Nephros(US:NEPH)2024-05-09 20:15Financial Performance - First-quarter net revenue was $3.5 million, a decrease of 5% compared to $3.7 million in the same period in 2023[4] - Net loss for the quarter was $0.2 million, improved from a net loss of $0.3 million in the same period last year[5] - Adjusted EBITDA for the quarter was a loss of $95,000, compared to a gain of $147,000 in Q1 2023[6] - Gross margins increased to 62%, up from 57% in the same period last year, driven by reduced shipping expenses and better supplier terms[7] - Cash and cash equivalents decreased to $3.6 million from $4.3 million as of December 31, 2023, primarily due to annual employee bonuses and inventory investment[10] - Total current assets decreased to $8.13 million from $8.41 million as of December 31, 2023[23] Business Growth - Programmatic business revenue grew by 12% year-over-year, indicating strong growth in the core business[3] Research and Development - Research and development expenses remained stable at $0.2 million for both quarters ended March 31, 2024, and March 31, 2023[9] - The company is developing an online filter tracker to enhance customer experience and manage filter replacements[3] - Nephros is exploring capabilities for nano and microplastic filtration, leveraging its technology to address water quality challenges[3]