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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Rockwell Medical Inc | NASDAQ:RMTI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.01 | 0.54% | 1.85 | 1.86 | 1.98 | 1.88 | 1.81 | 1.83 | 109,818 | 00:01:51 |
Rockwell 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 results and business updates for the three and six months ended June 30, 2023.
"In just over a year, we have made great strides in increasing revenue, reducing expenses, and driving the Company towards profitability," said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. "By acquiring Evoqua Water Technologies' profitable, revenue-generating hemodialysis concentrates business, we now expect to be profitable in the fourth quarter of 2023 and going forward. This puts Rockwell Medical in a stronger, more stable financial position to further enhance shareholder value and pursue additional growth opportunities."
FINANCIAL HIGHLIGHTS
Financial Highlights
Three Months Ended June 30
Six Months Ended June 30
(In Thousands, Except Per Share Amounts)
2023
2022
2023
2022
Net Sales
$
18,080
$
18,682
$
37,748
$
34,806
Gross Profit
1,033
1,745
3,632
960
Net Loss
(3,305
)
(4,967
)
(5,055
)
(12,128
)
Adjusted EBITDA*
(2,257
)
(3,363
)
(3,234
)
(10,028
)
Basic and Diluted Net Loss per Share **
$
(0.18
)
$
(0.43
)
$
(0.27
)
$
(1.20
)
* See reconciliation to GAAP financial measures in the tables below.
** See the "Loss Per Share" section in Note 3 on Form 10-Q filed August 14, 2023 for more details on what is included in the basic and diluted net loss per share calculation.
BUSINESS HIGHLIGHTS
2023 GUIDANCE
With the addition of Evoqua's hemodialysis concentrates business, which closed on July 10, 2023, and after evaluating the expected synergies between Rockwell Medical's and Evoqua's hemodialysis concentrates businesses and product lines, the Company updates its 2023 guidance as follows:
Initial 2023 Guidance
Updated 2023 Guidance
Net Sales
$78.0 Million to $82.0 Million
$82.0 Million to $86.0 Million
Gross Profit
$7.0 Million to $9.0 Million
$8.0 Million to $10.0 Million
CONFERENCE CALL AND WEBCAST DETAILS
Date: Monday, August 14, 2023
Time: 8:00am ET
Live Number: (888) 660-6347 // (International) 1 (929) 201-6594
Conference Call ID: 4944610
Webcast and Replay: www.RockwellMed.com/Results
Speakers:
Format: Discussion of second quarter 2023 operational and financial results followed by Q&A.
About Rockwell Medical
Rockwell Medical, Inc. (Nasdaq: RMTI) is a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products for dialysis providers worldwide. Rockwell Medical's mission is to provide dialysis clinics and the patients they serve with the highest quality products supported by the best customer service in the industry. Rockwell is focused on innovative, long-term growth strategies that enhance its products, its processes, and its people, enabling the Company to deliver exceptional value to the healthcare system and provide a positive impact on the lives of hemodialysis patients. Hemodialysis is the most common form of end-stage kidney disease treatment and is typically performed at freestanding outpatient dialysis centers, hospital-based outpatient centers, skilled nursing facilities, or in a patient’s home. Rockwell Medical's products are vital to vulnerable patients with end-stage kidney disease, and the Company is relentless in providing unmatched reliability and customer service. Rockwell Medical is the second largest supplier of acid and bicarbonate concentrates for dialysis patients in the United States and intends to become the leading global supplier of hemodialysis concentrates. Certified as a Great Place to Work® in 2023, Rockwell Medical is Driven to Deliver Life-Sustaining Dialysis SolutionsTM. For more information, visit www.RockwellMed.com.
Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as, "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "could," "can," "would," "develop," "plan," "potential," "predict," "forecast," "project," "intend," "look forward to," "remain confident," “guidance,” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. There can be no assurance that: Rockwell Medical will grow its hemodialysis concentrates business and further improve its performance; Rockwell Medical will be able to enhance the economics in its current customer agreements; Rockwell Medical will add new long-term supply agreements with new customers and will transition Baxter customers; Rockwell Medical will achieve its projected total net sales and gross profit for 2023; Rockwell Medical will be able to achieve planned cost savings to operate its concentrates business profitability or achieve the other components of its strategy; Rockwell Medical will achieve profitability in the fourth quarter of 2023; Rockwell Medical will expand into new product categories and markets; Rockwell Medical will be successful in evaluating potential business development opportunities; that Rockwell Medical will realize benefits from the Baxter transition; Rockwell Medical will successfully integrate the Evoqua hemodialysis concentrates business and realize synergies and cost savings from that acquisition; or Rockwell Medical’s future cash balance will be sufficient to fund operations going forward. While Rockwell Medical believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Rockwell Medical's SEC filings), many of which are beyond our control and subject to change. Actual results could be materially different. Risks and uncertainties include but are not limited to those risks more fully discussed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2022, as such description may be amended or updated in any subsequent reports filed with the SEC. Rockwell Medical expressly disclaims any obligation to update our forward-looking statements, except as may be required by law.
