August 2026 INVESTOR PRESENTATION NASDQ: NUWE
Forward-Looking Statements This presentation contains forward‐looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act, as amended regarding our plans, expectations, beliefs, estimates, goals and outlook for the future that are intended
to be covered by the Private Securities Litigation Reform Act of 1995. Except for statements of historical fact, all forward‐looking statements are management’s present expectations and are not guarantees of future events and are subject to a
number of known and unknown risks and uncertainties and other factors that may cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. In some cases, you can identify forward-looking
statements by terminology such as “may,” “will,” “could,” “would,” “should,” “plan,” “predict,” “potential,” “project,” “promising,” “expect,” “estimate,” “anticipate,” “intend,” “goal,” “strategy,” “milestone,” and similar expressions and
variations thereof. Various factors could cause actual results to differ materially from these statements including our ability to execute on our commercial strategy and to grow our Aquadex® business, the possibility that we may be unable to
raise sufficient funds necessary for our anticipated operations, our clinical data collection activities, benefits of our products to patients, our expectations with respect to product development and commercialization efforts, our ability to
increase market and physician acceptance of our products, potentially competitive product offerings, intellectual property protection, our expectations regarding anticipated synergies with and benefits of the Aquadex business, our business
strategy, market size, potential growth opportunities and the other risks set forth under the caption “Risk Factors” and elsewhere in our periodic and other reports filed with the U.S. Securities and Exchange Commission (“SEC”), including our
Annual Report on Form 10‐K for the fiscal year ended December 31, 2025 and subsequent Quarterly Reports on Form 10-Q. We are providing this information as of the date of this presentation, and we undertake no obligation to update any
forward-looking statements contained in this presentation as a result of new information, future events or otherwise. Although the Company believes that the forward‐looking statements are reasonable and based on information currently available,
it can give no assurances that the Company’s expectations are correct. All forward-looking statements are expressly qualified in their entirety by this cautionary statement. 2
Investment Highlights 3 Best-in-class ultrafiltration technology Aquadex® is a
clinically proven system for precise, predictable fluid removal reducing readmissions and improving outcomes Streamlined solution that is cost-effective, workflow-friendly, and backed by comprehensive clinical support Expanding our platform
into new indications and leveraging our commercial infrastructure through partnerships Planned label expansion and new products in development broaden our offering Partnerships that leverage sales team and expand our cardiorenal
solutions Addressing a large and growing market opportunity Total platform potential opportunity exceeds $4.2 billion in the U.S. Accelerating growth in pediatric care Adopted by leading children’s hospitals Pediatrics patients
represents 50% of revenues Improving financial metrics with revenue growth and expanding margins 1H26 revenue growth of 20% over prior-year period 2Q26 gross margins improved to 76% compared to 56% in prior-year period Cash runway through
2Q27 to implement near-term growth initiatives See Appendix for Market Opportunity sources.
Fluid Overload Drives Mortality and Hospitalizations 4 Higher ICU
Mortality Fluid overload is associated with significantly increased 90-day mortality in critically ill ICU patients2 Increased Pediatric Mortality Fluid overload is linked to substantially higher mortality in critically ill children3-4 Key
driver of hospitalizations ~90% of HF hospitalizations are associated with symptoms of fluid overload5 Critical Care Pediatric Heart Failure Fluid Overload is a leading cause of costly hospital readmission post 30 days following cardiac
surgery1 1. Iribarne A, et al. Ann Thorac Surg. 2014; 98(4): 1274-80. 2. Vaara ST et al. Crit Care.2012; 16: 1-11. 3 Sutherland SM, et al. Am J Kidney Disease. 2010; 5(2): 316-25. 4 Gillespie RS, et al. Ped Nephro. 2004; 19(12): 1394-99. 5
Costanzo MR, et al. JACC. 2017 May 16;69(19):2428-2445.
