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| Statement |
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| As we accomplished this with an impressive improvement in EBITDA, which my CFO, Judy Krandel will cover next in financial section of this call |
| The Donastar is ramping up has a number of really great opportunities, and I look forward to them continuing to drive change |
| For the full year 2023, gross margins increased significantly to 59%, versus 47% for 2022, a 12 percentage point improvement, from the prior year |
| I'm very pleased to have joined Nephros and look forward to help build a terrific company, and fast-growing business |
| We welcomed the new Executive Leadership at the CEO and CFO levels, we were cash flow positive for the full year 2023, and we finished with a very impressive revenue growth of 43% year-over-year |
| Gross margins in the quarter also increased to 62%, compared with 59% in the fourth quarter of 2022, an improvement of three percentage points |
| So, I've been quite pleased with the activity that's driven and what we expect it to continue to drive as the industry works to comply with this guidance |
| In turn, several of them saw record growth levels in 2023 as they utilize their respective infrastructures, to deliver our leading technology throughout a variety of customer markets |
| The strong relationships with key decision makers have offered us new opportunities to penetrate large segments of the market very quickly |
| Second, growth is good, but growing profitably is great |
| So good momentum there |
| It was an amazing year for Nephros, and we are all very proud of the results |
| This growth capped the year where Nephros reached an impressive $14.2 million in total revenue, 43% growth over 2022 revenue |
| The growth in our infection control product line is truly a result of high performance throughout the year in our sales, engineering, quality, operations and marketing departments |
| This is proving to be a great opportunity for Nephros, given the FDA 510(k) clearance of our infection control filters as Class II medical devices, which satisfies the exact recommendation detailed in the guidance |
| Although it wasn't easy, it demonstrated the commitment, and strength inherent in the DNA of our relatively small team |
| I'm very pleased to welcome you to the call |
| I'd like to specifically thank the Nephros employees, our partners and our customers who have remained with us on this journey, and contributed to these wonderful results |
| For the full year 2023, adjusted EBITDA from continuing operations marked a huge improvement, with a loss of $76,000, versus a loss of $2.4 million in 2022 |
| Through a series of delivery, and transformative operational improvement with the supply chain, partnership development, and the expansion of our sales force, we are now realizing a new level of growth potential, but I'd like to thank the Nephros team, for their commitment and hard work to drive these great results |
| And for the full year 2023, net revenue was up 43%, to $14.2 million |
| We finished the fourth quarter with sales up 27% over the same period in the prior year with $3.3 million in revenue |
| I would like to commend the team in this huge step towards operational excellence, because we accomplished the move, while simultaneously achieving solid growth numbers |
| We reported fourth quarter net revenue of $3.3 million, a 27% increase over the corresponding period in 2022 |
| Net loss from continuing operations for the quarter improved to $654,000, compared to $719,000 in the same period last year |
| For the full year 2023, net loss from continuing operations improved to $1.6 million, versus a loss of $4.3 million for 2022 |
| Nephros has always worked hard to consistently serve our customers with quality products, and to be on time, to meet emergency needs 24/7, any day of the week |
| I look forward to seeing that accelerate in the future |
| Robert Banks You're very welcome |
| The release of this information has already spurred greater demand for Nephros' solutions as these are more stringent guidelines regarding waterborne, pathogen, litigation, required technology that is not widely available |
| Statement |
|---|
| We looked at several areas within our operations then identified and resolved issues, which contributed to losses |
| Adjusted EBITDA from continuing operations in the quarter, was a loss of $51,000, compared to a loss of $460,000 during the same period in 2022 |
| This challenge, was made more acute by our significant growth, which resulted in exceeding the limitations of our product inventory space |
| One such area targeted for improvement was an inefficient off-site storage footprint |
| R&D expenses were lower, due to the wind down in 2023 of our SRP business and consequently, a reduction in SRP-related research and development expense |
| Nothing too exciting to report about that at this time, just chugging along as I would expect the commercial market to do so |
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