Nuwellis Stock Is Soaring: What's Going On?

Nuwellis Inc NUWE shares are trading higher Tuesday after the company reported fourth-quarter and full-year preliminary results.

What Happened: Nuwellis said it expects fourth-quarter revenue to be up approximately 42% in the fourth quarter on a year-over-year basis. Fourth-quarter revenue is expected to be around $2.3 million, led by the company's Pediatrics segment, followed by Heart Failure and Critical Care.

"The expansion of our field sales team and clinical education specialists, bolstered by our market penetration initiatives and growing body of clinical evidence, drove strong sales momentum in the fourth quarter," said Nestor Jaramillo, president and CEO of Nuwellis.

Nuwellis is trending following its preliminary results as traders highlight high short interest in the name. It was among the top trending tickers on Stocktwits at last check. 20.71% of the float is currently sold short, according to Benzinga Pro.

Nuwellis is a medical device company dedicated to transforming the lives of patients suffering from fluid overload through science, collaboration and innovation.

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NUWE Price Action: Nuwellis has a 52-week high of $185 and a 52-week low of $6.08.

The stock was up 13.7% at $10.60 at time of publication, according to Benzinga Pro.

Photo: Parentingupstream from Pixabay.