Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Nuwellis, Inc.NUWE · healthcare | |
|---|---|
| Grade |  Eweakest fifth of 371 graded peers; percentile 89.2, sampling error 2.5 points; lower is stronger |
| Rank | 331 of 371 |
| Profitability | Bpercentile 24.1 |
| Solvency | Epercentile 86.9 |
| Growth and financing | Epercentile 89.2 |
| Reliability | 0.76 AUCfailure model, filers with under $12.5M assets; 95% interval 0.65 to 0.86; 63 events, 2020 to 2025 |
| Peer failure rate | 0.60% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | under $12.5M assetstotal assets $6.1M[1] |
| Standard universe | outsiderevenue above $1M and assets above $10M[1-2] |
| Warnings | dilution, short runway · fortress balance sheetnot computable: distress |
| Inputs computable | 8 of 14 |
| Graded from | filings received through Mar 11, 2026212 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $0.682026-10-08; market equity $2.5M; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Mar 11, 2026; the document on sec.gov.
Nuwellis is dedicated to advancing cardiorenal care by enabling earlier, safer, and more controlled fluid management for patients. The company is focused on developing, manufacturing, and commercializing medical devices used in ultrafiltration therapy, including the Aquadex FlexFlow® and the Aquadex SmartFlow® systems (collectively the “Aquadex System”). The Aquadex SmartFlow® system is indicated for temporary (up to eight hours) or extended (longer than 8 hours in patients who require hospitalization) use in adult and pediatric patients weighing 20 kg or more whose fluid overload is unresponsive to medical management, including diuretics.
Warnings [top]
7 checks ran; none of them enters the letter. The checks are listed on the warnings screen.
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 24.1 | |||||||
| Gross profitability | 83.8% | [1,8] | 32.2% | 7.0 | 372 | 2025-12-31 | |
| Return on invested capital | not computable | 9.3% | |||||
| a prior annual debt, equity, and cash observation is required | |||||||
| Accruals ratio | (84.0%) | [1,9-11] | (6.6%) | 4.7 | 811 | 2025-12-31 | |
| Gross margin stability, five years | 3.7 pts | [2,8,12-19] | 2.8 pts | 60.7 | 243 | 2025-12-31 | |
| Solvency, sleeve percentile 86.9 | |||||||
| Twelve-month failure probability | not computable | 0.07% | |||||
| latest liabilities, cash plus short-term investments, book equity, and shares are required | |||||||
| Altman Z double-prime | (177.65) | [1,20-25] | (0.31) | 97.6 | 756 | 2025-12-31 | |
| Net debt to EBITDA | not computable | 1.82x | |||||
| EBITDA must exceed $100,000 | |||||||
| Interest coverage | not computable | (4.51x) | |||||
| latest aligned inputs end 2016-12-31; latest annual assets end 2025-12-31 | |||||||
| Current ratio | 1.71x | [20-21] | 2.96x | 76.3 | 839 | 2025-12-31 | |
| Growth and financing, sleeve percentile 89.2 | |||||||
| Revenue growth, three-year compound | (1.1%) | [2,13,15,17] | 10.0% | 74.2 | 415 | 2025-12-31 | |
| Free cash flow growth, three-year compound | not computable | 10.9% | |||||
| current FCF must be positive and base FCF must exceed $100,000 | |||||||
| Reinvestment rate | not computable | 37.1% | |||||
| pretax income must exceed the validity floor and imply a 0%-100% tax rate | |||||||
| Asset growth, three years | (37.2%) | [1,11,26-27] | 2.1% | 95.7 | 704 | 2025-12-31 | |
| Net share issuance, one year | 2,118.6% | [3-4] | 2.5% | 97.8 | 634 | 2026-03-06 | |
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.373; sampling error 2.5 percentile points on 371 peers.
