Shares of Nephros (NASDAQ: NEPH) soared in morning trading on Tuesday morning after the water technology company providing filtration solutions announced preliminary Q1 results and expects its net revenues to be around $3.7 million, a 69% increase year-over-year and ahead of analyst’s estimate of $2.68 million.
Andy Astor, President and CEO of Nephros commented, “It is noteworthy that while this quarter’s revenue was enhanced by an unusually large emergency response order, our base revenue is expected to exceed $3.0 million, representing an approximate 40% increase over last year.” Moreover, the company expects that “cash flows from water filtration operations to be at least break-even for the first quarter, and we believe the strength of our business remains on track for generating consistent positive cash flows by the middle of 2023.”
The company ended the first quarter with $3.8 million in cash on a consolidated basis. Nephros is expected to announce its Q1 results on May 10.
Even with today’s price surge, NEPH stock has lost more than 70% of its value in the past year.
