Business
Nephros Reports Second Quarter Financial Results
SOUTH ORANGE, NJ, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Net Revenue down 32% due to COVID-19 Interruptions via NEWMEDIAWIRE -- Nephros, Inc. (Nasdaq:NEPH), a
About this update from Nephros, Inc.
[{"type":"text","content":"SOUTH ORANGE, NJ, Aug. 05, 2020 (GLOBE NEWSWIRE) -- Net Revenue down 32% due to COVID-19 Interruptions\n 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 June 30, 2020. Financial Highlights Water Filtration Business Segment Highlights Net revenue was $1.6 million, down 32% compared with $2.3 million in 2019Net loss was $0.9 million, compared with $0.3 million in 2019Adjusted EBITDA was ($0.7 million), compared with breakeven in 2019 Consolidated Highlights Net revenue was $1.6 million, down 32% compared with $2.3 million in 2019Net loss was $1.7 million, compared with $0.9 million in 2019Adjusted EBITDA was ($1.4 million) compared with ($0.5 million) in 2019 “While COVID-19 broke our streak of 15 quarters of year-over-year growth, we remain optimistic about our growth prospects,” said Daron Evans, President and CEO. “We have already seen some strengthening of the market in early Q3, and we hope to see a return to revenue growth soon, as the pandemic evolves from an all-hands-on-deck emergency to a ‘new normal’ background issue.” Mr. Evans continued, “During the relatively slower second quarter, our team focused on building new capabilities, including the acceleration and release of our SequaPath™ product and our recently published study of water in buildings affected by COVID-19-related shutdowns. In the near future, we will also release DialyPath™, our real-time test for dialysis clinics that will detect and quantify endotoxin-producing Gram-negative bacteria.” Consolidated Financial Performance for the Quarter Ended June 30, 2020 Net revenue for the quarter ended June 30, 2020 was $1.6 million, compared with $2.3 million in 2019, a decrease of 32%. Net loss for the quarter ended June 30, 2020 was $1.7 million, compared with a net loss of $0.9 million in 2019 an increase of 76%. Adjusted EBITDA for the quarter ended June 30, 2020 was ($1.4 million), compared with ($0.5 million) in 2019. Cost of goods sold for the quarter ended June 30, 2020 was $0.7 million, compared with $0.9 million in 2019, a decrease of 28%. Gross margins for the quarter ended June 30, 2020 were 57%, compared with 59% in 2019. Managem...