Nuo Therapeutics is a small commercial-stage medical device company focused on chronic wound care in the U.S. Its sole meaningful product is the Aurix System, a point-of-care device that draws a patient's blood, processes it via centrifuge, and produces a platelet-rich plasma (PRP) gel applied directly to chronic wounds such as diabetic foot ulcers, leg ulcers, and pressure ulcers. The idea is that chronic wounds lack sufficient concentrations of growth factors, and by activating the patient's own platelets, Aurix delivers those proteins directly to the wound site. Aurix is one of only three PRP products FDA-cleared for chronic wound care. Nuo sells Aurix kits to hospital outpatient wound care clinics and private practice physicians through a network of over 200 third-party sales agents and distributors. In 2025, Nuo also entered a distribution agreement with Smith+Nephew, which distributes a private-label version of Aurix exclusively in the U.S. Reimbursement is the central driver of commercial viability — Aurix received FDA clearance in 2007 but was commercially unviable until CMS issued a favorable National Coverage Determination in April 2021, and Nuo only restarted commercial operations in October 2021. As of January 2025, CMS established reimbursement rates of $890 per treatment in physician offices and $2,108 in hospital outpatient departments. Nuo's cost structure is lean, with just 10 full-time employees and outsourced manufacturing. The Smith+Nephew deal included a $1.5M upfront fee and a minimum annual purchase commitment averaging ~$500K per year.