Nephros, Inc.

Good day and welcome to the NEPHRO's Inc. Second Quarter 2025 Financial Results Conference Call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your telephone keypad. To withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Kieran Smith, Investor Relations. Please go ahead.

Thank you, Megan. Good afternoon, everyone. This is Kieran Smith with PCG Advisory. Thank you all for participating in NEPHRO's second quarter 2025 conference call. Before we begin, I would like to caution that comments made during this conference call by management will contain forward-looking statements regarding the operations and future results of Nefros. I encourage you to review Nefros' filings with the Securities and Exchange Commission, including, without limitation, the company's Forms 10-K and 10-Q, which identify specific factors that may cause actual results or events to differ materially from those described in the forward-looking statements. Factors that may affect the company's results include, but are not limited to, Nefros' ability to successfully, timely, and cost-effectively market and sell its products and service offerings, the rate of adoption of its products and services by hospitals and other healthcare providers, the success of its commercialization efforts, and the effect of existing and new regulatory requirements on Nefros' business and other economic and competitive factors. Content of this conference call contains time-sensitive information that is accurate only as of the date of the live call, today, August 7th, 2025. The company undertakes no obligation to revise or update any statements to reflect events or circumstances after the date of this conference call, except as required by law. I would now like to turn the call over to Nefros' president and chief executive officer, Robert Banks. Robert, please go ahead.

Thank you, Kieran, and good afternoon, everyone. I'm thrilled to be speaking with you today as we share our Q2 2025 results. We've grown our 12-month revenue from $13.8 million to $16.7 million, added more than 400 new active customer sites over the past two years, and most importantly, have continued to prove our strategy works. Q2 was another high-achieving quarter. Net revenue reached $4.4 million, up 36% over Q2 last year, and marks our third consecutive quarter of profitability. These are not just financial milestones. They are clear signals of durable momentum and strong operational execution. When you zoom out to look at the first half of 2025, the growth becomes even more compelling. The first half of 2025 revenue hit $9.3 million, a 37% increase over the same period in 2024. Every region outperformed its first half targets. Overall, we delivered well above our internal target, reinforcing both the resilience and scalability of our business. Much of this success is driven by our core programmatic business, which is now seen 40% compound growth over the past two years. In fact, programmatic sales reached all-time highs, confirming the efficacy of our reoccurring revenue model. We have also seen encouraging traction in other key areas. A thriving installation program, which has accelerated reorder rates and expanded our footprint. A record level of programmatic sales, even with lower emergency response volumes. the strategic expansion of our sales team into non-healthcare verticals has begun to bear fruit, and growing customer adoption of our filter tracking app, which has improved visibility, compliance, and support with thousands of filters now being tracked. This quarter's strong execution reflects the entire team's commitment from sales and operations to product and customer success. We now serve over 1,600 active customer sites and are delighted that our Q2 brought in the highest retention rate of the past six quarters. Looking ahead, we are focused on three things. Expanding into underserved verticals like dental, government, and municipal facilities. Bringing new innovations to market like our S100 microfilter and 20-inch hydroguard. which have unlocked opportunities across still processing, labs, and beyond. And lastly, executing with operational discipline while continuing to protect profitability. To everyone who has supported our journey so far, thank you. I am deeply proud of what we've built and even more excited about what's next. With that, I'll turn the call over to our CFO, Judy Crandall, for a more detailed look at our financials. Judy?