Nephros Announces Preliminary Financial Results for Fourth Quarter 2017
Jan 04, 2018
OTC Disclosure & News Service
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Anticipates Over 80% Year-over-Year Product Revenue Growth for the Quarter
SOUTH ORANGE, NJ, Jan. 04, 2018 (GLOBE NEWSWIRE) -- 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 fourth quarter of 2017.
Nephros expects product revenue for the fourth quarter ended December 31, 2017, to be approximately $1,258,000, an increase of approximately 83% over the same period in 2016. Total revenue for the quarter ended December 31, 2017 is projected to exceed $1,300,000, an increase of more than 75% over the same period in 2016.
Net cash used in operating activities for the fourth quarter 2017 is expected to be approximately $38,000 including approximately $65,000 of cash paid for interest on outstanding notes. Nephros ended the quarter with approximately $2.2 million in cash.
“While we have a long way to go to reach our full potential, we continue to gain traction in the market with our product offerings and to successfully compete for large, multi-year filtration contracts,” said Daron Evans, CEO of Nephros. “In addition to solid quarterly revenue growth and a strong year-end cash balance, we were essentially cash flow neutral from an operational basis this quarter. For 2018, we foresee a continuation of our growth in medical filter sales, an expansion of our commercial and industrial filter sales, and the ability to invest proceeds into our second generation HDF system.”
