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Nephros Reports Third Quarter 2018 Financial Results

Quarterly Product Revenue Up 96% Year-over-Year; Total Revenue Up 88%

SOUTH ORANGE, N.J., Nov. 08, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Nephros, Inc. (OTCQB: NEPH) (“Nephros”), a commercial stage medical device company that develops and sells high performance liquid purification ultrafilters, today announced financial results for the three months ended September 30, 2018.

“Today’s results represent our ninth consecutive quarter of year-over-year revenue growth averaging over 60%,” said Daron Evans, President and CEO. “Our high-performance ultrafilters and customer-service-driven culture are driving increasing confidence in Nephros products. We believe we are well positioned to continue to grow our network of customers in partnership with our valued distribution partners.”

“As announced last quarter, we are pursuing a national stock exchange listing, which will likely be coupled with a reverse split of our common stock in order to satisfy applicable listing criteria,” said Andy Astor, CFO. “We believe that an uplist is likely to increase the visibility and liquidity of Nephros’s stock, exposing us to a broader audience of additional investors who will be able to consider investing in Nephros.”

Financial Performance for the Quarter Ended September 30, 2018

Product revenues for the three months ended September 30, 2018 were approximately $1,648,000, compared to approximately $841,000 for the three months ended September 30, 2017, an increase of approximately $807,000, or 96%. Total revenues for the three months ended September 30, 2018 were approximately $1,724,000, compared to approximately $916,000 for the three months ended September 30, 2017, an increase of approximately $808,000, or 88%.

Cost of goods sold was approximately $772,000 and $384,000 for the three months ended September 30, 2018 and 2017, respectively. Research and development expenses were approximately $352,000 and $237,000 for the three months ended September 30, 2018 and 2017, respectively. Selling, general and administrative expenses were approximately $1,069,000 and $753,000 for the three months ended September 30, 2018 and 2017, respectively.

As of September 30, 2018, Nephros had cash and cash equivalents of approximately $5,322,000 on a consolidated basis, including approximately $3,000,000 of cash held by its subsidiary, Specialty Renal Products, Inc.

Conference Call Today at 4:30 p.m. EDT

Nephros will host a conference call at 4:30 PM EDT today, during which management will discuss Nephros’s financial results and provide a general business overview.

Participants may dial into the following number to access the call: 1-866-652-5200 or international callers using 1-412-317-6060. Please ask to be joined into the Nephros conference call. A replay of the call can be accessed until November 15, 2018 at 1-877-344-7529 or 1-412-317-0088 for international callers, and entering Replay Access Code: 10126116. An audio archive of the call will be available shortly after call on the Nephros investor relations page at https://www.nephros.com/investor-relations/.

About Nephros, Inc.

Nephros is a commercial stage medical device company that develops and sells high performance liquid purification filters, known as ultrafilters. Nephros ultrafilters are primarily used in hospitals and medical clinics for added protection in retaining bacteria (e.g., Legionella, Pseudomonas), viruses, and endotoxins from water. They provide barriers that assist in improving infection control in showers, sinks, and ice machines. Additionally, Nephros ultrafilters are used by dialysis centers for assisting in the added removal of biological contaminants from the water and bicarbonate concentrate supplied to hemodialysis machines and the patients.

For more information about Nephros, please visit its website at 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’s expected financial results for the fiscal year ending December 31, 2018, its plans to obtain a listing on a national securities exchange, and the expected benefits that may result from such a listing, its expected growth in medical, commercial and industrial filter sales, including the expansion into new markets, its anticipated reverse split of its common stock, including the timing for doing so, 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 uncertainty in clinical outcomes, potential delays in the regulatory approval process, changes in business, economic and competitive conditions, the availability of capital when needed, dependence on third party manufacturers and researchers, regulatory reforms, uncertainties in litigation or investigative proceedings, and the availability of financing. 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, 2017.  Nephros does not undertake any responsibility to update the forward-looking statements in this release.

