Nephros,
Inc. (OTCQB: NEPH) (“Nephros”), a commercial stage medical device
company that develops and sells high performance liquid purification
ultrafilters and an on-line mid-dilution hemodiafiltration system for
use with a hemodialysis (HD) machine for the treatment of patients with
End Stage Renal Disease (ESRD), today announced financial results for
the three months ended June 30, 2018.
“Today’s
results represent our eighth consecutive quarter of year-over-year
revenue growth averaging 59%,” said Daron Evans, President and CEO. “We
believe this consistent growth in our ultrafilter solutions reflects
increasing confidence from both our customers and our valued
distribution partners, and we are confident that we are strongly
positioned for the future.”
Nephros also
announced plans today to pursue listing on a national stock exchange. As
part of this effort and in order to satisfy stock price listing
criteria, Nephros intends to initiate a reverse split of its common
stock in approximately thirty days.
“Given our
growth and strong balance sheet, we have begun the process of uplisting
to a national stock exchange,” said Andy Astor, CFO. “An uplist is
likely to increase the visibility and liquidity of Nephros’s stock, with
a broader audience of additional investors who will be able to consider
investing in Nephros.”
Financial Performance for the Quarter Ended June 30, 2018
Product
revenues for the three months ended June 30, 2018 were approximately
$1,216,000, compared to approximately $785,000 for the three months
ended June 30, 2017, an increase of approximately $431,000, or 55%.
Total revenues for the three months ended June 30, 2018 were
approximately $1,366,000, compared to approximately $858,000 for the
three months ended June 30, 2017, an increase of approximately $508,000,
or 59%.
Cost of goods sold was approximately
$536,000 for the three months ended June 30, 2018, compared to
approximately $341,000 for the three months ended June 30, 2017.
Research and development expenses were approximately $352,000 and
$277,000 for the three months ended June 30, 2018 and 2017,
respectively. Selling, general and administrative expenses were
approximately $1,091,000 for the three months ended June 30, 2018,
compared to approximately $881,000 for the three months ended June 30,
2017, representing an increase of $210,000, or 24%.
As of June 30, 2018, Nephros had cash and cash equivalents of approximately $3,484,000.
No comments:
Post a Comment