Business
Nephros Announces Preliminary Financial Results for First Quarter 2020
Anticipates $2.6 Million Net Revenues, Approximately 45% Growth Over 2019 SOUTH ORANGE, NJ, April 02, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Nephros,
About this update from Nephros, Inc.
[{"type":"text","content":"Anticipates $2.6 Million Net Revenues, Approximately 45% Growth Over 2019\n SOUTH ORANGE, NJ, April 02, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Nephros, Inc. (Nasdaq: NEPH), a commercial-stage company that develops and sells high performance water purification products and pathogen detection systems to the medical and commercial markets, today announced preliminary financial results for the quarter ended March 31, 2020. Net revenues are expected to be $2.6 million, an increase of approximately 45% compared to the quarter ended March 31, 2019. “In this unprecedented time of crisis, we are pleased that the company’s growth continued in the first quarter,” said Daron Evans, President and CEO of Nephros. “These results represent our 15th consecutive quarter of year-on-year sales growth, with a current average of 62%. While the coronavirus pandemic adds uncertainty and risk to all companies, we have seen continued demand for our products and believe we are well-positioned for continued growth through this difficult time and beyond.” Given the uncertainties around the coronavirus pandemic and its potential impacts on our business, both positive and negative, we are withdrawing our previous revenue guidance for 2020. Potential positive impacts include increased demand for both our water filters that help protect patients from waterborne pathogens, including bacteria and viruses, and PluraPath™, our recently launched real-time, field-based pathogen detection system. Potential negative impacts include possible interruptions to our supply chain and delays in new customer acquisition activities. Nephros ended the quarter with approximately $8.9 million in cash on a consolidated basis. About Nephros Nephros is a commercial-stage company that develops and sells high performance water purification products to the medical and commercial markets. Nephros ultrafilters are primarily used in hospitals and medical clinics for added protection in retaining bacteria (e.g., Legionella, Pseudomonas) and viruses from water, providing barriers that assist in improving infection control in showers, sinks, and ice machines. Additionally, Nephros ultrafilters are used by dialysis centers for assisting in the removal of endotoxins and other biological contaminants from water and bicarbonate concentrate supplied to hemodialysis machines and patients. Nep...