Business
Nephros Announces Financial Results for Quarter Ended June 30, 2024
Second-Quarter Net Revenue of $3.3 Million; New Accounts Help Drive Growth in Core Programmatic Business SOUTH ORANGE, NJ, Aug. 08, 2024 (GLOBE NEWSWIRE) --
About this update from Nephros, Inc.
[{"type":"text","content":"Second-Quarter Net Revenue of $3.3 Million; New Accounts Help Drive Growth in Core Programmatic Business SOUTH ORANGE, NJ, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Nephros, Inc. (Nasdaq: NEPH), a leading water technology company providing filtration solutions to the medical and commercial markets, today announced financial results for the second quarter ended June 30, 2024. Financial Highlights* Net revenue of $3.3 million, a decrease of 8% over Q2 prior year; programmatic revenue (excluding emergency response revenue) increased 8% over Q2 prior yearNet loss of $0.3 million, compared to a net loss of $0.4 millionAdjusted EBITDA of ($133,000), compared to ($183,000) *Stated performance is relative to same period in the prior year unless otherwise noted. “The results this quarter reinforce our perspective following Q1, and reflect continued progress within our regular, programmatic business,” commented Robert Banks, President and Chief Executive Officer. “The team has done a great job at securing new business with over 300 new accounts added in the past 12 months. This expansion represents an 8% increase year-over-year in programmatic, non-emergency response sales, outpacing the growth of the market,” Robert Banks added, “In contrast, we have observed a decline in the emergency response business, leading to muted overall revenue. We believe that one contributor to this shift is the reduced stringency of waterborne risk response in territories previously committed to both proactive filtration measures and robust corrective actions.” Robert Banks continued, “While Nephros is growing its active customer sites faster than ever, a portion of our user base is failing to maintain filter changeout schedules, subsequently leading to inconsistent reorders. Such facilities are challenged by a variety of factors, including reduced labor forces and lengthy processes for purchasing approval. In order to respond, Nephros continues to develop a variety of new business models such as digital support, automatic replenishment, and the bundling of services with filter purchases.” Financial Performance for the Quarter Ended June 30, 2024 Net revenue for the quarter ended June 30, 2024, was $3.3 million, compared to $3.5 million in the corresponding period in 2023, a decrease of 8%. In the second quarter of 2023, we had sizable emergency response business whi...