Among 371 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 326 | Intelligent BIO Solutions Inc. (INBS) Intelligent BIO Solutions Inc. (INBS) Eweakest fifth; percentile 87.8 Nasdaq · Surgical & Medical Instruments & Apparatus market equity $4.8M; last close $1.56 Warnings: dilution, short runway; 7 of 14 inputs | 87.8 | E | dilution, short runway |
| 327 | Bristol Myers Squibb Co. (BMY) Bristol Myers Squibb Co. (BMY) Eweakest fifth; percentile 88.2 NYSE · Pharmaceutical Preparations last close $59.56 No active warnings; 7 of 14 inputs | 88.2 | E | |
| 328 | Bristol Myers Squibb Co. (CELG-RI) Bristol Myers Squibb Co. (CELG-RI) Eweakest fifth; percentile 88.2 NYSE · Pharmaceutical Preparations No active warnings; 7 of 14 inputs | 88.2 | E | |
| 329 | Maravai Lifesciences Holdings, Inc. (MRVI) Maravai Lifesciences Holdings, Inc. (MRVI) Eweakest fifth; percentile 88.6 Nasdaq · Pharmaceutical Preparations last close $7.20 Warnings: late filer; 7 of 14 inputs | 88.6 | E | late filer |
| 330 | Insight Molecular Diagnostics Inc. (IMDX) Insight Molecular Diagnostics Inc. (IMDX) Eweakest fifth; percentile 88.9 Nasdaq · In Vitro & In Vivo Diagnostic Substances market equity $107.3M; last close $3.27 Warnings: fortress balance sheet; 8 of 14 inputs | 88.9 | E | fortress balance sheet |
| 331 | Nuwellis, Inc. (NUWE) Nuwellis, Inc. (NUWE) Eweakest fifth; percentile 89.2 Nasdaq · Electromedical & Electrotherapeutic Apparatus market equity $2.5M; last close $0.68 Warnings: dilution, short runway, fortress balance sheet; 8 of 14 inputs | 89.2 | E | dilution, short runway, fortress balance sheet |
| 332 | Aclaris Therapeutics, Inc. (ACRS) Aclaris Therapeutics, Inc. (ACRS) Eweakest fifth; percentile 89.5 Nasdaq · Pharmaceutical Preparations market equity $557.9M; last close $3.79 Warnings: short runway, fortress balance sheet; 9 of 14 inputs | 89.5 | E | short runway, fortress balance sheet |
| 333 | Brookdale Senior Living Inc. (BKD) Brookdale Senior Living Inc. (BKD) Eweakest fifth; percentile 89.7 NYSE · Services-Nursing & Personal Care Facilities market equity $2.6B; last close $10.88 No active warnings; 12 of 14 inputs | 89.7 | E | |
| 334 | Lifeward Ltd. (LFWD) Lifeward Ltd. (LFWD) Eweakest fifth; percentile 90.0 Nasdaq · Orthopedic, Prosthetic & Surgical Appliances & Supplies market equity $18.2M; last close $7.02 Warnings: dilution, late filer; 8 of 14 inputs | 90.0 | E | dilution, late filer |
| 335 | Canopy Growth Corp. (CGC) Canopy Growth Corp. (CGC) Eweakest fifth; percentile 90.3 Nasdaq · Medicinal Chemicals & Botanical Products market equity $358.2M; last close $0.85 Warnings: dilution, fortress balance sheet; 9 of 14 inputs | 90.3 | E | dilution, fortress balance sheet |
| 336 | Aytu Biopharma, Inc. (AYTU) Aytu Biopharma, Inc. (AYTU) Eweakest fifth; percentile 90.5 Nasdaq · Pharmaceutical Preparations market equity $22.3M; last close $2.10 Warnings: fortress balance sheet; 7 of 14 inputs | 90.5 | E | fortress balance sheet |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 86.3 | 2204 |
| sector peers, equal sleeves (the grade) | E | 89.2 | 371 |
| same exchange, equal sleeves | E | 86.8 | 1219 |
| sector peers, equal inputs | E | 88.4 | 371 |
Each letter is one fifth of the 371 graded peers, about 74 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (99.3%) | 8.0% | 0 | hotter than 0 of 100 peers |
| Distance from 52-week high | (99.5%) | (31.4%) | 0 | closer to its high than 0 of 100 peers |
| EBIT to enterprise value | (2,198.0%) | (1.5%) | 0 | pricier than 100 of 100 peers |
| Free cash flow yield | (442.7%) | (1.0%) | 2 | pricier than 98 of 100 peers |
| Book value to price | (0.83) | 0.28 | 2 | pricier than 98 of 100 peers |
| Sales to price | 3.36 | 0.31 | 95 | pricier than 5 of 100 peers |
| Composite equity issuance, five years | 1,487.1% | 20.3% | 100 | more equity-funded than 100 of 100 peers |
| Relative strength against the sector, log excess return | (5.21) | (0.14) | 0 | ahead of 0 of 100 peers |
Inputs: market equity $2.5M; EBIT -$11.1M; free cash flow -$10.9M; book equity -$2.1M; sales $8.3M; debt $2.0M; cash $3.9M[28].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (177.6%) | ✗ fail[9,11] |
| Operating cash flow above zero | -$10.8M | ✗ fail[10] |
| Return on assets improved | (63.3 pts) | ✗ fail[9,11,26,29] |
| Operating cash flow exceeds net income | $6.7M | ✓ pass[9-10] |
| Long-term leverage fell | n/a[1,11,26] | |
| Current ratio improved | (175.0 pts) | ✗ fail[20-21,30-31] |
| No new shares issued | 2,118.6% | ✗ fail[3-4] |
| Gross margin improved | (3.0 pts) | ✗ fail[2,8,12-13] |
