Nephros(NEPH) - 2024 Q4 - Annual Results

Financial Performance - Full-year net revenue for 2024 was $14.2 million, remaining flat compared to 2023[6] - Fourth-quarter net revenue was $3.9 million, an increase of 19% from $3.3 million in Q4 2023[6] - Net income for the fourth quarter was $349,000, compared to a net loss of $654,000 in the same period of 2023[6] - Adjusted EBITDA for the fourth quarter was $466,000, compared to a loss of $51,000 in Q4 2023[6] - Total net revenues for Q4 2024 were $3,870,000, an increase of 18.9% compared to $3,254,000 in Q4 2023[31] - Operating income for Q4 2024 was $317,000, compared to an operating loss of $649,000 in Q4 2023[31] - Net income for Q4 2024 was $349,000, a significant turnaround from a net loss of $654,000 in Q4 2023[31] - The company reported a basic net income per share of $0.03 for Q4 2024, compared to a loss of $0.06 per share in Q4 2023[31] Revenue and Sales - The company added nearly 600 new customer sites, contributing almost $2 million in sales, representing over 13% of annual revenue[5] - Product revenues for the twelve months ended December 31, 2024, were $14,035,000, a slight decrease of 0.5% from $14,110,000 in 2023[31] Expenses and Margins - Gross margin for the year was 62%, up from 59% in 2023, and for Q4 it was 64%, compared to 62% in Q4 2023[10] - Selling, general and administrative expenses decreased by 14% year-over-year to $7.7 million for 2024[11] - Research and development expenses for the year remained steady at $0.9 million, with a 21% increase in Q4 due to higher headcount[12] - Research and development expenses for the twelve months ended December 31, 2024, were $906,000, an increase of 3.8% from $873,000 in 2023[31] - Gross margin for Q4 2024 improved to $2,475,000, representing a 22.5% increase from $2,021,000 in Q4 2023[31] Assets and Liabilities - Total current assets decreased to $8,298,000 in 2024 from $8,405,000 in 2023, reflecting a decline of 1.3%[28] - Total liabilities decreased to $2,625,000 in 2024, down 25.1% from $3,503,000 in 2023[28] - Stockholders' equity increased to $8,585,000 in 2024, up 2.7% from $8,358,000 in 2023[28] Product Development - The company launched the 20" HydraGuard Ultrafilter, targeting industries such as sterile processing and manufacturing[4] - Nephros achieved profitability for the first time in Q3 2024, attributed to effective cost control[5]