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SOURCE Nephros, Inc.
RIVER EDGE, N.J., May 14, 2014 /PRNewswire/ -- Nephros, Inc. (OTCQB: NEPH), a commercial stage medical device company that develops and sells high performance liquid purification ultrafilters and an on-line mid-dilution hemodiafiltration system for the treatment of chronic renal failure patients, announced today financial results for the three months ended March 31, 2014.
"Despite residual activities related to our product recall in the fourth quarter, Nephros continued to make commercial progress with multiple product lines during the first quarter of this year," said John C. Houghton, President and CEO of Nephros. "We have extended the reach of our dialysis water filters by adding additional distributors, we have extended the reach of our MD220 dialyzer by expanding the geographical territory of the Bellco license agreement and we have provided alternative in-line filters for filtering water for washing and drinking in commercial properties with the launch of our NanoGuard-D and NanoGuard-S."
"More recently, we announced the first commercial treatment of a patient using our on-line mid-dilution hemodiafiltration system, and we are preparing to file a 510(k) medical device submission with the FDA within the second quarter in order to seek clearance approval for commercialization in the U.S. of the DSU-H and SSU-H in-line ultrafilters for use in hospitals. We have had no further update on the status of the U.S. Army RFP."
Financial Performance for the First Quarter Ended March 31, 2014
Total net revenues for the three months ended March 31, 2014 were approximately $473,000 compared to approximately $521,000 for the three months ended March 31, 2013. Total net revenues decreased approximately $48,000, or 9%, arising from approximately $127,000 of lower water filter sales on dialysis and commercial water partially offset by a 47% increase, or approximately $79,000, of licensing revenue related to the Bellco license agreement.
Total operating expenses for the quarter ended March 31, 2014 were $929,000 compared with $1,333,000 for the quarter ended March 31, 2013. The decrease was primarily driven by decreases in personnel, legal and professional services fees as well as research and development costs during the quarter ended March 31, 2014 compared to the quarter ended March 31, 2013.
Net loss for the quarter ended March 31, 2014 was $760,000, or $0.04 per share (based on 18.8 million weighted average shares outstanding) compared to $1,242,000, or $0.10 per share (based on 12.0 million shares outstanding) for the quarter ended March 31, 2013. As of March 31, 2014, the Company had approximately 25.2 million shares outstanding.
Nephros ended the first quarter of 2014 with cash and cash equivalents of $473,000.
About Nephros, Inc.
Nephros is a commercial stage medical device company that develops and sells high performance liquid purification filters. Our filters, which we call ultrafilters, are primarily used in dialysis centers for the removal of biological contaminants from water, bicarbonate concentrate and/or blood.
We were founded in 1997 by healthcare professionals affiliated with Columbia University Medical Center/New York-Presbyterian Hospital to develop and commercialize an alternative method to hemodialysis (HD). We have extended our filtration technologies to meet the demand for liquid purification in other areas, in particular water purification.
Presently, we offer ultrafilters for sale to customers in four markets:
For more information about Nephros, please visit the company's website at www.nephros.com.
Certain statements in this press release constitute "forward-looking statements". Such statements include statements regarding the efficacy and intended use of our technologies under development, the timelines for bringing such products to market and the availability of funding sources for continued development of such products and other statements that are not historical facts, including statements which may be preceded by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Forward-looking statements are not guarantees of future performance, are based on certain assumptions and are subject to various known and unknown risks and uncertainties, many of which are beyond our control. Actual results may differ materially from the expectations contained in the forward looking statements. Factors that may cause such differences include, but are not limited to, the risks that:
More detailed information about the company and the risk factors that may affect the realization of forward-looking statements, including the forward-looking statements in this press release, is set forth in our filings with the SEC, including our Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and our other periodic reports filed with the SEC. We urge you to read those documents free of charge at the SEC's web site at www.sec.gov. We do not undertake to publicly update or revise our forward-looking statements as a result of new information, future events or otherwise, except as required by law.
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