Nephros, Inc. announced strong financial results for the second quarter ended June 30, 2025, reporting net revenue of $4.4 million. This marks a robust 36% increase year-over-year from $3.3 million in Q2 2024. The company achieved its third consecutive quarter of net income, reporting $0.2 million compared to a net loss of $0.3 million in Q2 2024.
Core programmatic revenue grew by 31% over the same period in 2024, reflecting strong reorders and a record number of new active sites. For the first half of 2025, net revenue climbed to $9.3 million, a 37% increase from $6.8 million in the prior year period, with net income reaching $0.8 million. Gross margin for Q2 2025 improved to 63% from 59% in Q2 2024, driven by reduced shipping costs and inventory adjustments.
The dialysis water segment delivered its second-highest performance on record and secured the largest dialysis filtration purchase order in company history. Active-site counts reached all-time highs across infection control, dialysis water, and commercial segments. As of June 30, 2025, Nephros held approximately $5.1 million in cash and cash equivalents, an increase from $3.8 million at December 31, 2024, and remains debt-free.
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