RIVER EDGE, N.J., May 13 /PRNewswire-FirstCall/ -- Nephros, Inc. (OTC Bulletin Board: NEPH) announced today financial results for the three months ended March 31, 2010.
First Quarter Highlights
- Increased revenues by 57% to approximately $989,000 from prior year.
- Reduced loss from operations by approximately $213,000 or 29% from prior year.
- Signed Product development Agreement with STERIS Corp.
- Distribution Agreement signed with Bellco Canada.
"For the remainder of 2010, the company's primary focus is to obtain a formal response to our pending 510(k) submission and complete the approval process," said Paul A. Mieyal, acting CEO of Nephros. "At the same time, we are aggressively evaluating ways to reduce our cost of goods and increase sales of MD filters in Europe. Nephros has an installed base of DSU filters for infection control in several major hospitals. Nephros is seeking additional distributors and plans to hire additional salespeople to expand this market. Our relationship with the U.S. military remains solid. Our goal is to leverage research funding to obtain contracts to supply filtration products to the military. We continue to seek additional funding opportunities to support our business plan."
Financial Performance for the First Quarter Ended March 31, 2010 (Unaudited)
For the quarter ended March 31,
2010, Nephros recognized net product revenues of