reduction in heart failure events at 30 days when compared to those receiving traditional IV diuretics. We believe this data helps advance current medical management of heart failure paving the way for broader adoption of our technology.
John Erb: Further, following active discussions with clinicians and financial healthcare consultants, we are pleased to announce last November that Nuwellis received notice from the Centers of Medicare and Medicaid Services, also known as CMS, that the Aquadex Ultrafiltration Code will be reassigned to the outpatient reimbursement level most consistent with administration of ultrafiltration therapy and cost of treatment. Effective January 1st, 2025, the facility reimbursement fee increased nearly four times from $413 to $1,639 per day. With this increased reimbursement, we are opening a new chapter for Nuwellis as we enter the outpatient market for Aquadex Ultrafiltration Therapy. We anticipate seeing top-line growth from this rate increase as we penetrate new accounts and markets.
Speaker Change: Further following active discussions with clinicians and financial health care consultants. We are pleased to announce last November that well. This received notice from the centers of Medicare and Medicaid services also known as CMS that the Aqua decks ultrafiltration code will be reassigned to the outpaced.
Speaker Change: Reimbursement level, most consistent with administration of ultrafiltration therapy and cost of treatment.
Speaker Change: <unk> January one 2025, the facility reimbursement fee increased nearly four times from $413 to $1639 per day with this increased reimbursement we are opening a new chapter for new Atlas as we entered the outpatient market for Aqua decks ultra patient ultra.
Speaker Change: Filtration therapy.
Speaker Change: We anticipate seeing topline growth from this rate increase as we penetrate new accounts and markets.
John Erb: This early in the process, we are in active conversations with existing account customers who are evaluating adding an outpatient arrangement, building on their already existing inpatient programs. We look forward to providing you with updates on this initiative. We remain focused on driving market penetration of our Aquadex ultrafiltration therapy as we leverage our body of clinical evidence and the fourfold increase in daily facility reimbursement in the outpatient setting.
This early in the process, we are in active conversations with existing account customers, who are evaluating adding an outpatient arrangement building on their already existing inpatient programs. We look forward to providing you with updates on this initiative.
Speaker Change: We remain focused on driving market penetration of our Aqua decks ultrafiltration therapy, as we leverage our body of clinical evidence and the fourfold increase in daily facility reimbursement in the outpatient setting.
John Erb: Before turning the call over to Rob for our financial discussion, let me spend a few moments more with additional color on the new data published in JACC Heart Failure. The published data was a reappraisal of 224 patients from the AVOID-HF trial and demonstrated that Aquadex outperformed IV diuretics in reducing heart failure events by 60% at 30 days. The re-evaluated data offers compelling evidence supporting the use of ultrafiltration over conventional diuretics. We want to thank Dr. Maria Rosa Costanzo for her work to initiate and lead the AVOID-HF trial, in addition to collaborating with Dr. Penney and Dr. DeVita as authors of the JACC heart failure publication.
Speaker Change: Before turning the call over to Rob for a financial discussion, let me spend a few moments Moore with additional color on the new data published in J a C C heart failure.
Speaker Change: The published data was a reappraisal of 224 patients from the avoid H F trial and demonstrated that Aqua decks outperformed IV diabetics in reducing heart failure events by 60% at 30 days. The reevaluated data offers compelling evidence supporting the use of.
Speaker Change: <unk> over conventional diuretic.
Speaker Change: We want to thank Dr. Maria Rosa Costanzo for her work to initiate and lead the avoid HFF trial. In addition to collaborating with Dr. <unk> and Dr. Davita as authors of the J, a chichi heart failure publication.
John Erb: The original trial of which Dr. Maria Rosa Costanza was the principal investigator, was initiated by Gambrill in 2012, and was later terminated prematurely by Baxter after his acquisition of Gambrill for reasons unrelated to patient outcomes or device safety. However, new statistical techniques have allowed a reappraisal of the AVOID-HF data that not only showed a significant reduction in heart failure events, but also suggested trends towards fewer hospitalizations for those treated with Aquadex over IV diuretics. These findings underscore the need for further investigation, including our reverse HF trial to fully validate the benefits of Aquadex, particularly in reducing hospitalization rates and improving overall quality of life for heart failure patients.
