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UNITED
STATES
SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 9, 2023
NEPHROS,
INC.
(Exact
name of Registrant as Specified in its Charter)
Delaware
|
|
001-32288 |
|
13-3971809 |
(State
or other jurisdiction of incorporation) |
|
(Commission
File Number) |
|
(IRS Employer
Identification No.) |
380
Lackawanna Place, South Orange, New Jersey 07079
(Address
of principal executive offices, including ZIP code)
(201)
343-5202
(Registrant’s
telephone number, including area code)
n/a
(Former
Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
stock, $0.001 par value |
|
NEPH |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02 | Results
of Operations and Financial Condition. |
On
August 9, 2023, Nephros, Inc. (the “Company”) issued a press release in which it disclosed its second quarter 2023 financial
results. A copy of this press release is furnished herewith as Exhibit 99.1.
Pursuant
to the rules and regulations of the Securities and Exchange Commission, such exhibit and the information set forth therein and in this
Item 2.02 have been furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of
1934, as amended (the “Exchange Act”), or otherwise subject to liability under that section nor shall they be deemed incorporated
by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth
by specific reference in such filing regardless of any general incorporation language.
Item
9.01. | Financial
Statements and Exhibits. |
(d) Exhibits
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
Nephros,
Inc. |
|
|
|
Dated:
August 9, 2023 |
By: |
/s/
Andrew Astor |
|
|
Andrew
Astor |
|
|
Chief
Financial Officer |
Exhibit
99.1
|
Nephros,
Inc.
380
Lackawanna Place
South
Orange NJ 07079
Call:
201 343 5202
nephros.com |
Nephros
Announces Results for Quarter Ended June 30, 2023
Second-Quarter
Net Revenue of $3.5 Million, a 24% Increase Over 2022;
Year-to-Date Revenue Increases 45%; Maintains Positive Cash Flow Results
SOUTH
ORANGE, NJ, August 9, 2023 – Nephros, Inc. (Nasdaq: NEPH), a leading water technology company providing filtration solutions
to the medical and commercial markets, today announced financial results for the second quarter ended June 30, 2023.
Financial
Highlights*
| ● | Net
revenue from continuing operations of $3.5 million, an increase of 24% |
| ● | Net
loss from continuing operations of $0.4 million, compared to $0.7 million |
| ● | Adjusted
EBITDA from continuing operations of ($0.2 million), compared to ($0.4 million) |
*Stated
performance is relative to same period prior year (second quarter of 2022)
“Last
quarter, Nephros achieved two significant milestones: positive cash flow and record quarterly revenue, representing a 71% year-over-year
increase,” said Robert Banks, President and Chief Executive Officer. “I am pleased to report that in our second quarter,
we maintained positive cash flow and delivered 24% revenue growth year-over-year. I credit much of our success to the implementation
of focused sales strategies and solid execution by our dedicated team. Moving into the second half of the year, I look forward to continuing
high growth rates.”
Andy
Astor, interim Chief Financial Officer commented, “I am also pleased with our second-quarter financial results. Our core business
is stronger than ever, and – coupled with our recent expense reductions – has kept us at cash flow positive status for another
quarter. Additionally, gross margins continued to improve in Q2, increasing from 57% in the first quarter to 59% in the second quarter;
and Active Customer Sites (ACS) increased to 1,427, a 6% year-over-year increase. We expect that net cash flow will remain strong, although
it may fluctuate somewhat, due to working capital usage associated with high revenue growth. Overall, we are confident that the fundamentals
of our business continue to improve, and that our increasing cash balances will be sufficient to fund the company for the foreseeable
future.”
Financial
Performance for the Quarter Ended June 30, 2023
Net
revenue from continuing operations for the quarter ended June 30, 2023, was $3.5 million, compared to $2.9 million in the corresponding
period in 2022, an increase of 24%.
Net
loss from continuing operations for the quarter ended June 30, 2023, was $0.4 million, compared to $0.7 million during the same period
in 2022. The decrease in net loss from continuing operations was driven by increased revenue and gross margins and decreased research
and development costs due to the sale and cessation of our pathogen detection and HDF business areas, respectively.