A $4.2B U.S. Clinical Addressable Market Opportunity 5 Nuwellis current
platform and future products collectively address an enormous market opportunity across five segments Critical Care Inpatient HF Outpatient HF Pediatrics Fluid Monitoring Sources: See
Appendix $900MMarket $1BMarket $770MMarket $160MMarket $1.4BMarket
6 Our Solution Aquadex®A clinically proven therapy for precise, predictable
fluid removal1 Low-volume ultrafiltration designed for critically ill patients Allows controlled fluid removal when diuretics fail Adopted in ICU, cardiac surgery, and pediatric critical care programs 1Pinney, S et. al., J AM Coll Cardiol
HF, 2025, ISSN 2213-1779 https://doi.org/10.1016/j.jchf.2024.11.018
Aquadex System: Predictable and Precise Fluid Removal Filtered blood returns to
the patient via the infusion line 5 Blood is taken from the patient via the withdrawal line using proprietary catheter technology 1 The blood is pushed through the filter by the blood pump (0-40 ml per minute) 2 The ultrafiltration pump
withdraws fluid across the filter membrane using negative pressure Hematocrit sensor monitors preset hematocrit limits 3 Ultrafiltration pump can pull 0-500 ml of fluid per hour 4 7
Aquadex System: High-Margin Recurring Revenue Model 8 Flexible acquisition
models: purchase, lease or rental Increasing utilization as adoption spreads One-time CapEx purchase Price point: high-value Single-use for every treatment High-margin Aquadex Console Capital Equipment Disposables Recurring Revenue
Why Hospitals Are Adopting Precision Fluid Management 9 Mortality Acute Kidney
Injury Risk (AKI) Readmissions Pediatrics Fluid overload > 5% body-weight gain is associated with significantly higher mortality across ICU cohorts.1 Postoperative AKI drives higher mortality and longer ICU/PICU stays.2 In HF & CV
surgery, persistent fluid overload at discharge predicts unplanned readmission within 30 days of discharge.3 Aquadex’s low priming blood volume (35 ml) can mitigate complications of other therapies used in children with AKI or ESKD.4
1Messmer AS, Zingg C, Müller M, Gerber JL, Schefold JC, Pfortmueller CA. Fluid overload and mortality in adult critical care patients: A systematic review and meta-analysis of observational studies. Crit Care Med. 2020;48(12):1862–1870
2McIlroy DR, Engelman DT, Shaw AD, et al. Perioperative Quality Initiative (POQI) and Enhanced Recovery After Surgery (ERAS) Cardiac Society Joint Consensus Statement on Adult Cardiac Surgery–Associated Acute Kidney Injury (CSA-AKI) 3Abraham
WT, Adamson PB, Bourge RC, et al. Wireless pulmonary artery haemodynamic monitoring in chronic heart failure: A randomized controlled trial. Lancet. 2011;377(9766):658–666 4Menon S, Broderick J, Munshi R, et al. Kidney Support in Children using
an Ultrafiltration Device: A Multicenter, Retrospective Study. Clin J Am Soc Nephrol. 2019;14(10):1432-1440. doi:10.2215/CJN.03240319
Commercial Execution Demonstrating Broad-Based Growth 10 Broad Clinical
Coverage Pediatric - 29% growth* Pediatric Nephrology & Critical Care Critical Care – 28% growth* ICU/Intensivists & Cardiac Surgery Heart Failure – 27% growth* Heart failure Cardiology *H1 revenue growth YOY Complex Therapy Sales
Capability Experienced sales and clinical teams Expertise navigating multi-department adoption Ability to establish new therapy programs Performance 20% H1 revenue growth vs prior year 72% gross margin up from 56% prior year ~135 active
hospital accounts, including leading U.S. academic hospitals and Centers of Excellence
11 Providers are increasingly seeking out Aquadex for use with children,
validating both the clinical demand and the growing commercial footprint in pediatric centers Expansion of Aquadex labelled weight indication to > 5kg to facilitate broader adoption Development of Vivian as the next-generation pediatric
renal support platform supporting patients as small as 2.5kg Pediatric Adoption Validates Both the Market Need and the Pathway for a Dedicated Solution Installations in 47 Leading U.S. Children’s Hospitals Integrated Into NICUs, PICUs, and
CVICUs Sustained Utilization Growth Establishing a significant pediatric footprint with substantial opportunity for expansion Providing precise, gentle fluid removal for critically ill children who require controlled
ultrafiltration Signaling increasing clinical reliance and expanding need across pediatric care teams Future Pediatric Product Offering to Address Major Unmet Need
Aquadex Pediatric Growth Expansion 12 Successfully completed FDA pre-submission
meeting for proposed Aquadex label expansion to pediatric patients ≥5 kg Proposed expansion supported by: Established body of published pediatric clinical experience Real-world utilization at leading pediatric centers Growing physician
adoption in patients weighing 5–20 kg Strategic impact: Addresses significant unmet need for controlled fluid management in low-weight pediatric patients Expands long-term pediatric market opportunity Company anticipates FDA submission by
year-end 2026
Critical Care: Addressing Fluid Overload Following Cardiac Surgery 13 The
ProblemCardiac surgery can require significant fluid administration, contributing to post-operative fluid overload1 1 DeVore A, et al. Curr Treat Opts Cardiovasc Med. 2014; 16(2):283. 2 Bundgaard-Nielsen M, et al. Acta Anaesthesiol Scand 2009;
53:843-851. 3 Wiedemann HP, et al. N Engl J Med. 2006, 354:2564-75. 4 Stein A, et al. Critical Care. 2012; 16(R99):1-9. 5 Miller TE, et al. Can J Anesthes. 2015; 62:158-68. Aquadex SolutionSimple, predictable fluid removal when precise volume
management is needed Clinical ValueReduces time to be extubated2,3 Shortens time in post op care and ICU length of stay3,4 Improves outcomes2-5 28%Growth H1 over prior year
Heart Failure: Breaking the Cycle of Fluid Overload and Readmission 14 The
Problem Persistent congestion drives repeat hospitalization Aquadex Solution Precise, predictable fluid removal – for patients with fluid overload when diuretics are inadequate 60% Reduction in HF Events at 30 days – Adjustable
ultrafiltration vs. adjustable IV diuretics6 27% H1 2026 Growth – Heart Failure revenue vs prior year 1Gheorghiade M, et al. Eur Heart J Suppl. 2005; 7:B13-9. 2Premier Applied Sciences Database. 3Costanzo MR, et al. J Am Coll Cardiol. 2017,
May 16; 69(19):2428-2445. 4Emani S, et al. (2012) Poster from The 16th Annual Scientific Meeting of HFSA. 5Chung ES, O’Brien TM, et al. Korean Circ J. 2014; 44(3):151-61. ⁶ Pinney SP, DeVita MV, Redfors B, et al. Ultrafiltration for
Management of Decompensated Heart Failure: A Reappraisal of AVOID-HF. JACC Heart Fail. 2025;13(4):657-659.