Speaker Change: The original trial of which Dr. Maria Rosa Costanzo was the principal investigator was initiated by Gambro in 2012 and was later terminated prematurely by Baxter after its acquisition of gambro for reasons unrelated to patient outcomes or device safety.
Speaker Change: However, new statistical techniques have allowed a reappraisal of the avoid H F data that not only showed a significant reduction in heart failure events, but also suggested trends towards fewer hospitalizations for those treated with Aqua <unk> over IV diuretics.
Speaker Change: These findings underscore the need for further investigation, including a reverse H F trial to fully validate the benefits of awkward X, particularly in reducing hospitalization rates and improving overall quality of life for heart failure patients I'd like now to turn to Rob to discuss our fourth quarter financial.
Rob Scott: I'd like now to turn to Rob to discuss our fourth quarter financial results. Thank you, John, and good morning, everyone. Turning to the Q4 financial results, revenue for the fourth quarter was $2.3 million, a 9% decline over the prior year period due to lower U.S. console sales and international sales, partially offset by a 21% increase in consumables utilization. Our critical care customer category posted a 35% increase compared to a year ago, supported by positive growth in both council sales and consumables utilization. Our heart failure and pediatric customer categories were down 36% and 20% respectively on lower console sales.
Our results.
Rob Scott: Thank you John and good morning, everyone.
Rob Scott: Turning to the Q4 financial results revenue for the fourth quarter was $2 $3 million, a 9% decline over the prior year period due to lower U S console sales and international sales, partially offset by a 21% increase in consumable utilization.
Rob Scott: Our critical care customer category posted a 35% increase compared to a year ago supported by positive growth in both console sales and consumables utilization.
Rob Scott: Our heart failure in pediatric customer categories were down, 36% and 20% respectively on lower console sales.
Rob Scott: Gross margin was 58.4% for the fourth quarter compared to gross margin of 54.4% in the prior year. The margin improvement was primarily driven by higher manufacturing volumes of consumables and lower fixed overhead manufacturing expenses.
Rob Scott: Gross margin was 58, 4% for the fourth quarter compared to gross margin of 54, 4% in the prior year quarter. The margin improvement was primarily driven by higher manufacturing volumes of consumables and lower fixed overhead manufacturing expenses.
Rob Scott: In December 2024, you will recall the company had a voluntary recall of specific lots of blood circuit units from identified accounts. Accordingly, the current year period includes a non-recurring expense of approximately $150,000. Selling general and administrative expenses were $2.9 million in the fourth quarter. an improvement of approximately 19% as compared to $3.6 million in the fourth quarter of 2022. The decrease in SG&A was primarily realized through efficiency initiatives enacted in the second half of 2023 and in early 2024. Fourth quarter research and development expense was $831,000 compared to $1.4 million in the prior year period.
Rob Scott: In December 2024, you will recall the company had a voluntary recall of specific lots of blood circuit units from identified accounts.
Rob Scott: <unk>. The current year period includes a nonrecurring expense of approximately $150000.
Rob Scott: Selling general and administrative expenses were $2 $9 million in the fourth quarter and improved an improvement of approximately 19% as compared to $3 $6 million in the fourth quarter of 2023.
Rob Scott: The decrease in SG&A was primarily primarily realized through efficiency initiatives enacted in the second half of 2023 and in early 2024.
Rob Scott: Fourth quarter research and development expense was $831000 compared to $1 4 million in the prior year period.
