Business
Nephros Reports 2020 Fourth Quarter and Full Year Financial Results
Fourth Quarter Net Revenue $2.3 Million, Up 10% Sequentially Over Third QuarterFull Year Revenue $8.6 million, Down 17% Against Prior Year SOUTH ORANGE, NJ,
About this update from Nephros, Inc.
[{"type":"text","content":"Fourth Quarter Net Revenue $2.3 Million, Up 10% Sequentially Over Third QuarterFull Year Revenue $8.6 million, Down 17% Against Prior Year SOUTH ORANGE, NJ, March 01, 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 financial results for the fourth quarter and full year ended December 31, 2020. Financial Highlights Fourth Quarter Ended December 31, 2020 – Water Filtration Business Segment Net revenue was $2.3 million, compared with $3.2 million in 2019, down 26%Net loss was ($298,000), compared with net income of $234,000 in 2019Adjusted EBITDA was ($11,000), compared with $747,000 in 2019 Fourth Quarter Ended December 31, 2020 – Consolidated Net revenue was $2.3 million, compared with $3.2 million in 2019, down 26%Net loss was ($759,000), compared with ($144,000) million in 2019Adjusted EBITDA was ($466,000), compared with $374,000 in 2019 Year-End 2020 – Water Filtration Business Segment Net revenue was $8.5 million, compared with $10.3 million in 2019, down 17%Net loss was ($2.2 million), compared with ($1.1 million) in 2019Adjusted EBITDA was ($1.4 million), compared with $464,000 in 2019 Year-end 2020 – Consolidated Net revenue was $8.6 million, compared with $10.3 million in 2019, down 17%Net loss was ($4.5 million), compared with ($3.2 million) in 2019Adjusted EBITDA was ($3.6 million), compared with ($1.2 million) in 2019 “While 2020 was a challenging year overall, we were pleased to deliver consecutive quarter-over-quarter growth in the second half,” said Andy Astor, Chief Executive Officer of Nephros. “The two hardest hit segments of our business were new customer acquisitions and emergency response, offset by stable recurring revenue from our existing customer base, limiting our overall downturn for the year to 17%. As COVID-19 immunity increases over the coming weeks and months, we are optimistic that our business will return to pre-pandemic growth levels in the latter half of this year.” Financial Performance for the Fourth Quarter and Year Ended December 31, 2020 Net revenue for the year ended December 31, 2020 was $8.6 million, compared with $10.3 million in 2019, a decrease of 17%. Net revenues for the fourth quarter of 2020 were $2.3 million, com...