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Nephros Announces Preliminary Financial Results for Second Quarter 2020
Anticipates $1.6 Million Net Revenues SOUTH ORANGE, NJ, July 08, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Nephros, Inc. (Nasdaq: NEPH), a commercial-stage
About this update from Nephros, Inc.
[{"type":"text","content":"Anticipates $1.6 Million Net Revenues\n SOUTH ORANGE, NJ, July 08, 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 June 30, 2020. Net revenues for the quarter are expected to be $1.6 million, a decrease of approximately 33% compared to the quarter ended June 30, 2019. Nephros ended the quarter with approximately $7.0 million in cash on a consolidated basis. “The headwinds from COVID-19 stopped our four-year quarterly growth streak. We and our customers are adapting to the new normal, and we remain optimistic about our ability to return to our high growth rate path,” commented Daron Evans, President and CEO. “We strongly believe that a new level of attention will be focused on bacteria and virus by our customers as their attention expands beyond a focus on COVID-19. Additionally, we are confident that our new pathogen detection product line will gain traction in the market. These products include PluraPath™, our real-time, field-based pathogen detection system, SequaPath™, our comprehensive portable water screening and analysis system – which we anticipate launching soon – and DialyPath™, our real-time test for dialysis clinics that will detect and quantify endotoxin-producing Gram-negative bacteria. As with the last quarter, potential negative developments could include additional delays in acquiring new customers, particularly if reopening takes longer than anticipated or if some areas in the U.S. experience new restrictions in the operations of businesses in healthcare and hospitality sectors in response to increased COVID-19 cases.” About Nephros Nephros is a commercial-stage company that develops and markets high performance water purification products and pathogen detection systems for medical and commercial markets. Nephros ultrafilters are used in hospitals, medical clinics, and commercial facilities to retain bacteria and viruses from water, providing barriers that aid in infection control for showers, sinks, and ice machines. Nephros ultrafilters are also used in dialysis centers to aid in the removal of endotoxins and other biological contaminants from water and ...