| Asset turnover improved | (5.6 pts) | ✗ fail[2,11,13,26] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $3.9M[5] |
| Operating cash flow, four quarters | -$12.5M[5,10,32-35] |
| Months of runway | 3.8 |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 57 |
| 10-Q received Aug 13, 2026 | |
| Median daily dollar volume | $316,944 |
| 63 sessions | |
| Days since newest grade input | 212 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $6.1M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $8.3M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 3 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 2,310,477 | 2026-03-06 | 2026-03-11 | 10-K | filing · viewer · series |
| 4 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 4,373,986 | 2025-03-07 | 2025-03-11 | 10-K | filing · viewer · series |
| 5 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $3.9M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 6 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $23.1M | 2015-12-31 | 2018-03-22 | 10-K | filing · viewer · series |
| 7 | total debt | us-gaap:LongTermDebt | $3.9M | 2015-12-31 | 2017-03-08 | 10-K | filing · viewer · series |
| 8 | gross profit | us-gaap:GrossProfit | $5.1M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 9 | net income | us-gaap:NetIncomeLoss | -$17.5M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 10 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$10.8M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 11 | assets | us-gaap:Assets | $9.9M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 12 | gross profit | us-gaap:GrossProfit | $5.7M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 13 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $8.7M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 14 | gross profit | us-gaap:GrossProfit | $5.0M | 2023-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 15 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $8.9M | 2023-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 16 | gross profit | us-gaap:GrossProfit | $4.8M | 2022-12-31 | 2024-03-11 | 10-K | filing · viewer · series |
| 17 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $8.5M | 2022-12-31 | 2024-03-11 | 10-K | filing · viewer · series |
| 18 | gross profit | us-gaap:GrossProfit | $4.5M | 2021-12-31 | 2023-03-03 | 10-K | filing · viewer · series |
| 19 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $7.9M | 2021-12-31 | 2023-03-03 | 10-K | filing · viewer · series |
| 20 | current assets | us-gaap:AssetsCurrent | $5.2M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 21 | current liabilities | us-gaap:LiabilitiesCurrent | $3.0M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 22 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | -$316.3M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 23 | operating income | us-gaap:OperatingIncomeLoss | -$11.1M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 24 | book equity | us-gaap:StockholdersEquity | $2.6M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 25 | liabilities | us-gaap:Liabilities | $3.5M | 2025-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 26 | assets | us-gaap:Assets | $9.8M | 2023-12-31 | 2025-03-11 | 10-K | filing · viewer · series |
| 27 | assets | us-gaap:Assets | $24.7M | 2022-12-31 | 2024-03-11 | 10-K | filing · viewer · series |
| 28 | shares outstanding | dei:EntityCommonStockSharesOutstanding | 3,647,264 | 2026-08-10 | 2026-08-13 | 10-Q | filing · viewer · series |
| 29 | net income | us-gaap:NetIncomeLoss | -$11.2M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 30 | current assets | us-gaap:AssetsCurrent | $8.9M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 31 | current liabilities | us-gaap:LiabilitiesCurrent | $2.6M | 2024-12-31 | 2026-03-11 | 10-K | filing · viewer · series |
| 32 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$6.3M | 2026-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
| 33 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$3.1M | 2026-03-31 | 2026-05-15 | 10-Q | filing · viewer · series |
| 34 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$7.8M | 2025-09-30 | 2025-11-12 | 10-Q | filing · viewer · series |
| 35 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | -$4.6M | 2025-06-30 | 2026-08-13 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 89.2 is 9.2 points from the nearest band edge; sampling error is 2.5 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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