Expanding Beyond Fluid Removal into Critical Care Solutions 15 Current
Commercial Engine Near-term Expansion Long-term Pediatric Upside Leveraging our ICU & pediatric commercial infrastructure to expand into adjacent monitoring and therapy markets ClarityPRIME Precision fluid removal platform deployed
across ICU and pediatric centers Co-Promotion and Distribution for AtriAmp® Cardiac Rhythm Monitoring Enhancing capabilities with SmartView, High Flow and multiple filters Automated urine output and electrolyte monitoring for critical
care Next-generation pediatric renal support platform *ClarityPRIME is currently under development and is not FDA cleared.
R&D Expanding Aquadex Capabilities to Extend Platform Use 16 SmartView
Provides Real-time Insights Expanding Filtration Range Built For High Flow Multiple Filters For Critical Care Optimizes therapy and supports decisions Seamlessly integrated with EMR and hospital systems Simplifies workflows and improves
productivity Operating range expanded from to 100 mL/min (from 40 mL/min ) Improves filtration efficiency and extends filter life Reduces consumable use and procedural costs Performs in high pressure critical care settings, including
ECMO Adapted to run adsorption and other modality filters Applications include drug overdose/poisoning, chemotherapy filtration, autoimmune disease, sepsis Unlocks new solutions for critical care More Capability. More Filters. More
Patients. Same Trusted Aquadex Platform.
17 Introducing Vivian™Developing our dedicated pediatric solution Currently in
development and supported by a $3M NIH grant. Ultra-low ECV (29–67 mL) for neonatal + small-child CRRT Engineered for patients as small as 2.5kg with unique Hematocrit and SVO2 sensor safety features Integrated UF, CVVH, and CVVHD therapies
in one platform *Vivian is currently under development and is not FDA cleared.
ClarityPRIME* Systems Expands Nuwellis into Smart Fluid Monitoring 18 Addresses
A Critical Need in Cardiac Surgery & Critical Care Enters a High-growth, Underpenetrated Market Fits Directly Into Our Existing Sales Channel Real-time urine output and electrolyte data are essential for early detection of AKI. Targets
the emerging automated urine monitoring segment within the broader urinalysis and critical care monitoring market. RMS price point ($2,500 console; $60–80 kits) aligns with Aquadex’s critical care sales and our common call point. Commercial
Launch Expected in 2H 2027 1 2 3 *ClarityPRIME is currently under development and is not FDA cleared.
