Business
Nephros Appoints Dan D’Agostino as CFO and Reports Third Quarter Financial Results
Finance Veteran Strengthens Management Team; Quarter-over-Quarter Net Revenue up 34%; Year-over-Year down 31% SOUTH ORANGE, NJ, Nov. 05, 2020 (GLOBE NEWSWIRE)
About this update from Nephros, Inc.
[{"type":"text","content":"Finance Veteran Strengthens Management Team; Quarter-over-Quarter Net Revenue up 34%; Year-over-Year down 31%\n SOUTH ORANGE, NJ, Nov. 05, 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 that Dan D’Agostino was appointed the company’s Chief Financial Officer, effective November 6, 2020. Nephros also announced financial results for the three months ended September 30, 2020. “We have known Dan for years, and are very pleased to announce his addition to the team,” said Andy Astor, Chief Executive Officer of Nephros. “Dan brings deep experience and knowledge of the microcap life sciences environment, having served as CFO in a microcap firm and in other senior roles at several investment banks. Dan also provided financial advice to Nephros during the 2018 capital raise for our subsidiary, Specialty Renal Products (“SRP”).” “I have been impressed with Nephros’s turnaround over the past few years and am excited to join the team,” said Dan D’Agostino. “With nearly four years of continuous revenue growth prior to the COVID-19 pandemic, I believe Nephros is strongly positioned to return to high growth rates in 2021, and I look forward to help drive the company forward.” Dan D’Agostino brings 30 years of financial leadership to Nephros, with experience at firms including Synergy Pharmaceuticals, where he served as CFO, as well as R.W. Pressprich, AmeriTech Advisors, ThinkEquity, Punk Ziegel, Gerard Klauer Mattison, Deutsche Bank, and Wasserstein Perella. Financial Highlights Water Filtration Business Segment Highlights Net revenue was $2.1 million, down 31% compared with $3.1 million in 2019Net loss was $0.4 million, compared with $0.2 million in 2019Adjusted EBITDA was ($0.3 million), compared with $0.4 million in 2019 Consolidated Highlights Net revenue was $2.1 million, down 31% compared with $3.1 million in 2019Net loss was $1.0 million, compared with $0.7 million in 2019Adjusted EBITDA was ($1.0 million) compared with ($0.2 million) in 2019 “We are pleased that third quarter performance was significantly stronger than the second quarter, with sequential growth at 34%,” said Mr. Astor. “While our year-over-year revenues declined du...