Business
Nephros Announces Fourth Quarter and Fiscal Year 2022 Financial Results
Full-Year Net Revenue of $10 Million and Fourth Quarter Net Revenue of $2.6 Million SOUTH ORANGE, NJ, March 08, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire –
About this update from Nephros, Inc.
[{"type":"text","content":" Full-Year Net Revenue of $10 Million and Fourth Quarter Net Revenue of $2.6 Million SOUTH ORANGE, NJ, March 08, 2023 (GLOBE NEWSWIRE) -- via NewMediaWire – Nephros, Inc. (Nasdaq: NEPH), a leading water technology company providing filtration solutions to the medical and commercial markets, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022. Financial Highlights Fourth Quarter Ended December 31, 2022 – Consolidated Net revenue from continuing operations was $2.6 million, compared to $2.7 million in the fourth quarter of 2021, down 6% Net loss from continuing operations was ($0.7 million), approximately equal to the same period in 2021 Adjusted EBITDA from continuing operations was ($0.5 million), compared to ($0.1 million) in the fourth quarter of 2021 Year-End 2022 – Consolidated Net revenue from continuing operations was $10.0 million, compared with $10.2 million in 2021, down 2% Net loss from continuing operations was ($4.3 million), compared with ($2.8 million) in 2021 Adjusted EBITDA from continuing operations was ($2.4 million), compared with ($1.6 million) in 2021 “2022 was a year of refocusing and rebuilding for Nephros,” said Andy Astor, President and Chief Executive Officer. “After a challenging first half of the year, we established a target of cash flow breakeven (“CFBE”) by mid-year 2023, coupled with significant revenue growth by that same time. We have made good progress on both fronts.” “In our efforts to achieve CFBE, we took multiple actions, including broad headcount and expense reductions, the disposition of our Pathogen Detection Systems (“PDS”) business segment, and two price increases during the year, which were intended to return us to target gross margins of 55-60%. I am pleased to report that our fourth-quarter gross margins were 59%. Additionally, our net cash usage for the first half of the year was $2.8 million, compared to $0.5 million in the second half of the year, an 80% improvement.” Mr. Astor continued, “In an effort to set the company up for future revenue growth, we took several actions, including a restructuring of our sales organization, the doubling of our sales team, and the relaunch of our commercial filtration business, which included a rebrand of our commercial filter products from Aether to Nephros. Of further note, we established a strate...