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Nephros Reports Second Quarter 2018 Financial ResultsQuarterly Product Revenue Up 55% Year-over-Year; Total Revenue Up 59% Company Plans Uplist to National Stock Exchange Conference Call Scheduled for Today, August 8, 2018, at 4:30 PM EDT SOUTH ORANGE, N.J., Aug. 08, 2018 (GLOBE NEWSWIRE) -- Nephros, Inc. (OTCQB: NEPH) (“Nephros”), a commercial stage medical device company that develops and sells high performance liquid purification ultrafilters and an on-line mid-dilution hemodiafiltration system for use with a hemodialysis (HD) machine for the treatment of patients with End Stage Renal Disease (ESRD), today announced financial results for the three months ended June 30, 2018. “Today’s results represent our eighth consecutive quarter of year-over-year revenue growth averaging 59%,” said Daron Evans, President and CEO. “We believe this consistent growth in our ultrafilter solutions reflects increasing confidence from both our customers and our valued distribution partners, and we are confident that we are strongly positioned for the future.” Nephros also announced plans today to pursue listing on a national stock exchange. As part of this effort and in order to satisfy stock price listing criteria, Nephros intends to initiate a reverse split of its common stock in approximately thirty days. “Given our growth and strong balance sheet, we have begun the process of uplisting to a national stock exchange,” said Andy Astor, CFO. “An uplist is likely to increase the visibility and liquidity of Nephros’s stock, with a broader audience of additional investors who will be able to consider investing in Nephros.” Financial Performance for the Quarter Ended June 30, 2018 Product revenues for the three months ended June 30, 2018 were approximately $1,216,000, compared to approximately $785,000 for the three months ended June 30, 2017, an increase of approximately $431,000, or 55%. Total revenues for the three months ended June 30, 2018 were approximately $1,366,000, compared to approximately $858,000 for the three months ended June 30, 2017, an increase of approximately $508,000, or 59%. Cost of goods sold was approximately $536,000 for the three months ended June 30, 2018, compared to approximately $341,000 for the three months ended June 30, 2017. Research and development expenses were approximately $352,000 and $277,000 for the three months ended June 30, 2018 and 2017, respectively. Selling, general and administrative expenses were approximately $1,091,000 for the three months ended June 30, 2018, compared to approximately $881,000 for the three months ended June 30, 2017, representing an increase of $210,000, or 24%. As of June 30, 2018, Nephros had cash and cash equivalents of approximately $3,484,000. Conference Call Today at 4:30 PM 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 August 15, 2018 at 1-877-344-7529 or 1-412-317-0088 for international callers, and entering Replay Access Code: 10123077. 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, as well as a hemodiafiltration system for the treatment of patients with End Stage Renal Disease. Nephros filters or ultrafilters are used primarily in medical applications in various settings. These 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. Additionally, Nephros ultrafilters are used in hospitals and medical clinics for added protection in retaining bacteria (i.e. Legionella, Pseudomonas), virus and endotoxin from water. These ultrafilters provide barriers that assist in improving infection control with showers, sinks, and ice machines. 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 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:
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