Non-GAAP Financial Measures
To supplement the Company’s financial results presented on a U.S. generally accepted accounting principles (“GAAP”) basis, the Company has included information about non-GAAP measures of EBITDA and adjusted EBITDA as useful operating metrics. The Company believes that the presentation of these non-GAAP financial measures, when viewed with results under GAAP and the accompanying reconciliation, provides supplementary information to analysts, investors, lenders, and the Company’s management in assessing the Company’s performance and results from period to period. The Company uses these non-GAAP measures internally to understand, manage and evaluate the Company’s performance. These non-GAAP financial measures should be considered in addition to, and not a substitute for, or superior to, net income or other financial measures calculated in accordance with GAAP. Non-GAAP financial measures used by us may be calculated differently from, and therefore may not be comparable to, non-GAAP measures used by other companies.
Financial Tables Follow
ROCKWELL MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)
June 30,
December 31,
2023
2022
(Unaudited)
Cash and Cash Equivalents
$
14,865
$
21,492
Total Assets
$
38,037
$
46,635
Total Liabilities
$
28,509
$
32,529
Total Stockholders’ Equity
$
9,528
$
14,106
Common Stock Outstanding
16,795,673
12,163,673
Common stock and common stock equivalents*
32,033,132
31,356,373
*Common stock and common stock equivalents:
Common stock
16,795,673
12,163,673
Common stock warrants (pre-funded)
1,793,000
6,300,000
Common stock and pre-funded stock warrants
18,588,673
18,463,673
Preferred stock converted
1,363,636
1,363,636
Options to purchase common stock
1,570,599
1,206,905
Restricted stock awards
891
891
Restricted stock units
313,065
125,000
Common stock warrants
10,196,268
10,196,268
Total common stock and common stock equivalents
32,033,132
31,356,373
Our capital structure as of August 14, 2023, which includes the Warrant Exercise and Reload Warrant transaction executed on July 10, 2023 is as follows:
Common Stock Outstanding:
Total Outstanding Common Stock
28,489,663
Common Stock Equivalents Outstanding:
Options and unvested RSU's
1,884,555
Preferred Stock - convertible to common at $11 per share
1,363,636
Warrants
- Armistice Warrant Reload - strike $5.13 per share - exp. Dec 2027
3,750,000
- All other warrants
295,278
Total Common Stock equivalents
7,293,469
Total - Fully Diluted Shares
35,783,132
ROCKWELL MEDICAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In Thousands, Except Shares and Per Share Amounts)
Three Months Ended June 30, 2023
Three Months Ended June 30, 2022
Six Months Ended June 30, 2023
Six Months Ended June 30, 2022
Net Sales
$
18,080
$
18,682
$
37,748
$
34,806
Cost of Sales
17,047
16,937
34,116
33,846
Gross Profit (Loss)
1,033
1,745
3,632
960
Research and Product Development
167
926
445
2,494
Selling and Marketing
530
526
1,028
981
General and Administrative
3,295
4,775
6,545
8,592
Operating Loss
(2,959
)
(4,482
)
(4,386
)
(11,107
)
Other (Expense) Income
Realized Gain on Investments
—
—
—
4
Interest Expense
(395
)
(485
)
(782
)
(1,025
)
Interest Income
49
—
113
—
Total Other Expense
(346
)
(485
)
(669
)
(1,021
)
Net Loss
$
(3,305
)
$
(4,967
)
$
(5,055
)
$
(12,128
)
Basic and Diluted Net Loss per Share
$
(0.18
)
$
(0.43
)
$
(0.27
)
$
(1.20
)
Basic and Diluted Weighted Average Shares Outstanding
18,496,640
11,591,768
18,480,248
10,076,415
Reconciliation to GAAP Financial Measures
Adjusted EBITDA
Three Months Ended June 30
Six Months Ended June 30
(in thousands)
2023
2022
2023
2022
Net Loss
$
(3,305
)
$
(4,967
)
$
(5,055
)
$
(12,128
)
Income taxes
—
—
—
—
Interest expense, net
303
393
603
837
Depreciation and amortization
262
232
512
462
EBITDA
(2,740
)
(4,342
)
(3,940
)
(10,829
)
One time severance costs
171
884
201
884
Stock-based compensation
312
95
505
(83
)
Adjusted EBITDA
$
(2,257
)
$
(3,363
)
$
(3,234
)
$
(10,028
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20230814958807/en/
Heather R. Hunter SVP, Chief Corporate Affairs Officer (248) 432-1362 IR@RockwellMed.com
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