First-Quarter Net Revenue of $3.7 Million;
Achieves Positive Cash Flow Months Earlier than Forecast
Financial Highlights*
- Net revenue from continuing operations of
$3.7 million , an increase of 71% - Net loss from continuing operations of
$0.3 million , compared to$1.6 million . - Adjusted EBITDA from continuing operations of
$0.1 million , compared to ($1.2 million )
*Stated performance is relative to same period prior year (first quarter of 2022)
“We are very pleased to report record net quarterly revenue and positive cash flow, both significant milestones for Nephros,” said
"It is my pleasure to join the Nephros team at this auspicious time,” said
Financial Performance for the Quarter Ended
Net revenue from continuing operations for the quarter ended
Net loss from continuing operations for the quarter ended
Adjusted EBITDA from continuing operations for the quarter ended
Cost of goods sold for the quarter ended
Research and development expenses for the quarter ended
Depreciation and amortization expenses for the quarter ended
Selling, general and administrative expenses for the quarter ended
As of
Adjusted EBITDA Definition and Reconciliation to GAAP Financial Measures
Adjusted EBITDA from continuing operations is calculated by taking net loss from continuing operations calculated in accordance with generally accepted accounting principles (“GAAP”) and excluding all interest-related expenses and income, tax-related expenses and income, non-recurring expenses and income, and non-cash items, including depreciation, amortization, non-cash compensation, and inventory reserve. The following table presents a reconciliation of Adjusted EBITDA from continuing operations to net loss from continuing operations, the most directly comparable GAAP financial measure, for the first quarter of the 2023 and 2022 fiscal years:
Nephros believes that Adjusted EBITDA 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 from continuing operations in isolation or as an alternative to financial measures determined in accordance with GAAP. The principal limitation of Adjusted EBITDA 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 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 from continuing operations. To compensate for these limitations, management presents Adjusted EBITDA from continuing operations in connection with net income loss from continuing operations, the most directly comparable GAAP financial measure. Nephros urges investors to review the reconciliation of Adjusted EBITDA from continuing operations to net income loss from continuing operations and not to rely on any single financial measure to evaluate the business.
Conference Call Today at
Nephros will host a conference call today at 4:30pm ET, during which management will discuss Nephros’ financial results and provide a general business overview.
Participants may dial into the call as follows:
Domestic access: 1 (844) 808-7106
International access: 1 (412) 317-5285
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
1 (412) 317-0088 for international callers and entering replay access code: 5851475.
About Nephros
Nephros is committed to improving the human relationship with water through leading, accessible technology. We provide innovative water filtration products and services, along with water-quality education, as part of an integrated approach to water safety. Nephros goods serve the needs of customers within the healthcare and commercial markets, offering both proactive and emergency solutions for water management.
For more information about Nephros, please visit 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’ expected future revenue, gross margins, cash flows and expectations on achieving and maintaining positive cash flow and the timing thereof and other future financial performance, and other statements that are not historical facts, including statements that 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 the impact of the ongoing COVID-19 pandemic, inflationary factors and general economic conditions, changes in business and competitive conditions, the availability of capital when needed, dependence on third-party manufacturers and researchers, and regulatory reforms. These and other risks and uncertainties are detailed in Nephros’ reports filed with the
Investor Relations Contacts:
PCG Advisory, Inc.
(646) 823-8656
ksmith@pcgadvisory.com
(201) 343-5202 x120
andy.astor@nephros.com
Source:
2023 GlobeNewswire, Inc., source