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- Achieved fourth consecutive quarter of revenue growth with new high of $19.7 million, representing a 22.4% increase over the same period in 2022<\/i><\/b><\/li>\n
- Achieved $2.6 million in gross profit, representing a 425% increase over the same period in 2022<\/i><\/b><\/li>\n
- Continued to reduce expenses and improve earnings per share with focus on driving enhanced business performance<\/i><\/b><\/li>\n
- Entered into several new long-term supply, product purchase, and distribution agreements<\/i><\/b><\/li>\n
- Reiterates 2023 guidance of revenue between $78.0 million and $82.0 million and gross profit between $7.0 million and $9.0 million<\/i><\/b><\/li>\n<\/ul>\n
WIXOM, Mich.–(BUSINESS WIRE<\/a>)–
\nRockwell Medical, Inc. (the “Company”) (Nasdaq: RMTI), a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products to dialysis providers worldwide, today announced financial and operational results for the three months ended March 31, 2023.<\/p>\n\n“Last year, we presented a new strategy and business plan for Rockwell that focused on enhancing our revenue-generating businesses, pausing our capital-intensive businesses, improving our financial condition, de-levering the Company, and driving us to profitability in 2024,” said Mark Strobeck, Ph.D., Rockwell Medical\u2019s President and CEO. “Our results for the first quarter of 2023, and the announcements we’ve subsequently made in the second quarter, continue to demonstrate that we are making significant progress towards these goals and objectives. We are putting Rockwell in a better position to drive growth and further improve our performance so that we can benefit more patients around the world.”<\/p>\n
First Quarter 2023 Financial Highlights<\/b><\/p>\n
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- \nRevenue for the three months ended March 31, 2023 was $19.7 million, which represents a 22.4% increase over $16.1 million for the same period in 2022 and an increase over the fourth quarter of 2022.<\/p>\n<\/li>\n<\/ul>\n
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- \nGross profit for the three months ended March 31, 2023 was $2.6 million, a 425% increase year-over-year compared with gross loss of $0.8 million for the same period in 2022.<\/p>\n<\/li>\n<\/ul>\n
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- \nRockwell continued to reduce its operating expenses over the first quarter 2023 by focusing on enhanced business performance and more efficient manufacturing processes. For the three months ended March 31, 2023, operating loss was $1.4 million compared to $6.6 million for the same period in 2022 and an improvement over the fourth quarter of 2022.<\/p>\n<\/li>\n<\/ul>\n
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- \nFor the three months ended March 31, 2023, Rockwell’s net loss was $1.75 million, or $0.10* per share, compared with a net loss of $7.2 million, or $0.84 per share for the same period in 2022 and an improvement over the fourth quarter of 2022.<\/p>\n<\/li>\n<\/ul>\n
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- \nCash and cash equivalents at March 31, 2023 was $16.8 million compared to cash and cash equivalents of $21.5 million at December 31, 2022. The variance was largely driven by fees associated with the reacquisition of Rockwell’s distribution rights from Baxter, one-time severance payments, and fees associated with terminating a supply agreement.<\/p>\n<\/li>\n<\/ul>\n
Financial Highlights<\/b><\/p>\n
- \nCash and cash equivalents at March 31, 2023 was $16.8 million compared to cash and cash equivalents of $21.5 million at December 31, 2022. The variance was largely driven by fees associated with the reacquisition of Rockwell’s distribution rights from Baxter, one-time severance payments, and fees associated with terminating a supply agreement.<\/p>\n<\/li>\n<\/ul>\n
- \nFor the three months ended March 31, 2023, Rockwell’s net loss was $1.75 million, or $0.10* per share, compared with a net loss of $7.2 million, or $0.84 per share for the same period in 2022 and an improvement over the fourth quarter of 2022.<\/p>\n<\/li>\n<\/ul>\n
- \nRockwell continued to reduce its operating expenses over the first quarter 2023 by focusing on enhanced business performance and more efficient manufacturing processes. For the three months ended March 31, 2023, operating loss was $1.4 million compared to $6.6 million for the same period in 2022 and an improvement over the fourth quarter of 2022.<\/p>\n<\/li>\n<\/ul>\n
- \nGross profit for the three months ended March 31, 2023 was $2.6 million, a 425% increase year-over-year compared with gross loss of $0.8 million for the same period in 2022.<\/p>\n<\/li>\n<\/ul>\n
- Achieved $2.6 million in gross profit, representing a 425% increase over the same period in 2022<\/i><\/b><\/li>\n
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