Nephros Announces Preliminary Financial Results for Fourth Quarter and Fiscal Year 2019
January 06 2020 - 6:30AM
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 fiscal year ended
December 31, 2019.
Full-year 2019 revenues are expected to be approximately $10.3
million, an increase of approximately 82% compared to the year
ended December 31, 2018, and exceeding the upper range of
previously provided guidance of $9.5 to $10 million. Revenues for
the quarter ended December 31, 2019 are expected to be
approximately $3.2 million, an increase of 99% over the same
quarter in 2018.
“Our growth in 2019, capped by our 14th consecutive quarter of
year-over-year growth averaging over 65%, is a result of the
combination of a customer-focused infrastructure, energetic
strategic partners, and high-performance products,” said Daron
Evans, President and Chief Executive Officer of Nephros. “We
believe our growth story will continue to progress well through
2020 and beyond. We intend to provide revenue guidance during our
2019 earnings call, which we expect to conduct in late
February.”
Nephros ended the year with approximately $4.1 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 quarter
ended December 31, 2019 and the fiscal year ended 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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