Nephros Announces Preliminary Financial Results for First Quarter 2020
April 02 2020 - 7:30AM
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 preliminary
financial results for the quarter ended March 31, 2020.
Net revenues are expected to be $2.6 million, an
increase of approximately 45% compared to the quarter ended March
31, 2019.
“In this unprecedented time of crisis, we are
pleased that the company’s growth continued in the first quarter,”
said Daron Evans, President and CEO of Nephros. “These results
represent our 15th consecutive quarter of year-on-year sales
growth, with a current average of 62%. While the coronavirus
pandemic adds uncertainty and risk to all companies, we have seen
continued demand for our products and believe we are
well-positioned for continued growth through this difficult time
and beyond.”
Given the uncertainties around the coronavirus
pandemic and its potential impacts on our business, both positive
and negative, we are withdrawing our previous revenue guidance for
2020. Potential positive impacts include increased demand for both
our water filters that help protect patients from waterborne
pathogens, including bacteria and viruses, and PluraPath™, our
recently launched real-time, field-based pathogen detection system.
Potential negative impacts include possible interruptions to our
supply chain and delays in new customer acquisition activities.
Nephros ended the quarter with approximately
$8.9 million in cash on a consolidated basis.
About Nephros
Nephros is a commercial-stage company that
develops and sells high performance water purification products to
the medical and commercial markets. Nephros ultrafilters are
primarily used in hospitals and medical clinics for added
protection in retaining bacteria (e.g., Legionella, Pseudomonas)
and viruses from water, providing barriers that assist in improving
infection control in showers, sinks, and ice machines.
Additionally, Nephros ultrafilters are used by dialysis centers for
assisting in the removal of endotoxins and other biological
contaminants from water and bicarbonate concentrate supplied to
hemodialysis machines and patients.
Nephros filters, including AETHER™ brand
filters, improve the taste and odor of water and reduce biofilm,
bacteria, and scale build-up in downstream equipment. Nephros and
AETHER™ products are used in the health care, food service,
hospitality, and convenience store markets.
For more information about Nephros, please visit
its website at www.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’s expected revenue
for the quarter ended March 31, 2020, the anticipated impact of the
coronavirus pandemic, 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 changes in business, economic and
competitive conditions, and the availability of financing or other
capital when needed. These and other risks and uncertainties are
detailed in Nephros’s reports filed with the U.S. Securities and
Exchange Commission, including its Annual Report on Form 10-K for
the year ended December 31, 2019. Nephros does not undertake any
responsibility to update the forward-looking statements in this
release.
Investor Relations
Contact:Kirin Smith, PresidentPCG Advisory, Inc.(646)
863-6519ksmith@pcgadvisory.com
Media Contact:Bill DouglassGotham
Communications, LLC(646) 504-0890bill@gothamcomm.com
Company Contact:Andy Astor, COO
& CFONephros, Inc.(201) 345-0824andy@nephros.com
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