Nephros Announces Preliminary Financial Results for Third Quarter 2019
07 October 2019 - 10:30PM
via NEWMEDIAWIRE – Nephros, Inc. (Nasdaq: NEPH), a commercial-stage
company that develops and sells high performance water purification
products to the medical device and commercial markets, today
announced preliminary financial results for the quarter ended
September 30, 2019.
Product revenues are expected to be approximately $3.1 million,
an increase of more than 85% compared to the quarter ended
September 30, 2018. Net revenues increased more than 80%.
“We are very pleased to report these preliminary results and to
update our previous 2019 revenue guidance to $9.5-$10 million, up
from $8.5-$9.5 million,” said Daron Evans, President and CEO of
Nephros. “Our growth continues to be driven by hospital customers
seeking superior infection control and is due largely to our
extraordinary distribution partnerships and our team’s singular
focus on customer satisfaction.”
Nephros ended the quarter with approximately $3.6 million in
cash on a consolidated basis.
About Nephros, Inc.
Nephros is a commercial stage company that develops and sells
high performance water purification products to the medical device
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 third
quarter ended September 30, 2019 and the fiscal year ending
December 31, 2019, its anticipated revenue trends, and other
statements that are not historical facts, including statements
which 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, 2018. 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) 863-6519
ksmith@pcgadvisory.com
Andy Astor, COO & CFO
Nephros, Inc.
andy@nephros.com
(201) 345-0824
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