Business
Nephros Announces Results for Quarter Ended September 30, 2021
Third Quarter Net Revenue of $2.6 MillionUp 24% Year-Over-Year and 16% Quarter-over-Quarter SOUTH ORANGE, NJ, Nov. 04, 2021 (GLOBE NEWSWIRE) -- via
About this update from Nephros, Inc.
[{"type":"text","content":" Third Quarter Net Revenue of $2.6 MillionUp 24% Year-Over-Year and 16% Quarter-over-Quarter SOUTH ORANGE, NJ, Nov. 04, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Nephros, Inc.(Nasdaq: NEPH), a leading water technology company providing filtration and pathogen detection solutions to the medical and commercial markets, today announced results for the three months ended September 30, 2021. Financial Highlights Water Filtration Business Segment Highlights* Net revenue of $2.6 million, an increase of 22%Net loss of $0.8 million, an increase of 92%Adjusted EBITDA of ($0.3 million) an improvement of 6% Consolidated Highlights* Net revenue of $2.6 million, an increase of 24%Net loss of $1.2 million, an increase of 15%Adjusted EBITDA of ($0.7 million), an improvement of 22% *Stated performance is relative to same period prior year (third quarter of 2020) “Year-to-date revenue through September 30 was the highest in the company’s history, and a 23% over the same period last year,” said Andy Astor, Chief Executive Officer of Nephros. “We are pleased with these results, especially given the prevalence of the COVID-19 Delta variant during the quarter, which may have suppressed our sales. We are optimistic that revenue growth rates will continue to increase, as the pandemic subsides and our markets fully reopen.” Mr. Astor continued, “Our Pathogen Detection Systems (PDS) business segment generated small but promising new revenue. We believe this relatively young business will see significant growth in 2022. Regarding our second-generation HDF system, the FDA completed its Acceptance Review for the product, and has now entered its Substantive Review phase, which we anticipate will be completed around the end of this year.” Consolidated Financial Performance for the Quarter Ended September 30, 2021 Net revenue for the quarter ended September 30, 2021 was $2.6 million, compared with $2.1 million in the corresponding period in 2020, an increase of 24%. Net loss for the quarter ended September 30, 2021 was $1.2 million, compared with a net loss of $1.0 million for the quarter ended September 30, 2020, an increase of 15%. Adjusted EBITDA for the quarter ended September 30, 2021 was ($0.7 million), compared with ($1.0 million) during the same period in 2020. Cost of goods sold for the quarter ended September 30, 2021 was $1.2 million, compared wi...