Rob Scott: The decrease in R&D expense was primarily due to reduced consulting fees and compensation-related expenses. Total operating expenses were $3.7 million in the quarter, a decrease of approximately $1.3 million, or 25%, as compared to the fourth quarter of 2023, as we continue to realize savings from operating efficiency initiatives enacted in the second half of 2023 and in early 2020. Operating loss in the fourth quarter was $2.4 million compared to an operating loss of $3.6 million in the prior year period, resulting in a $1.2 million period-over-period improvement. Net loss attributable to common shareholders in the fourth quarter was $1.5 million, or a loss of 44 cents per share, compared to a net loss attributable to common shareholders of $7.9 million, or a loss of $54.48 per share, for the same period in 2023.
Rob Scott: The decrease in R&D expense was primarily due to reduced consulting fees and compensation related expenses.
Rob Scott: Total operating expenses were $3 $7 million in the quarter, a decrease of approximately $1 $3 million or 25% as compared to the fourth quarter of 2023, as we continue to realize savings from operating efficiency initiatives enacted in the second half of 2023 and in early 2024.
Rob Scott: Operating loss in the fourth quarter was $2 4 million.
Rob Scott: Compared to an operating loss of $3 6 million in the prior year period, resulting in a $1 $2 million period over period improvement.
Rob Scott: Net loss attributable to common shareholders in the fourth quarter was $1 5 million or a loss of 44 cents per share compared to a net loss attributable to common shareholders of $7 $9 million or a loss of $54 48 per share for the same period in 2023.
Rob Scott: Fourth quarter net loss attributable to common shareholder improvement was primarily the result of a reduction in operating expenses realized through operating efficiency initiatives and the recognition of a one-time $900,000 gain contingency from the termination of the CSTAR medical distribution agreement. Additionally, the prior year period included $2 million of other expense and $2.4 million of a deemed dividend and payment-in-time dividend related to the company's October 2023 financing. At December 31st, 2024, we had $5.1 million in cash, in cash equivalents, and with no debt on the balance.
Rob Scott: Fourth quarter net loss attributable to common shareholder improvement was primarily the result of a reduction in operating expenses realized through operating efficiency initiatives and the recognition of a one time $900000 gain contingency from the termination of the <unk> medical distribution agreement.
Rob Scott: Additionally, the prior year period included $2 million of other expense and $2 $4 million of a deemed dividend and payment in kind dividends related to the company's October 2023 financing.
Rob Scott: At December 31, 2024, we had $5 $1 million in cash and cash equivalents and with no debt on the balance sheet.
Operator: This concludes our prepared remarks. Operator, we would now like to open the call to Thank you, and at this time, if you would like to ask a question, please press the star and 1 on your telephone keypad. You may withdraw your question at any time by pressing star 2. Once again, to ask a question, please press the star and 1 or your telephone keypad.
Rob Scott: This concludes our prepared remarks, operator, we would now like to open the call for questions.
Speaker Change: Thank you and at this time, if you would like to ask a question. Please press star one on your telephone keypad.
Speaker Change: You may withdraw your question at any time by pressing star two.
Speaker Change: Once again to ask a question. Please press the star and one or your telephone keypad.
Jonathan Aschoff: We'll take our first question from Jonathan Aschoff with Ross. Please go ahead. Your line is open. Thank you. Good morning. Welcome, John. And, Rob, nice to hear your voice again.
Speaker Change: We will take our first question from Jonathan Aschoff with Roth. Please go ahead. Your line is open.
Speaker Change: Thank you and good morning welcome John.
Rob Nice to hear your voice again can you guys describe any initial traction in the outpatient setting for <unk> given that January one reimbursement change.
John Erb: Can you guys describe any initial traction in the outpatient setting for Aquadex given that January 1st reimbursement change? Yeah, traction is beginning with several accounts that are existing accounts that have treated patient in outpatient, but actually now need to set up a more permanent facility for outpatient treatment.
Speaker Change: Yeah traction is beginning with several accounts that are existing accounts.
Have treated patient in outpatient, but actually now need to set up a more permanent facility for outpatient treatment. So it's probably going to take another month or so to really start seeing these <unk> come online, but we're pretty pleased with the number.