Co-Promotion and Distribution Agreements withfor AtriAmp® Cardiac Rhythm
Monitoring 19 Ability to expand revenue per customer by leveraging critical-care commercial infrastructure FDA cleared, sterile, single-patient-use device for adult and pediatric patients with temporary epicardial pacing wires Improved
atrial signal visibility supports faster, more accurate identification of post-operative arrhythmias Enables more informed clinical decision-making AtriAmp® Agreement Value Drivers Leverages existing sales infrastructure Deepens customer
relationships with complementary product supported by same commercial and clinical team Recurring disposable revenue with limited incremental investment Exclusive Distribution Opportunity U.S. rights (ex-NY) · Recurring product
revenue Performance Criteria Pre-established milestones evaluated 6-Month Co-Promotion Pilot ~11 Western states · Current sales team
Strategy Drives Growth with Operating Discipline Drive physician adoption within
new and existing hospitals Expand label to pediatric patients > 5kg Enhance system with workflow improvements and data integration Recent acquisition extends cardiorenal platform Clarity PRIME targeted launch in 2027 Ability to leverage
existing sales channel Recent announcement with Atrility Medical Strategic fit with pediatric and critical care franchise Continue to drive revenue growth (1H26 revenue growth of 20%) Expand grow margins (2Q26 gross margins of 76% vs. 56%
in 2Q25) Expect further operating leverage as recurring utilization continues to scale Develop Vivian CRRT system for pediatric patients > 2.5kg IDE submission with the the FDA expected in 2Q 2028 20 Increase Aquadex Market
Penetration Develop and Market New Products in Cardiorenal Care Pursue Select Distribution Partnerships to Leverage Commercial Infrastructure Improve Operating Leverage Execute Long-Term Portfolio Vision
Target Milestones 21 Target Date Milestone Q3 2026 Publication of ULTRA-Peds
data Q4 2026 FDA 510k submission for Pediatric indication expansion to 5kg (from 20kg) Q4 2026 Additional strategic partnership/distribution agreements H1 2027 Launch of SmartView for Aquadex H2 2027 Launch of expanded high flow range
for Aquadex H2 2027 Clarity PRIME commercial launch Q4 2027 / Q1 2028 Launch of multiple filters for Aquadex
Nuwellis Leadership Team 22 Over 200 years of combined experience in clinical
practice and the medical device industry, including major tenures at J&J, Boston Scientific, Medtronic, and Abbott/St. Jude Medical Ryan Marthaler Vice President of Product Marketing and Business Development Betsy
Riemenschneider Regional Vice President of Sales Carisa Schultz Chief Financial Officer Kelsey Newell Senior Director of Medical Affairs Neil Ayotte Sr. Vice President, General Counsel & Compliance Officer Kim Anderson Vice
President of Operations Scott Campbell Regional Vice President of Sales David Lerner Vice President of Research and Development Mike McCormick President and CEO
Financial Highlights 23 Capitalization as of August 10, 2026 Common
Equivalents Common Stock 3,647,264 Preferred Stock* 5,859 Warrants (weighted avg. exercise price: $10.66) 2,102,300 Options (weighted avg. exercise price: $72.89) 1,722 Fully Diluted 5,757,145 H1 2026 Revenue Growth +20% YoY Q2
2026 Gross Margin 76% versus 55% in year-ago period * See SEC filings for Preferred Stock terms and anti-dilution provisions.
Contact Details Investor & Media Relations: CORE IRYvonne
Briggs ir@nuwellis.com Media Inquiries: CORE PRKati Waldenburg media@nuwellis.com
Appendix Market Size Sources Heart Failure – Inpatient Incidence of HF:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5494150/ Annual HF Hospitalizations: Costanzo MR, et al. J Am Coll Cardiol. 2017 May 16;69(19):2428-2445 Insufficient diuretic response:
https://www.ahajournals.org/doi/10.1161/CIRCHEARTFAILURE.115.002370?url_ver=Z39.88-2003&rfr_id=ori:rid:crossref.org&rfr_dat=cr_pub%20%200pubmed Heart Failure – Outpatient Incidence of HF:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5494150/ Annual HF Hospitalizations: Costanzo MR, et al. J Am Coll Cardiol. 2017 May 16;69(19):2428-2445 Diuretic resistance rate:
https://www.ahajournals.org/doi/10.1161/CIRCHEARTFAILURE.115.002370?url_ver=Z39.88-2003&rfr_id=ori:rid:crossref.org&rfr_dat=cr_pub%20%200pubmed Critical Care VADs:
https://www.grandviewresearch.com/industry-analysis/ventricular-assist-devices-market CABG: https://www.grandviewresearch.com/industry-analysis/coronary-artery-bypass-graft-cabg-market Valves:
https://idataresearch.com/over-182000-heart-valve-replacements-per-year-in-the-united-states/ Liver Transplants: https://www.healthline.com/health/liver-transplant-survival Liver Disease: https://www.ncbi.nlm.nih.gov/pubmed/25291348 Kidney
Disease: https://www.kidney.org/news/newsroom/factsheets/KidneyDiseaseBasics Sepsis: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC6557150/ ECMO: https://www.uclahealth.org/medical-services/heart/ecmo/research/statistics Pediatrics Renal
Replacement/AKI: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC3789331/#:~:text=The%20hospitalized%20population%20at%20risk,are%20shown%20in%20Table%201 Heart Disease:
https://www.cdc.gov/ncbddd/heartdefects/data.html#:~:text=Congenital%20heart%20defects%20are%20conditions,the%20United%20States%20each%20year Pediatric Transplantations: https://www.organdonor.gov/about/donors/child-infant.html Pediatric
ECMO: https://www.ncbi.nlm.nih.gov/pubmed/23246046 25