Nephros releases preliminary Q1 earnings, raises $3m

Nephros (OTC:NEPH) this week released the preliminary earnings for its first quarter of 2018 including plans to move its headquarters, and released information on a $2.9 million equity round of financing.
The South Orange, N.J.-based company said it expects to post sales of $958,000 for its first quarter, up 39% from the same quarter last year. Total revenue for the quarter is expected to be $985,000, up 34% from the same quarter last year, the company said.
“The first three months of 2018 reflected our typical seasonal pattern, yet still recorded robust growth compared to the same period of 2017. The first quarter is generally our slowest, largely due to fewer infection outbreaks during cold weather months. However, the second quarter is already off to a very strong start, and we remain confident about our 2018 revenue target of $6 million,” prez & CEO Daron Evans said in a press release.
Nephros said its expenses for operating activities during the first quarter were approximately $668,000 including $50,000 to to fund a move to a new headquarters.
“We took advantage of our relatively strong cash position to invest in our new headquarters facility, and to bring our supplier payables up to date. This puts us in a strong position going into the second quarter, in which we anticipate positive cash flow from operating activities,” CFO Andy Astor said in a prepared statement.
The company has also reported raising $2.9 million in a new round of equity ...

Source: Mass Device - April 20, 2018 Category: Medical Devices Authors: Fink Densford Tags: Business/Financial News Wall Street Beat Nephros Source Type: news