Adjusted
EBITDA from continuing operations for the quarter ended June 30, 2023, was ($0.2 million), compared to ($0.4 million) during the same
period in 2022.
Cost
of goods sold for the quarters ended June 30, 2023, and June 30, 2022 was $1.5 million. Gross margins for the quarter ended June 30,
2023 were 59%, compared with 49% during the same period in 2022.
|
Nephros,
Inc.
380
Lackawanna Place
South
Orange NJ 07079
Call:
201 343 5202
nephros.com |
Research
and development expenses for the quarter ended June 30, 2023, were $0.2 million, compared with $0.3 million during the quarter ended
June 30, 2022. The decrease in net loss from continuing operations was driven by increased revenue and gross margins and decreased research
and development costs due to the sale and cessation of our pathogen detection and HDF business areas, respectively.
Depreciation
and amortization expenses for the quarter ended June 30, 2023 were approximately $54,000, compared with approximately $51,000 for the
corresponding period in 2022.
Selling,
general and administrative expenses for the quarter ended June 30, 2023, were approximately $2.2 million compared with approximately
$1.9 million for the corresponding period in 2022.
As
of June 30, 2023, Nephros had cash and cash equivalents of $4.1 million.
Adjusted
EBITDA Definition and Reconciliation to GAAP Financial Measures
Adjusted
EBITDA from continuing operations is calculated by taking net loss from continuing operations calculated in accordance with generally
accepted accounting principles (“GAAP”) and excluding all interest-related expenses and income, tax-related expenses and
income, non-recurring expenses and income, and non-cash items, including depreciation, amortization, and non-cash compensation. The following
table presents a reconciliation of Adjusted EBITDA from continuing operations to net loss from continuing operations, the most directly
comparable GAAP financial measure, for the second quarter of the 2023 and 2022 fiscal years:
| |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
| |
(in $ thousands) | | |
| |
Reconciliation of net loss from continuing operations: | |
| | |
| |
Net loss from continuing operations | |
| (433 | ) | |
| (747 | ) |
| |
| | | |
| | |
Adjustments: | |
| | | |
| | |
Depreciation of property and equipment | |
| 10 | | |
| 20 | |
Amortization of other assets | |
| 44 | | |
| 41 | |
Interest expense | |
| - | | |
| 6 | |
Interest income | |
| (13 | ) | |
| (1 | ) |
Non-cash stock-based compensation | |
| 194 | | |
| 258 | |
| |
| | | |
| | |
Adjusted EBITDA loss from continuing operations | |
| (198 | ) | |
| (423 | ) |
Nephros
believes that Adjusted EBITDA from continuing operations provides useful information to management and investors regarding certain financial
and business trends relating to Nephros’ financial condition and results of operations. Management does not consider Adjusted EBITDA
from continuing operations in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal
limitation of Adjusted EBITDA from continuing operations is that it excludes significant expenses and income that are required by GAAP
to be recognized in Nephros’ financial statements. In addition, Adjusted EBITDA from continuing operations is subject to inherent
limitations as it reflects the exercise of judgments by management about which expenses and income are excluded or included in determining
Adjusted EBITDA from continuing operations. To compensate for these limitations, management presents Adjusted EBITDA from continuing
operations in connection with net income loss from continuing operations, the most directly comparable GAAP financial measure. Nephros
urges investors to review the reconciliation of Adjusted EBITDA from continuing operations to net income loss from continuing operations
and not to rely on any single financial measure to evaluate the business.
|
Nephros,
Inc. 380
Lackawanna
Place
South
Orange NJ 07079
Call:
201 343 5202
nephros.com |
Conference
Call Today at 4:30pm ET
Nephros
will host a conference call today at 4:30pm ET, during which management will discuss Nephros’ financial results and provide a general
business overview.
