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

ment of euro 750,000 from Bellco S.r.l. on January 16, 2012 under the licensing agreement which became effective July 1, 2011.

Financial Performance for the Fourth Quarter Ended December 31, 2011

For the quarter ended December 31, 2011, Nephros recognized net product revenues of approximately $489,000 compared with approximately $517,000 in the corresponding period of 2010, a decrease of $28,000 or 5%.  The $28,000 decrease in net product revenues is primarily due to a decrease from sales of our MD filters in our Target European Market of approximately $271,000 in the three months ended December 31, 2011 compared to the same period in 2010 however, this decrease was partially offset by additional licensing revenue of $178,000 and approximately $17,000 of increased billings related to our contract with the Office of Naval Research and increased revenue of approximately $81,000 in sales of our DSU products for the three months ended December 31, 2011.  The license agreement with Bellco began in July 2011 and provides for a fixed amount of revenue through December 2014.

Operating expenses for the three months ended December 31, 2011 were approximately $798,000 compared with approximately $751,000 in the corresponding period of 2010. The increase of approximately $47,000 is related, in part, to the reduction in depreciation expense of $11,000 or 35% in the fourth quarter of 2011 compared to the same period in 2010. Selling, general and administrative expenses were approximately $45,000 or 7% higher in the fourth quarter of 2011 compared to the same period in 2010.  The increase is primarily due to increased stock compensation expense in the fourth quarter of 2011 compared to the same period in 2010.

Research and development expenses increased by approximately $13,000 in the fourth quarter of 2011 compared to the same period in 2010.

Nephros' net loss was approximately $638,000 or $0.07 per basic and diluted common
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SOURCE Nephros, Inc.
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