Second Quarter Revenue of $2.9 Million, Year-Over-Year Increase of 27%;
Number of Active Customer Sites Climbs 21% Year-Over-Year
SOUTH ORANGE, NJ, July 06, 2022 (GLOBE NEWSWIRE) — via NewMediaWire – Nephros, Inc. (NASDAQ:NEPH), a leading water technology company providing filtration and pathogen detection solutions to the medical and commercial markets, today announced preliminary revenue results for the second quarter ended June 30, 2022.
Net revenue for the quarter ended June 30, 2022 is expected to be approximately $2.9 million, a year-over-year increase of 27%. In addition, the number of customer sites that have purchased from Nephros during the trailing 12 months, which Nephros refers to as Active Customer Sites (“ACS”), increased to 1,349, compared to 1,117 one year ago, an increase of 232 sites, or 21%.
“We are very pleased with our revenue growth in the second quarter,” said Andy Astor, President and Chief Executive Officer. “Coupled with the leading indicators of ACS growth and a strong sales opportunity pipeline, we are optimistic for continued strong revenue growth.”
Mr. Astor continued, “During the second quarter, we also established a broad expense management plan, including headcount reductions, facility consolidations, and other cost controls. We expect that these expense reductions, in combination with anticipated revenue growth, will yield positive net cash flow within the next 12 months.”
Nephros ended the second quarter with approximately $4.2 million in cash on a consolidated basis.
The company will announce its second-quarter results on Wednesday, August 10, 2022 after market close, and host a conference call that same day at 4:30 PM ET.