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Nephros Announces Fourth Quarter and Fiscal Year 2023 Financial Results | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
By: GlobeNewswire - 07 Mar 2024 | Back to overview list |
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Full-Year Net Revenue of $14.2 Million and Fourth-Quarter Net Revenue of $3.3 Million SOUTH ORANGE, NJ, March 07, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire – Nephros, Inc. (Nasdaq: NEPH), a leading water technology company providing filtration solutions to the medical and commercial markets, today announced financial results for the fourth quarter and fiscal year ended December 31, 2023. Financial Highlights
Year-End 2023
“2023 was an exciting year for Nephros. With freshly streamlined operations and a refocus on filtration, we grew sales 43% for the full year,” said Robert Banks, President and Chief Executive Officer. “Additionally, new water management guidance, such as ASHRAE 514, has enabled our expanded salesforce to propel Nephros solutions to the front of the line within healthcare facilities. We believe our infection control water filters are well-positioned to fulfill the latest directive recommendations and serve broadened customer needs. “In my view, our ability to leverage the current regulatory landscape has been a significant driver of growth, as well as our active engagement of new partners and strengthening of existing relationships,” remarked Mr. Banks. “Further, we have enacted a series of deliberate and transformative operational improvements to our supply chain management and consolidated expansion of our corporate footprint. Among these improvements was the opening of our new warehouse space in the fourth quarter, which has enabled us to increase delivery efficiency while supporting growing sales and solving the challenge of significant inventory expansion. Another enhancement was the extension of our supplier production agreement, which helps ensure an uninterrupted source of product.” Mr. Banks continued, “I am very excited about the momentum we have built and am buoyed by the tailwinds created as a result of more stringent water safety standards along with heightened awareness of microbiological proliferation. I look forward to sharing future products, tools and key partnerships as they develop.” Financial Performance for the Fourth Quarter and Year Ended December 31, 2023 Cost of goods sold for the year ended December 31, 2023 was $5.8 million, compared with $5.2 million in 2022, an increase of 11%. Cost of goods sold for the fourth quarter of 2023 was $1.2 million, compared with $1 million in the fourth quarter of 2022, an increase of 18%. Gross margin for the year ended December 31, 2023 was 59%, compared with 47% in 2022. Gross margin for the fourth quarter of 2023 was 62%, compared with 59% in the fourth quarter of 2022. Selling, general and administrative expenses for the year ended December 31, 2023 were $8.9 million, compared with $7.6 million in 2022, an increase of 17%. Selling, general and administrative expenses for the fourth quarter of 2023 were approximately $2.4 million, compared with $1.8 million in 2022, an increase of 35%. Research and development expenses for the year ended December 31, 2023 were $0.9 million, compared with $1.3 million in 2022 a decrease of 30%. Research and development expenses for the fourth quarter of 2023 were $0.2 million, compared with $0.4 million in the fourth quarter of 2022, a decrease of 42%. Depreciation and amortization expenses for the year ended December 31, 2023 were approximately $214,000, compared with approximately $218,000 in 2022, a decrease of 2%. Depreciation and amortization expenses for the fourth quarter of 2023 were approximately $51,000, compared with approximately $56,000 in the fourth quarter of 2022, a decrease of 9%. Net loss from continuing operations for the year ended December 31, 2023 was ($1.6 million), compared with a net loss of ($4.3 million) in 2022, a 63% decrease in loss. Net loss from continuing operations for the fourth quarter of 2023 and 2022 was approximately ($0.7 million) respectively. Adjusted EBITDA loss from continuing operations for the year ended December 31, 2023 was ($0.1 million), compared with ($2.4 million) in 2022. Adjusted EBITDA loss from continuing operations for the fourth quarter 2023 was approximately ($0.1 million), compared with approximately ($0.5 million) in the fourth quarter of 2022. As of December 31, 2023, Nephros had cash and cash equivalents of approximately $4.3 million, compared to $3.6 million as of December 31, 2022, and remains debt free. Adjusted EBITDA Definition and Reconciliation to GAAP Financial Measures
Nephros believes that Adjusted EBITDA loss 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 loss from continuing operations in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of Adjusted EBITDA loss 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 loss 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 loss from continuing operations. To compensate for these limitations, management presents Adjusted EBITDA loss from continuing operations in connection with net loss from continuing operations, the most directly comparable GAAP financial measure. Nephros urges investors to review the reconciliation of Adjusted EBITDA loss from continuing operations to net loss from continuing operations and not to rely on any single financial measure to evaluate the business. Conference Call Today at 4:30pm Eastern Time Participants may dial into the call as follows: 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 March 14th, 2024 at 1 (877) 344-7529 or About Nephros For more information about Nephros, please visit nephros.com. Forward-Looking Statements Investor Relations Contacts: Robert Banks, CEO
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