John Erb: So it's probably gonna take another month or so to really start seeing these come online, but we're pretty pleased with the number of initial accounts and activity working towards outpatient. Okay, thanks.
Speaker Change: Accounts and activity working towards outpatient.
Speaker Change: Okay. Thanks, Bob by the way how many <unk> units consoles were placed in <unk> 25, <unk> 24, and could you remind us what that number is all surface <unk> 24.
John Erb: By the way, how many Aquadex units, you know, consoles were placed in 4Q24? And could you remind us what that number is also for 3Q24? Q4, specifically 2024? Yeah, yeah. Yep, we sold three units in Q4. and how about third quarter? Third quarter 2024 was 11 units.
Speaker Change: Q4, specifically 2024, yeah.
Speaker Change: Yeah, Yeah yeah.
Speaker Change: Yes, we sold we sold $3 three units in Q4.
And how about third quarter.
Speaker Change: Third quarter 2024 was 11 units.
Speaker Change: Okay.
John Erb: May I ask, is it possible to guide us on when reverse HF trial will complete enrollment and then it's a pretty simple calculation when you could come up with initial top line data thereafter or is that still difficult? I would say it's difficult to gauge. You know, we continue to enroll and are pleased with the investigators' involvement and engagement. But to predict it at this point would be premature.
Speaker Change: May I ask a little.
Speaker Change: Is it possible to guide us on win reverse CHF trial will complete enrollment and then it's a pretty simple calculation. When you could come up with initial top line data thereafter or is that still difficult to gauge.
Speaker Change: I would say it's difficult to gauge we continue to enroll and are pleased with the investigators.
Speaker Change: Involvement and engagement, but to predict it at this point would be premature.
John Erb: Okay and would you have the same answer for timing on the start of the Vivian clinical trial or is that a little easier? basically the same answer.
Speaker Change: Okay and would you have the same answer for timing on the start of the Vivian clinical trial or is that a little easier to gauge.
Speaker Change: Basically the same answer.
Speaker Change: Okay.
Jonathan Aschoff: Okay, that does it for me. Thank you very much. Thank you.
Speaker Change: That that does it for me. Thank you very much guys.
Thank you.
Speaker Change: Thank you. Our next question comes from Anthony Vendetti with Maxim Group. Please go ahead. Your line is open.
Anthony Vendetti: Our next question comes from Anthony Vendetti with Maxim Group. Please go ahead. Your line is open. Okay, thanks. Hi, John. How are you? I'm great. Thanks.
Speaker Change: Okay. Thanks.
Speaker Change: Hi, John how are you.
Speaker Change: Okay, great. Thanks.
John Erb: So You were the CEO before Nestor. As you take the reins back over in the interim basis, is there one or two things you would do differently or at the top of your list right now? And then, in terms of the search... Is that, has that actively begun, have any candidates been identified, and have you hired an executive search firm or right now are you doing that internally? Thanks so much. Sure. Well, let me start off and say that, you know, I've stepped in to be part of a team that I think is very, very effective and is doing a very good job.
Speaker Change: Yeah. So.
Speaker Change: You were the CEO before before Nestor.
Speaker Change: As you as you take that.
Speaker Change: Back over in the interim basis.
Speaker Change: Is there one or two different one or two things you would do differently or are at the top of your list right now and then.
Speaker Change: In terms of the search.
Speaker Change: Is that.
Speaker Change: Has that actively be gone have any candidate has been identified and have you hired.
Speaker Change: <unk> search firm or right now are you doing that internally. Thanks, so much.
Speaker Change: Sure well, let me start off and say that.
Speaker Change: I have stepped in to be part of a team.
Speaker Change: I think is very very effective and is doing a very good job. So there's not an immediate need to make big changes or a shift direction. Our focus I think what's really valuable for the team and for the company here is the recent publication.