Participants
may dial into the call as follows:
Domestic
access: 1 (844) 808-7106
International
access: 1 (412) 317-5285
Upon
joining, please ask to be joined into the Nephros conference call.
An
audio archive of the call will be available shortly after the call on the Nephros Investor Relations page.
Alternatively,
a replay of the call may be accessed until August 16, 2023 at 1 (877) 344-7529 or 1 (412) 317-0088 for international callers and
entering replay access code: 1827043.
About
Nephros
Nephros
is committed to improving the human relationship with water through leading, accessible technology. We provide innovative water filtration
products and services, along with water-quality education, as part of an integrated approach to water safety. Nephros goods serve the
needs of customers within the healthcare and commercial markets, offering both proactive and emergency solutions for water management.
For
more information about Nephros, please visit nephros.com.
Forward-Looking
Statements
This
release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding
Nephros’ expected future revenue, gross margins, cash flows and expectations on achieving and maintaining positive cash flow and
profitability, including the timing thereof, and other future financial performance, and other statements that are not historical facts,
including statements that may be accompanied by the words “intends,” “may,” “will,” “plans,”
“expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,”
“believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those
described in these forward-looking statements due to certain factors, including inflationary factors and general economic conditions,
changes in business and competitive conditions, the availability of capital when needed, dependence on third-party manufacturers, distributors
and researchers, and regulatory reforms. These and other risks and uncertainties are detailed in Nephros’ reports filed with the
U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2022, which it may
update in Part II, Item 1A – Risk Factors in its Quarterly Reports on Form 10-Q that it has filed or will file hereafter. Nephros
does not undertake any responsibility to update the forward-looking statements in this release.
Investor
Relations Contacts:
Kirin
Smith, President
PCG Advisory, Inc.
(646) 823-8656
ksmith@pcgadvisory.com
Robert
Banks, CEO
Nephros, Inc.
(201) 343-5202 x110
robert.banks@nephros.com
Andy
Astor, Interim CFO
Nephros, Inc.
(201) 343-5202 x120
andy.astor@nephros.com
|
Nephros,
Inc.
380
Lackawanna Place
South
Orange NJ 07079
Call:
201 343 5202
nephros.com |
NEPHROS,
INC. AND SUBSIDIARIES
CONSOLIDATED
BALANCE SHEETS
(In
thousands, except share and per share amounts)
(Unaudited)
ASSETS | |
June 30, 2023 | | |
December 31, 2022 | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 4,060 | | |
$ | 3,634 | |
Accounts receivable, net | |
| 1,576 | | |
| 1,286 | |
Inventory | |
| 2,126 | | |
| 3,153 | |
Prepaid expenses and other current assets | |
| 152 | | |
| 188 | |
Total current assets | |
| 7,914 | | |
| 8,261 | |
Property and equipment, net | |
| 98 | | |
| 116 | |
Lease right-use-of assets | |
| 824 | | |
| 984 | |
Intangible assets, net | |
| 402 | | |
| 423 | |
Goodwill | |
| 759 | | |
| 759 | |
License and supply agreement, net | |
| 335 | | |
| 402 | |
Other assets | |
| 54 | | |
| 54 | |
TOTAL ASSETS | |
$ | 10,386 | | |
$ | 10,999 | |
| |
| | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Current portion of secured note payable | |
$ | - | | |
$ | 71 | |
Accounts payable | |
| 302 | | |
| 740 | |
Accrued expenses | |
| 572 | | |
| 285 | |
Current portion of lease liabilities | |
| 323 | | |
| 316 | |
Total current liabilities | |
| 1,197 | | |
| 1,412 | |
Equipment financing, net of current portion | |
| - | | |
| 1 | |
Lease liabilities, net of current portion | |
| 534 | | |
| 705 | |
TOTAL LIABILITIES | |
| 1,731 | | |
| 2,118 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES | |
| | | |
| | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY: | |
| | | |
| | |
Preferred stock, $.001 par value; 5,000,000 shares authorized at June 30, 2023 and December 31, 2022; no shares issued and outstanding at June 30, 2023 and December 31, 2022 | |
| - | | |
| - | |
Common stock, $.001 par value; 40,000,000 shares authorized at June 30, 2023 and December 31, 2022; 10,484,932 and 10,297,429 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively | |
| 10 | | |
| 10 | |
Additional paid-in capital | |
| 152,215 | | |
| 148,413 | |
Accumulated deficit | |
| (143,570 | ) | |
| (142,831 | ) |
Subtotal | |
| 8,655 | | |
| 5,592 | |
Noncontrolling interest | |
| - | | |
| 3,289 | |
TOTAL STOCKHOLDERS’ EQUITY | |
| 8,655 | | |
| 8,881 | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 10,386 | | |
$ | 10,999 | |
|
Nephros,
Inc.
