Business
Nephros Reports First Quarter Financial Results
Product Revenue up 43% over Q1 2019 SOUTH ORANGE, NJ, May 06, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Nephros, Inc. (Nasdaq:NEPH), a commercial-stage
About this update from Nephros, Inc.
[{"type":"text","content":"Product Revenue up 43% over Q1 2019\n SOUTH ORANGE, NJ, May 06, 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 financial results for the three months ended March 31, 2020. Financial Highlights Water Filtration Business Segment Highlights Net revenue was $2.5 million, up 43% compared with $1.8 million in 2019Net loss was $0.6 million, compared with $0.8 million in 2019Adjusted EBITDA was ($0.4 million) compared with ($0.5 million) in 2019 Consolidated Highlights Net revenue was $2.5 million, up 43% compared with $1.8 million in 2019Net loss was $1.1 million, compared with $1.3 million in 2019Adjusted EBITDA was ($0.8 million), compared with ($0.9 million) in 2019 “We would like to take this opportunity to thank all the health care workers supporting COVID-19 patients,” said Daron Evans, President and CEO of Nephros. “We are always grateful to be part of an infrastructure of people and equipment that protects patients from waterborne pathogens, and in these challenging times, our purpose is even more resolute. To that end, we have accelerated our pathogen detection efforts to better support our water treatment partners. As America transitions back to work over the coming months, our partners will be working tirelessly to help them ensure that under-used buildings are safe to reoccupy.” Consolidated Financial Performance for the Quarter Ended March 31, 2020 Net revenue for the quarter ended March 31, 2020 was $2.5 million, compared with $1.8 million in 2019, an increase of 43%. Net loss for the quarter ended March 31, 2020 was $1.1 million, compared with a net loss of $1.3 million in 2019, a 19% improvement. Adjusted EBITDA for the quarter ended March 31, 2020 was ($0.8 million), compared with ($0.9 million) in 2019, a 7% improvement. Cost of goods sold for the quarter ended March 31, 2020 was $1.0 million, compared with $0.8 million in 2019, an increase of 35%. Gross margins for the quarter ended March 31, 2020 were 59%, compared with 56% in 2019. Management expects future gross margins to continue in the range of 55% to 60%. Research and development expenses for the quarter ended March 31, 2020 were $0.6 million, compared wi...