Nuo Therapeutics, Inc.
Nuo Therapeutics, Inc. is a U.S.-based commercial-stage medical device company focused on chronic wound care. Its core product is Aurix, an autologous cell-based therapy platform used in wound healing settings, supported by related centrifuge devices, packaging, and distribution arrangements.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueThe company's own branded autologous wound care product sold through its sales network.
Aurix supplied under Smith+Nephew's private label for U.S. distribution.
Upfront and ongoing fees tied to the Smith+Nephew distribution agreement.
Devices and supporting items used to prepare or deliver the Aurix therapy.
Products
Reported · share of revenue- Products93.2 %
- License6.8 %
Source: 10-Q FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
Nuo sells primarily to wound care providers, especially hospital outpatient wound care clinics and related clinical settings. Its customers also include third-party sales representatives, distributors, and a large strategic partner, Smith+Nephew, which purchases private label product and acts as an interim sales agent for certain Aurix-branded sales.
Buy Aurix for chronic wound treatment and clinical use after internal evaluation and reimbursement alignment.
Clinics and providers that purchase the product to treat complex chronic wounds in outpatient settings.
Purchases private label Aurix product and supports distribution of Aurix-branded product to its customers.
Third-party representatives that help generate orders and expand commercial coverage across U.S. markets.
Evaluate the product for clinical adoption and purchasing approval within hospital systems.
Strategy
Nuo's strategy is to expand adoption of Aurix in chronic wound care by building relationships with wound care providers and hospital systems. It is also using a strategic distribution relationship with Smith+Nephew to broaden market access while continuing to sell its own branded product.
Broader field coverage should increase awareness and access to Aurix among wound care providers.
Clinical approval and reimbursement execution are necessary for routine use in outpatient wound care.
The partnership can extend reach and add a second commercialization channel for Aurix.
Geography
Nuo is centered on the United States, where it commercializes Aurix and builds its sales network. Its commercial footprint is concentrated in U.S. wound care markets, including multiple large western markets through a multi-state agreement with Pacific Medical, Inc. The company does not disclose meaningful non-U.S. revenue in the provided excerpts.
Risks
Nuo depends on successful reimbursement, clinical adoption, and execution by a relatively small commercial organization, which makes revenue growth sensitive to payer and provider acceptance. The company also faces product, distribution, and supply-chain risks tied to manufacturing, transfer pricing, and partner execution, especially under the Smith+Nephew arrangement.
- Reimbursement and coverage dependenceImpact: High
Aurix adoption relies on Medicare contractor administration and payer acceptance in wound care.
Exposure: U.S. hospital outpatient wound care
- Commercial adoption riskImpact: High
Hospitals and clinics must approve the product through value analysis and clinical review before broad use.
Exposure: Hospital outpatient wound care clinics
- Manufacturing and supply-chain riskImpact: MediumLikelihood: High
The company must manufacture, package, and ship product on time and at agreed transfer prices.
Exposure: Private label product and centrifuge devices
- Partner concentration riskImpact: MediumLikelihood: Low
Smith+Nephew is an important distribution partner and private label customer.
Exposure: U.S. private label distribution
Accounting
Judgemental itemsThe $1.5 million fee is recognized over five years, affecting reported revenue timing.
Impact: Smooths revenue recognition versus cash receipt
Aurix and private label product sales are recognized when control transfers, creating quarter-to-quarter variability.
Impact: Impacts reported sales growth and gross profit
Centrifuge device purchases and transfer pricing influence gross margin and inventory balances.
Impact: Affects cost of goods sold and margin profile
Sales-agent commissions and packaging/shipping costs rise with commercial activity.
Impact: Affects operating expense timing and comparability
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Last updated: 24/09/2026