Business
Nephros Announces Results for Quarter Ended June 30, 2023
Second-Quarter Net Revenue of $3.5 Million, a 24% Increase Over 2022;Year-to-Date Revenue Increases 45%; Maintains Positive Cash Flow Results SOUTH ORANGE,
About this update from Nephros, Inc.
[{"type":"text","content":" Second-Quarter Net Revenue of $3.5 Million, a 24% Increase Over 2022;Year-to-Date Revenue Increases 45%; Maintains Positive Cash Flow Results SOUTH ORANGE, NJ, Aug. 09, 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 second quarter ended June 30, 2023. Financial Highlights* Net revenue from continuing operations of $3.5 million, an increase of 24%Net loss from continuing operations of $0.4 million, compared to $0.7 millionAdjusted EBITDA from continuing operations of ($0.2 million), compared to ($0.4 million) *Stated performance is relative to same period prior year (second quarter of 2022) “Last quarter, Nephros achieved two significant milestones: positive cash flow and record quarterly revenue, representing a 71% year-over-year increase,” said Robert Banks, President and Chief Executive Officer. “I am pleased to report that in our second quarter, we maintained positive cash flow and delivered 24% revenue growth year-over-year. I credit much of our success to the implementation of focused sales strategies and solid execution by our dedicated team. Moving into the second half of the year, I look forward to continuing high growth rates.” Andy Astor, Interim Chief Financial Officer, commented, “I am also pleased with our second-quarter financial results. Our core business is stronger than ever, and – coupled with our recent expense reductions – has kept us at cash flow positive status for another quarter. Additionally, gross margins continued to improve in Q2, increasing from 57% in the first quarter to 59% in the second quarter; and Active Customer Sites (ACS) increased to 1,427, a 6% year-over-year increase. We expect that net cash flow will remain strong, although it may fluctuate somewhat, due to working capital usage associated with high revenue growth. Overall, we are confident that the fundamentals of our business continue to improve, and that our increasing cash balances will be sufficient to fund the company for the foreseeable future.” Financial Performance for the Quarter Ended June 30, 2023Net revenue from continuing operations for the quarter ended June 30, 2023 was $3.5 million, compared to $2.9 million in the corresponding period in 2022, an in...