Nephros(US:NEPH)2024-03-07 21:15Financial Performance - Full-year net revenue for 2023 was $14.2 million, a 43% increase from $10 million in 2022[4] - Fourth-quarter net revenue was $3.3 million, up 27% from $2.6 million in Q4 2022[4] - Total net revenues for 2023 increased to $14,238,000, up 42.7% from $9,975,000 in 2022[28] - Product revenues rose to $14,110,000, a 42.5% increase compared to $9,929,000 in the previous year[28] Profitability and Loss - Gross margin for the year was 59%, compared to 47% in 2022; Q4 gross margin was 62%, up from 59% in Q4 2022[6] - Gross margin improved to $8,405,000, representing a 77.8% increase from $4,731,000 in 2022[28] - Net loss for the year decreased by 63% to ($1.6 million) from ($4.3 million) in 2022; Q4 net loss remained approximately ($0.7 million)[10] - Operating loss from continuing operations decreased to $1,593,000, down from $4,335,000 in 2022, indicating improved operational efficiency[28] - Net loss attributable to Nephros Inc. shareholders was $1,575,000, significantly reduced from $7,382,000 in the prior year[28] Expenses - Cost of goods sold for the year was $5.8 million, an 11% increase from $5.2 million in 2022; Q4 cost of goods sold was $1.2 million, up 18% from $1 million in Q4 2022[6] - Selling, general and administrative expenses for the year were $8.9 million, a 17% increase from $7.6 million in 2022; Q4 expenses were approximately $2.4 million, up 35% from $1.8 million in Q4 2022[7] - Research and development expenses for the year decreased by 30% to $0.9 million from $1.3 million in 2022; Q4 expenses were $0.2 million, down 42% from $0.4 million in Q4 2022[8] - Research and development expenses decreased to $873,000 from $1,255,000, suggesting a potential shift in investment strategy[28] Cash and Assets - The company remains debt-free with cash and cash equivalents of approximately $4.3 million as of December 31, 2023, compared to $3.6 million at the end of 2022[11] - Cash and cash equivalents increased to $4,307,000, up from $3,634,000 year-over-year[26] - Total assets grew to $11,861,000, compared to $10,999,000 in 2022, reflecting a solid asset base[26] Liabilities - Total liabilities increased to $3,503,000, up from $2,118,000, indicating a rise in financial obligations[26] Operational Developments - Nephros opened a new warehouse in Q4 2023 to enhance delivery efficiency and support growing sales[3] Shareholder Information - Weighted average common shares outstanding increased to 10,386,018 from 10,297,134, reflecting a slight dilution in share value[28]