Full Press Release Details
Announces Preliminary Financial Results for Fourth Quarter and Fiscal Year 2020
$2.3 Million Revenue in Fourth Quarter, $8.5 Million in Full-Year;
Quarterly Revenue Grew 9% Sequentially Over Third Quarter; Full Year Revenue Declined 17%
ORANGE, NJ, January 12, 2021 - Nephros, Inc. (Nasdaq: NEPH), a commercial-stage company ("Nephros") 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 fiscal year ended December 31, 2020.
for the quarter ended December 31, 2020 are expected to be approximately $2.3 million, a sequential increase of approximately
9% over the quarter ended September 30, 2020, and a decrease of approximately 27% compared with the same quarter in 2019. Full-year
2020 revenues are expected to be approximately $8.5 million, a decrease of approximately 17% compared to the year ended December
we have referenced previously, COVID-19's impact on our revenues was significant in 2020, particularly with respect to new
customer acquisition, emergency outbreak response, and hotel and restaurant sales," said Andy Astor, President and CEO of
Nephros. "As the world has begun to adapt to the pandemic, however, our revenues have consistently improved, with sequential
quarter-over-quarter gains in both Q3 and Q4. We are optimistic that this trend will continue as we enter 2021, and that our return
to high growth rates will be associated with broad vaccine distribution in the coming months."
ended the year with approximately $8.3 million in cash on a consolidated basis.
is a commercial-stage company that develops and markets high performance water purification products and pathogen detection systems
for medical and commercial markets.
ultrafilters are used in hospitals, medical clinics, and commercial facilities to retain bacteria - including Legionella
and other pathogens - and viruses from water, providing an important 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.
pathogen detection systems, including the PluraPath , SequaPath , and DialyPath systems,
provide data on waterborne 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.
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.
more information about Nephros, please visit its website at www.nephros.com.
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, 2020 and the fiscal year ended December 31, 2020,
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, 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.