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Nephros Reports 2011 Fourth Quarter and Full Year Financial Results
Date:3/22/2012

approximately $2,938,000 in the corresponding period of 2010, a decrease of approximately 25%. Revenues from sales of our MD filters in our Target European Market were reduced by approximately $749,000 due to no unit sales during the second half of 2011 as a result of the licensing agreement with Bellco.  Licensing revenue of $365,000 was realized in 2011 which partially offset the reduced MD product revenue.  Sales of DSU products increased by approximately $117,000, or 24%, to $618,000 compared to the corresponding period of 2010.  The fixed licensing fees earned under the agreement are being amortized as revenue over the three and one-half years ending December 31, 2014. The Company's net loss was approximately $2,360,000 or $0.27 per basic and diluted loss per common share for the twelve months ended December 31, 2011 compared with approximately $1,933,000 or $0.93 per basic and diluted loss per common share for the corresponding period of 2010.  Loss from operations for the twelve months ended December 31, 2011 was approximately $2,310,000 compared to approximately $1,889,000 in the corresponding period of 2010.  The $421,000 increase in operating loss resulted from a decrease of approximately $254,000 in gross profit due to decreased revenue and a $200,000 provision for inventory charged to cost of goods sold.  The $200,000 provision for inventory is a non-recurring, non-cash expense reflected in cost of goods sold which reduced the 2011 gross profit.  The increase in operating loss was further impacted by: an increase in research and development expenses of approximately $89,000; an increase in selling, general and administrative expenses of approximately $116,000; all of which was partially offset by a reduction in depreciation expense of approximately $38,000. 

As of December 31, 2011, Nephros had cash and cash equivalents of approximately $1,669,000.  As previously announced, Nephros received a cash pay
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SOURCE Nephros, Inc.
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