Business
Nephros Announces Results for Quarter Ended March 31, 2023
First-Quarter Net Revenue of $3.7 Million;Achieves Positive Cash Flow Months Earlier than Forecast SOUTH ORANGE, NJ, May 10, 2023 (GLOBE NEWSWIRE) -- via
About this update from Nephros, Inc.
[{"type":"text","content":" First-Quarter Net Revenue of $3.7 Million;Achieves Positive Cash Flow Months Earlier than Forecast SOUTH ORANGE, NJ, May 10, 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 first quarter ended March 31, 2023. Financial Highlights* Net revenue from continuing operations of $3.7 million, an increase of 71%Net loss from continuing operations of $0.3 million, compared to $1.6 million.Adjusted EBITDA from continuing operations of $0.1 million, compared to ($1.2 million) *Stated performance is relative to same period prior year (first quarter of 2022) “We are very pleased to report record net quarterly revenue and positive cash flow, both significant milestones for Nephros,” said Andy Astor, retiring President and Chief Executive Officer. “We are particularly pleased that cash flow turned positive several months earlier than our forecast for mid-2023. This was driven by multiple factors reflecting our past year's efforts, including reduced expenses, normalized gross margins, and strong revenue growth in both our core and emergency response businesses.” \"It is my pleasure to join the Nephros team at this auspicious time,” said Robert Banks, incoming President and Chief Executive Officer. “I am excited for the opportunity to build on the company’s recent achievements, particularly with respect to consistently high growth rates and long-term profitability.” Financial Performance for the Quarter Ended March 31, 2023Net revenue from continuing operations for the quarter ended March 31, 2023, was $3.7 million, compared to $2.2 million in the corresponding period in 2022, an increase of 71%. Net loss from continuing operations for the quarter ended March 31, 2023, was $0.3 million, compared to $1.6 million during the same period in 2022. The decrease in net loss from continuing operations was driven by increased revenue and gross margins and decreased research and development costs. Adjusted EBITDA from continuing operations for the quarter ended March 31, 2023, was $0.1 million, compared to ($1.2 million) during the same period in 2022. Cost of goods sold for the quarter ended March 31, 2023 was $1.6 million, compared with $1.1 million for the quarter ended March 31, 2...