Nephros, a medical device company developing and marketing filtration products for therapeutic applications, infection control and water purification, has reported $2,938,000 in revenues for the 12 months ended 31 December 2010, an increase of 10%, compared to $2,661,000 in the corresponding period of 2009.
The company’s net loss was $1,933,000 for the 12 months compared with $2,026,000 for the corresponding period of 2009.
Loss from operations was $1,889,000 compared to $2,406,000 in the prior year due to an increase in gross profit due to increased revenue; a reduction in depreciation expense; and a reduction in selling, general and administrative expenses; all of which was partially offset by a $82,000 increase in R&D expenses.
For the quarter ended 31 December 2010, Nephros recognized net product revenues of $517,000, a decrease of 35%, compared to $792,000 in the corresponding period of 2009.
The decrease in net product revenues is primarily due to a decrease of $216,000 in billings related to contract with the Office of US Naval Research compared to the prior year period.
Nephros’ net loss increased primarily due to the $75,000 or 14% reduction in loss from operations in the fourth quarter of 2010 compared to the same period in 2009.
Nephros acting CEO Paul Mieyal said due to financial constraints and regulatory burdens, 2010 was a challenging year for the company.
"With our recently completed financing activities, Nephros is better positioned in 2011 to take advantage of the attractive opportunities which continue to evolve for the Company’s products," Mieyal said.
In the US, Nephros was issued patent to Dual Stage Ultrafilter.
In Canada, the company received patents for a Multistage Hemodiafiltration/Hemofiltration Method and Apparatus which forms the basis of mid-dilution technology and a patent for a Method and Apparatus for a Hemodiafiltration Delivery Module which covers H2H Hemodiafiltration device.
In Japan, Nephros received patents for a Sterile Fluid Filtration Cartridge and a Non-Isomotic Diafiltration Sytem and Method, respectively.
And in Europe, a patent was granted for OLpur MD HDF Filter under the title, Dual Stage Hemodiafiltration cartridge, and whereby individual patents were granted in the countries of Germany, France, Italy, Spain, UK, the Netherlands, Sweden and Hong Kong.