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Nephros Reports First Quarter 2012 Financial Results
Date:5/15/2012

RIVER EDGE, N.J., May 15, 2012 /PRNewswire/ -- Nephros, Inc. (OTC Bulletin Board: NEPH), a global medical device company developing and marketing filtration products for therapeutic applications, infection control, and water purification, announced today financial results for the three months ended March 31, 2012.

Recent Highlights

  • Received FDA 510(k) clearance to market hemodiafiltration system in U.S.
  • Executed strategic license and supply agreement with Medica S.p.A.
  • Received scheduled euro 750,000 payment from Bellco S.r.l. under licensing agreement for mid-dilution dialysis product, contributing to a positive cash flow quarter
  • Decreased mid-dilution ("MD") product revenue from $402,000 to $0 as a result of Licensing Agreement with Bellco S.r.l.
  • Increased gross margin in the first quarter to 58% from 29% in the prior year period as a result of licensing revenue from Bellco Agreement
  • Increased ultrafiltration product revenues to approximately $243,000, an increase of 69% from prior year period
  • Presented Individual Water Treatment/Purification Device (UF-40 ultrafilter) at Camp Lejeune as part of the Military's Experimental Forward Operating Base (ExFOB) demonstration and assessment event
  • Hired John C. Houghton as President & CEO
  • Hired Shane Sullivan as Director of U.S. Sales
  • "The first quarter of 2012 was highly productive for Nephros, and the company has continued its momentum into the second quarter," said John C. Houghton, President and CEO of Nephros.  "The licensing and supply agreement with Medica has secured our ultrafiltration product line, and the recent FDA clearance to market our hemodiafiltration system in the U.S. provides Nephros with another significant asset.  Excellent groundwork has been laid to position Nephros for long-term growth a
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    SOURCE Nephros, Inc.
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