Nephros(US:NEPH)2024-03-15 20:25Financial Performance - Total net revenues increased by 43% to $14.238 million for the year ended December 31, 2023, compared to $9.975 million in 2022[158] - Gross margin improved to 59% in 2023 from 47% in 2022, reflecting a return to target gross margins of 55%-60%[160] - Net loss attributable to Nephros, Inc. shareholders decreased by 79% to $1.575 million in 2023 from $7.382 million in 2022[158] Expenses - Research and development expenses decreased by 30% to $873,000 in 2023, primarily due to the wind down of Specialty Renal Products, Inc.[161] - Selling, general and administrative expenses rose by $1.3 million or 17% to $8.911 million, driven by increased bonuses and hiring of new executives[163] Cash Flow and Liquidity - Cash and cash equivalents increased to $4.307 million as of December 31, 2023, compared to $3.634 million in 2022[170] - Net cash provided by operating activities was $0.8 million in 2023, a $4.1 million improvement from net cash used of approximately $3.2 million in 2022[174] - The company had an accumulated deficit of $144.4 million as of December 31, 2023, with expectations of incurring additional operating losses until profitability is achieved[171] - Future liquidity sources will depend on market acceptance of products and the ability to effectively produce and sell them[173] Agreements and Commitments - Minimum annual aggregate purchases from Medica under the License and Supply Agreement were €3.8 million (approximately $4.1 million) for 2023[177]