Nephros Inc Reports Second Quarter 2024 Financial Results
Intellectia.AI Updated: 1970-01-01
Nephros, Inc. Reports Second Quarter 2024 Financial Results
Nephros, Inc. (NASDAQ:NEPH), a leading water technology company, announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metrics | Q2 2024 | Q2 2023 | YoY Change | Consensus Estimate |
|---|---|---|---|---|
| Revenue | $3.3 million | $3.5 million | -8% | $3.86 million |
| Earnings Per Share (EPS) | -$0.03 | N/A | N/A | $0 |
| Net Loss | -$0.3 million | -$0.4 million | N/A | N/A |
| Adjusted EBITDA | -$133,000 | -$183,000 | N/A | N/A |
The company reported an 8% decline in net revenue year-over-year to $3.3 million, falling short of the consensus estimate of $3.86 million. The net loss improved marginally to $0.3 million, compared to a net loss of $0.4 million in the same period last year. Adjusted EBITDA also showed an improvement from -$183,000 to -$133,000.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | YoY Change |
|---|---|---|---|
| Programmatic Revenue | N/A | N/A | +8% |
| Emergency Response Revenue | Declined | N/A | N/A |
The company's core programmatic business saw an 8% increase year-over-year, adding over 300 new accounts in the past 12 months. However, the decline in emergency response business led to an overall revenue decrease.
Operational Data
| Data | Q2 2024 | Q2 2023 |
|---|---|---|
| Cost of Goods Sold (COGS) | $1.3 million | $1.5 million |
| Gross Margins | 59% | 59% |
| R&D Expense | $0.3 million | $0.2 million |
| Depreciation & Amortization | $34,000 | $54,000 |
| SG&A Expense | $1.9 million | $2.2 million |
Management Comments
Robert Banks, President and CEO, stated, "The results this quarter reinforce our perspective following Q1 and reflect continued progress within our regular, programmatic business. The team has done a great job at securing new business with over 300 new accounts added in the past 12 months."
Banks further added, "While Nephros is growing its active customer sites faster than ever, a portion of our user base is failing to maintain filter changeout schedules, subsequently leading to inconsistent reorders. Such facilities are challenged by a variety of factors, including reduced labor forces and lengthy processes for purchasing approval."
Dividends or Share Repurchase Program
There were no announced dividends or share repurchase programs in the earnings release.
Forward Guidance
The earnings release did not provide specific forward guidance.
Stock Price Movement
Following the earnings release, Nephros, Inc.'s stock price experienced a decrease of approximately 0.23%.
In summary, while Nephros saw growth in its core programmatic business, the decline in emergency response revenue and operational challenges impacted overall performance.