Total net revenues for the three months ended September 30, 2017 were approximately $916,000, compared to approximately $475,000 for the three months ended September 30, 2016.
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Quarterly Revenue Up 93% Year-over-Year RIVER EDGE, NJ -- (Marketwired) -- Nov 09, 2017 -- Nephros Inc.( "Our 93% year-over-year revenue growth in the third quarter suggests that our focus on an expanded product portfolio and strategic distribution partners is resonating well in the market," said Daron Evans, President and Chief Executive Officer of Nephros, Inc. "Our expanded strategy now enables us to compete successfully for large, multi-year filtration contracts. Also, sales of our newly launched HydraGuard™ and EndoPur™ products are beginning to ramp." "We believe our water filtration business is still at the nascence of its growth potential as we expand market share in the medical space, and begin to leverage our platform into opportunities in food service and other commercial markets. We are also excited about our new design for a next-generation HDF system. Financially, we continue to project sustainable cash flow positive operations by around the end of 2017, and the non-dilutive NJEDA funding event announced earlier this week provides the cash resources we need for the foreseeable future," concluded Mr. Evans. Financial Performance for the Quarter Ended September 30, 2017 Total net revenues for the three months ended September 30, 2017 were approximately $916,000, compared to approximately $475,000 for the three months ended September 30, 2016, an increase of approximately $441,000, or 93%. Total product revenues for the three months ended September 30, 2017 were approximately $841,000 compared to approximately $407,000 for the three months ended September 30, 2016, an increase of approximately $434,000, or 107%. Cost of goods sold was approximately $384,000 for the three months ended September 30, 2017, compared to approximately $159,000 for the three months ended September 30, 2016, an increase of approximately $225,000, or 142%. Research and development expenses were approximately $237,000 and $241,000 for the three months ended September 30, 2017 and September 30, 2016, respectively. Selling, general and administrative expenses were approximately $753,000 for the three months ended September 30, 2017 compared to approximately $652,000 for the three months ended September 30, 2016. As of September 30, 2017, Nephros had cash and cash equivalents of approximately $150,000. Nephros announced that it had been approved to receive $1.9 million in tax credit certificates from New Jersey Economic Development Authority (NJEDA) on November 6, 2017, which are expected be sold later in the current quarter for over $1.75 million in net proceeds. About Nephros, Inc. For more information about Nephros, please visit the company's website at www.nephros.com. Forward-Looking Statements
NEPHROS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)
(Unaudited) (Audited)
September 30, 2017 December 31, 2016
------------------ ------------------
ASSETS
Current assets:
Cash $ 150 $ 275
Accounts receivable, net 751 388
Investment in lease, net-current
portion 20 27
Inventory, net 581 479
Prepaid expenses and other current
assets 107 95
------------------ ------------------
Total current assets 1,609 1,264
Property and equipment, net 49 70
Investment in lease, net-less
current portion 50 61
License and supply agreement, net 1,105 1,262
Other asset 11 21
------------------ ------------------
Total assets $ 2,824 $ 2,678
================== ==================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Secured revolving credit facility $ 563 $ -
Accounts payable 436 585
Accrued expenses 343 240
Deferred revenue, current portion 70 70
------------------ ------------------
Total current liabilities 1,412 895
Unsecured long-term note payable,
net of debt issuance costs and debt
discount of $265 and $349,
respectively 922 838
Long-term portion of deferred
revenue 225 278
------------------ ------------------
Total liabilities 2,559 2,011
------------------ ------------------
Commitments and Contingencies (Note
14)
Stockholders' equity:
Preferred stock, $.001 par value;
5,000,000 shares authorized at
September 30, 2017 and December 31,
2016; no shares issued and
outstanding at September 30, 2017
and December 31, 2016 - -
Common stock, $.001 par value;
90,000,000 shares authorized at
September 30, 2017 and December 31,
2016; 54,160,547 and 49,782,797
shares issued and outstanding at
September 30, 2017 and December 31,
2016, respectively 54 50
Additional paid-in capital 122,530 120,835
Accumulated other comprehensive
income 76 67
Accumulated deficit (122,395) (120,285)
------------------ ------------------
Total stockholders' equity 265 667
------------------ ------------------
Total liabilities and stockholders'
equity $ 2,824 $ 2,678
================== ==================
NEPHROS, INC. AND SUBSIDIARY
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------ -----------------------
2017 2016 2017 2016
----------- ----------- ----------- -----------
Net revenues:
Product revenues $ 841 $ 407 $ 2,316 $ 1,405
License, royalty and
other revenues 75 68 193 170
----------- ----------- ----------- -----------
Total net revenues 916 475 2,509 1,575
Cost of goods sold 384 159 1,005 667
----------- ----------- ----------- -----------
Gross margin 532 316 1,504 908
----------- ----------- ----------- -----------
Operating expenses:
Research and
development 237 241 744 763
Depreciation and
amortization 60 60 178 171
Selling, general and
administrative 753 652 2,405 2,234
----------- ----------- ----------- -----------
Total operating expenses 1,050 953 3,327 3,168
----------- ----------- ----------- -----------
Loss from operations (518) (637) (1,823) (2,260)
Interest expense (88) (65) (218) (109)
Interest income 1 1 3 4
Other expense (27) (5) (60) (12)
----------- ----------- ----------- -----------
Net loss (632) (706) (2,098) (2,377)
Other comprehensive
income, foreign currency
translation adjustments 1 1 9 1
Total comprehensive loss $ (631) $ (705) $ (2,089) $ (2,376)
=========== =========== =========== ===========
Net loss per common ) ) ) )
share, basic and
diluted $ (0.01 $ (0.01 $ (0.04 $ (0.05
Weighted average common
shares outstanding,
basic and diluted 54,142,791 48,783,097 52,473,518 48,501,810
Contact:
Andrew Astor
Chief Financial Officer
Phone: 201-343-5202
Email: andy@nephros.com
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