Contact:
Andrew Astor, Chief Financial Officer
Phone: 201-345-0824
Email: andy@nephros.com


NEPHROS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share amounts)

    (Unaudited)     (Audited)  
    September 30, 2018     December 31, 2017  
ASSETS                
Current assets:                
Cash   $ 5,322     $ 2,194  
Accounts receivable, net     1,508       836  
Investment in lease, net-current portion     24       20  
Inventory, net     1,459       674  
Prepaid expenses and other current assets     63       85  
Total current assets     8,376       3,809  
Property and equipment, net     20       52  
Investment in lease, net-less current portion     26       39  
License and supply agreement, net     971       1,072  
Other asset     11       11  
Total assets   $ 9,404     $ 4,983  
                 
LIABILITIES, NONCONTROLLING INTEREST AND STOCKHOLDERS’ EQUITY                
Current liabilities:                
Secured revolving credit facility   $ 163     $ 711  
Current portion of secured note payable     191       -  
Accounts payable     562       872  
Accrued expenses     524       218  
Deferred revenue, current portion     -       70  
Total current liabilities     1,440       1,871  
Secured note payable, net of current portion     897       -  
Unsecured long-term note payable, net of debt issuance costs and debt discount of $0 and $233, respectively     -       954  
Long-term portion of deferred revenue     -       208  
Total liabilities     2,337       3,033  
                 
Commitments and Contingencies (Note 18)                
                 
Noncontrolling interest     3,000       -  
                 
Stockholders’ equity:                
Preferred stock, $.001 par value; 5,000,000 shares authorized at Sept. 30, 2018 and Dec. 31, 2017; no shares issued and outstanding at Sept. 30, 2018 and Dec. 31, 2017     -       -  
Common stock, $.001 par value; 90,000,000 shares authorized at Sept. 30, 2018 and Dec. 31, 2017; 64,166,988 and 55,293,267 shares issued and outstanding at Sept. 30, 2018 and Dec. 31, 2017, respectively     64       55  
Additional paid-in capital     127,419       122,924  
Accumulated other comprehensive income     73       77  
Accumulated deficit     (123,489 )     (121,106 )
Total stockholders’ equity     4,067       1,950  
Total liabilities, noncontrolling interest and stockholders’ equity   $ 9,404     $ 4,983  
                 


NEPHROS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(In thousands, except share and per share amounts)
(Unaudited)

    Three Months Ended
September 30,
    Nine Months Ended
September 30,
 
    2018     2017     2018     2017  
Net revenues:                                
Product revenues   $ 1,648     $ 841     $ 3,822     $ 2,316  
License, royalty and other revenues     76       75       253       193  
Total net revenues     1,724       916       4,075       2,509  
Cost of goods sold     772       384       1,826       1,005  
Gross margin     952       532       2,249       1,504  
Operating expenses:                                
Research and development     352       237       993       744  
Depreciation and amortization     42       60       123       178  
Selling, general and administrative     1,069       753       3,420       2,405  
Total operating expenses     1,463       1,050       4,536       3,327  
Loss from operations     (511 )     (518 )     (2,287 )     (1,823 )
Loss on extinguishment of debt     -       -       (199 )     -  
Interest expense     (32 )     (88 )     (146 )     (218 )
Interest income     1       1       3       3  
Other expense     (8 )     (27 )     (32 )     (60
Net loss     (550 )     (632 )     (2,661 )     (2,098 )
Less: Undeclared deemed dividend attributable to noncontrolling interest     (16 )     -       (16 )     -  
Net loss attributable to Nephros, Inc.     (566 )     (632 )     (2,677 )     (2,098 )
Other comprehensive (loss) income, foreign currency translation adjustments, net of tax     (1 )     1       (4 )     9  
Total comprehensive loss attributable to Nephros, Inc.   $ (567 )    $ (631 )    $ (2,681 )    $ (2,089 )
                                 
Net loss per common share, basic and diluted   $ (0.01 )   $ (0.01 )   $ (0.04 )   $ (0.04 )
Weighted average common shares outstanding, basic and diluted     64,166,988       54,142,791       60,762,239       52,473,518  
                                 

 

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