Full Press Release Details
Announces Preliminary Financial Results for First Quarter 2018
Anticipates 39% Year-over-Year Product Revenue
Reiterates $6 million 2018 Revenue Target
ORANGE, NJ, April 16, 2018 /PR Newswire-FirstCall/ - Nephros, Inc. (OTCQB: NEPH), a commercial stage medical device company
that develops and sells high performance liquid purification ultrafilters and an on-line mid-dilution hemodiafiltration (HDF)
system for use with a hemodialysis (HD) machine for the treatment of patients with End Stage Renal Disease (ESRD), today announced
preliminary financial results for the first quarter of 2018.
expects product revenue for the first quarter ended March 31, 2018, to be approximately $958,000, an increase of approximately
39% over the same period in 2017. Total revenue for the quarter is projected to be approximately $985,000, an increase of approximately
34% over the same period in 2017.
cash used in operating activities for the first quarter 2018 is expected to be approximately $668,000, including approximately
$588,000 of catch-up supplier payments and approximately $50,000 associated with the company's move to a new headquarters.
Nephros ended the quarter with approximately $1.7 million in cash.
first three months of 2018 reflected our typical seasonal pattern, yet still recorded robust growth compared to the same period
of 2017," said Daron Evans, President and Chief Executive Officer. "The first quarter is generally our slowest, largely
due to fewer infection outbreaks during cold weather months. However, the second quarter is already off to a very strong start,
and we remain confident about our 2018 revenue target of $6 million."
took advantage of our relatively strong cash position to invest in our new headquarters facility, and to bring our supplier payables
up to date," said Andy Astor, Chief Financial Officer. "This puts us in a strong position going into the second quarter,
in which we anticipate positive cash flow from operating activities."
is a commercial stage medical device company that develops and sells high performance liquid purification filters (known as ultrafilters),
as well as a hemodiafiltration system for the treatment of patients with End Stage Renal Disease. Nephros ultrafilters are used
primarily in hospitals and medical clinics to retaining bacteria (i.e. Legionella, Pseudomonas), viruses, and endotoxins from
water. These ultrafilters provide barriers that assist in improving infection control in sinks, showers, and ice machines. Additionally,
Nephros ultrafilters are used in dialysis centers for assisting in the removal of biological contaminants from the water and bicarbonate
concentrate supplied to patients via hemodialysis machines.
more information about Nephros, please visit the company's website at www.nephros.com.
release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements
regarding the Company's expected financial results for the quarters ending March 31, 2018 and June 30, 2018, as well as
the fiscal year ending December 31, 2018, its expected growth in medical, commercial and industrial filter sales, anticipated
investment in the development of a second generation HDF system 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 uncertainty in clinical outcomes, potential
delays in the regulatory approval process, changes in business, economic and competitive conditions, the availability of capital
when needed, our dependence on third party manufacturers and researchers, regulatory reforms, uncertainties in litigation or investigative
proceedings, and the availability of financing. These and other risks and uncertainties are detailed in Nephros Inc.'s reports
filed with the U.S. Securities and Exchange Commission, including with respect to Nephros, its Annual Report on Form 10-K for
the year ended December 31, 2017. Nephros, Inc. does not undertake any responsibility to update the forward-looking statements