John Erb: So there's not an immediate need to make big changes or shift direction or focus. I think what's really valuable for the team and for the company here is the recent publication in Jack that really showed the value of ultrafiltration over diuretics. That's going to be a very valuable tool for our sales team in the field. The second is the reimbursement for outpatient, the fact that we really now can open up that opportunity. And that is not just in heart failure. We also believe there'll be value in critical care, where patients that are undergoing a cardiac procedure often have to come in and be tuned up to have fluid removed before a procedure, particularly if they're going to be put on a heart-lung machine where a tremendous amount of fluid is added.
Speaker Change: And Jack that really show the value of ultrafiltration over diuretic, because that's going to be a very valuable tool for our sales team in the field.
Speaker Change: The second is the reimbursement for outpatient and fact that we really now can open up that opportunity and that is not just in heart failure. We also believe there'll be value in critical care, where patients that are undergoing cardiac procedure often have to come in and be tuned up to have fluid removed before procedure.
Speaker Change: Particularly if theyre going to be put on a heart lung machine, where tremendous amount of fluid is added then they can use <unk> to help get the fluid. Afterwards, so we think the outpatient will benefit.
John Erb: Then they can use aquadex to help get the fluid afterwards. So we think the outpatient reimbursement will benefit both heart failure and critical care units. So those are really key.
Speaker Change: Outpatient reimbursement benefit both heart failure and critical care units. So those are really key as far as replacement we have hired a search firm that is in the process.
John Erb: As far as replacement, we have hired a search firm that is in the process. I do have a couple of names that reached out to me, basically, that I've talked to and we're passing along to the search firm.
I do have a couple of names that reached out to me basically that I've talked to him with passing along to the search firms. So we're.
Speaker Change: We're active.
John Erb: So we're active on it, hopefully have somebody much more exciting than me here in the near future. Okay, great. Thanks so much. That's it for me right now. I'll hop back in the queue. Appreciate it. Thank you.
Speaker Change: On it.
Speaker Change: Hopefully have somebody.
Speaker Change: More exciting than me here in the near future.
Speaker Change: Okay, great. Thanks, so much.
Speaker Change: That's it for me right now I'll hop back in the queue I appreciate it.
Speaker Change: Thank you.
Operator: It looks like we have another. Actually, we show no further questions at this time.
Speaker Change: Let's say we have another.
John: Actually we show no further questions at this time I will now turn the call back to John for some concluding remarks.
John Erb: I will now turn the call back to John for some concluding remarks. Thank you, operator. Nuwellis enters 2025, buoyed by progress made on key growth initiatives. We continue to build upon our body of clinical evidence with the most recent publication at Jack Heart Failure, confirming the significant clinical benefits of the Aquadex SmartFlow system. Coupled with the recent four-fold improvement in CMS reimbursement for ultrafiltration in the outpatient setting, assessing a new market for Nuwellis, we further develop Aquadex's position as a preferred solution, offering clinical and economic value to healthcare systems and patients in both inpatient and outpatient settings.
John: Thank you operator, new outlet centers 2025, buoyed by progress made on key growth initiatives. We continue to build upon our body of clinical evidence with the most recent publication at Jack Heart failure, confirming the significant clinical benefits of the awkward X smart flow system Cup.
John: Coupled with the recent four fold improvement in CMS reimbursement for ultrafiltration in the outpatient setting assessing a new market for Nols. We further developed <unk> position as a preferred solution offering clinical and economic value to healthcare systems and patients in both inpatient and outpatient settings.
John: <unk>.
John Erb: I want to thank all of our stakeholders, Nuwellis employees, stockholders, physicians, nurses, patients, and healthcare workers in the field. Without your support, we would not be able to achieve key advances in transforming the lives of patients suffering from fluid overload. Thank you all for your participation and support.
John: I want to thank all of our stakeholders, new wireless employees stockholders physicians nurses patients and health care workers in the field without your support we would not be able to achieve key advances in transforming the lives of patients suffering from fluid overload. Thank you all for your participation and support.
Operator: And this does conclude today's program. Thank you for your participation. You may disconnect at any time. © BF-WATCH TV 2021
John: And this does conclude today's program. Thank you for your participation you may disconnect at any time.
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