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Nephros Reports First Quarter 2013 Financial Results
Date:5/8/2013

with the U.S. Army RFP.  We can now commence marketing to this key customer segment."

Financial Performance for the First Quarter Ended March 31, 2013

Total revenues for the quarter ended March 31, 2013 were $521,000 as compared with $533,000 for the quarter ended March 31, 2012. The decrease in revenues was primarily driven by decreased revenue of approximately $117,000 related to the Office of Naval research project.  The project was completed as of March 31, 2012.  Sales of ultrafilter products to Dialysis Centers and Hospitals increased by approximately $102,000 during the three months ended March 31, 2012 compared to the same period in 2012.  Licensing revenue of approximately $175,000 was recognized during the first quarter of 2013, which represented an increase of approximately $2,000 over the same period in 2012.

Total operating expenses for the quarter ended March 31, 2013 were $1,537,000 compared with $867,000 for the quarter ended March 31, 2012.  The increase was driven by the addition of administrative and sales personnel, a reduction in revenue generating research projects which absorb research and development personnel costs and fees related to the issuance of the senior secured note with Lambda Investors LLC.  Additionally legal and travel expenses increased during the first quarter of 2013 over the same period in 2012 and there were increases in amortization expense due to the amortization of the long-term asset related to the long-term supply agreement with Medica signed in April, 2012.

Net loss for the quarter ended March 31, 2013 was $1,242,000, or $0.10 per share (based on 12.0 million weighted average shares outstanding) compared to $513,000, or $0.05 per share (based on 10.6 million shares outstanding) for the quarter ended March 31, 2012. As of March 31, 2013, the Company had approximately 12.0 million shares outstanding.

Nephros ended the first quarter of 2013 with cash and c
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SOURCE Nephros, Inc.
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