380
Lackawanna Place
South
Orange NJ 07079
Call:
201 343 5202
nephros.com |
NEPHROS,
INC. AND SUBSIDIARIES
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In
thousands, except share and per share amounts)
(Unaudited)
| |
Three Months Ended June 30, | |
| |
2023 | | |
2022 | |
Net revenue: | |
| | | |
| | |
Product revenues | |
$ | 3,537 | | |
$ | 2,837 | |
Royalty and other revenues | |
| 8 | | |
| 13 | |
Total net revenues | |
| 3,545 | | |
| 2,850 | |
Cost of goods sold | |
| 1,466 | | |
| 1,455 | |
Gross margin | |
| 2,079 | | |
| 1,395 | |
Operating expenses: | |
| | | |
| | |
Selling, general and administrative | |
| 2,239 | | |
| 1,885 | |
Research and development | |
| 221 | | |
| 273 | |
Depreciation and amortization | |
| 54 | | |
| 51 | |
Total operating expenses | |
| 2,514 | | |
| 2,209 | |
Operating loss from continuing operations | |
| (435 | ) | |
| (814 | ) |
Other (expense) income: | |
| | | |
| | |
Interest expense | |
| - | | |
| (6 | ) |
Interest income | |
| 13 | | |
| 1 | |
Other (expense) net | |
| (11 | ) | |
| 72 | |
Total other expense: | |
| 2 | | |
| 67 | |
Loss from continuing operations | |
| (433 | ) | |
| (747 | ) |
Net loss from discontinued operations | |
| - | | |
| (390 | ) |
Net loss | |
| (433 | ) | |
| (1,137 | ) |
Less: Undeclared deemed dividend attributable to noncontrolling interest | |
| - | | |
| (66 | ) |
Net loss attributable to Nephros Inc. shareholders | |
$ | (433 | ) | |
$ | (1,203 | ) |
| |
| | | |
| | |
Net loss per common share, basic and diluted from continuing operations | |
$ | (0.04 | ) | |
$ | (0.07 | ) |
Net loss per common share, basic and diluted from discontinued operations | |
| - | | |
| (0.04 | ) |
Net loss per common share, basic and diluted | |
$ | (0.04 | ) | |
$ | (0.11 | ) |
Net loss per common share, basic and diluted, attributable to continuing noncontrolling interest | |
| - | | |
| (0.01 | ) |
| |
| | | |
| | |
Net loss per common share, basic and diluted, attributable to Nephros, Inc, shareholders | |
$ | (0.04 | ) | |
$ | (0.12 | ) |
Weighted average common shares outstanding, basic and diluted | |
| 10,297,429 | | |
| 10,299,148 | |
| |
| | | |
| | |
Comprehensive loss: | |
| | | |
| | |
Net loss | |
$ | (433 | ) | |
$ | (1,137 | ) |
Other comprehensive loss, foreign currency translation adjustments, net of tax | |
| - | | |
| - | |
Comprehensive loss | |
| (433 | ) | |
| (1,137 | ) |
Comprehensive loss attributable to continuing noncontrolling interest | |
| - | | |
| (66 | ) |
Comprehensive loss attributable to Nephros, Inc. shareholders | |
$ | (433 | ) | |
$ | (1,203 | ) |
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