Nephros Announces Preliminary Financial Results for Second Quarter 2020
July 08 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 June 30, 2020.
Net revenues for the quarter are expected to be
$1.6 million, a decrease of approximately 33% compared to the
quarter ended June 30, 2019. Nephros ended the quarter with
approximately $7.0 million in cash on a consolidated basis.
“The headwinds from COVID-19 stopped our
four-year quarterly growth streak. We and our customers are
adapting to the new normal, and we remain optimistic about our
ability to return to our high growth rate path,” commented Daron
Evans, President and CEO. “We strongly believe that a new level of
attention will be focused on bacteria and virus by our customers as
their attention expands beyond a focus on COVID-19. Additionally,
we are confident that our new pathogen detection product line will
gain traction in the market. These products include PluraPath™, our
real-time, field-based pathogen detection system, SequaPath™, our
comprehensive portable water screening and analysis system – which
we anticipate launching soon – and DialyPath™, our real-time test
for dialysis clinics that will detect and quantify
endotoxin-producing Gram-negative bacteria. As with the last
quarter, potential negative developments could include additional
delays in acquiring new customers, particularly if reopening takes
longer than anticipated or if some areas in the U.S. experience new
restrictions in the operations of businesses in healthcare and
hospitality sectors in response to increased COVID-19 cases.”
About Nephros
Nephros is a commercial-stage company that
develops and markets high performance water purification products
and pathogen detection systems for medical and commercial
markets.
Nephros ultrafilters are used in hospitals,
medical clinics, and commercial facilities to retain bacteria and
viruses from water, providing barriers that aid in infection
control for showers, sinks, and ice machines. Nephros ultrafilters
are also used in dialysis centers to aid in the removal of
endotoxins and other biological contaminants from water and
bicarbonate concentrate in hemodialysis machines.
Nephros pathogen detection systems, including
the PluraPath™, SequaPath™, and DialyPath™ systems, provide data on
water-borne biological content to medical and water quality
professionals. Our products integrate Nephros ultrafilters with
quantitative polymerase chain reaction (qPCR) technology to deliver
actionable water pathogen information in real time.
Nephros commercial filters, including AETHER™
brand filters, improve the taste and odor of water, and reduce
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 June 30, 2020, the anticipated impact of the
coronavirus pandemic, expected demand for Nephros’ products,
including its new pathogen detection products, 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, competitive and economic conditions,
particularly the continued impact of the COVID-19 pandemic on the
U.S. economy, 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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