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NXL vs NUWE // ALTMAN Z-SCORE & DEBT/EQUITY

Nexalin Technology Inc. (NASDAQ) VS. Nuwellis Inc. (NASDAQ) • 15-METRIC TALLY: NXL 3 — NUWE 2
■ METRIC PARITY
15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (NXL VS. NUWE) EMERALD CELL = QUANTITATIVE EDGE
INSTITUTIONAL METRIC NXL NUWE SPREAD (A - B) ADVANTAGE DEDICATED URL
Gross Profit Margin 79.70% 62.00% +17.70 NXL /gross-margins <GO>
Return on Invested Capital (ROIC) -35.00% -35.00% 0.00 TIE /roic <GO>
EV/EBITDA & P/E Valuation — — — TIE /valuation <GO>
Free Cash Flow Yield — — — TIE /fcf-yield <GO>
Operating Margin -60.00% -60.00% 0.00 TIE /operating-margins <GO>
Net Profit Margin -60.00% -60.00% 0.00 TIE /net-margins <GO>
Revenue Growth (YoY) 78.80% -5.40% +84.20 NXL /revenue-growth <GO>
Dividend Yield & FCF Payout Safety 0.00% 0.00% 0.00 TIE /dividend-safety <GO>
Altman Z-Score & Debt/Equity ACTIVE — — — TIE /balance-sheet <GO>
Piotroski F-Score Quality 4/9 3/9 +1.00 NXL /piotroski-score <GO>
Options Implied Move & Put/Call Skew — — — TIE /options-implied-move <GO>
RSI-14 & 200D SMA Momentum 25.8 78.7 -52.90 NUWE /rsi-technicals <GO>
10Y Yield & FRED Macro Beta — — — TIE /macro-sensitivity <GO>
Forward P/E Multiple — — — TIE /forward-pe <GO>
Enterprise Scale & Market Cap $1.7M $2.1M -$369.6K NUWE /market-cap <GO>
5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY
FISCAL YEAR NXL REV NUWE REV NXL GROSS % NUWE GROSS % NXL FCF NUWE FCF
FY 2025 $301.6K $8.3M 79.7% 62.0% -$5.0M -$10.9M
FY 2024 $168.7K $8.7M 78.3% 64.9% -$3.9M -$9.7M
FY 2023 $110.7K $8.9M — — -$3.8M -$17.9M
FRED MACRO REGIME CORRELATION COMPARISON PEARSON r
NXL // BETA —
NUWE // BETA —