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Rockwell Medical (Nasdaq: RMTI) has promoted Tim Chole to the position of Chief Commercial Officer. Chole has been with the company since December 2019, initially serving as SVP of Sales and Marketing. In his new role, he will report to President and CEO Dr. Mark Strobeck. This promotion follows Rockwell's strategic shift in November 2022, aimed at enhancing revenue-generating businesses and driving profitability. Chole has over 20 years of experience in commercial roles within the pharmaceutical and medical device sectors, with a strong focus on renal care. Under his leadership, Rockwell has increased market share, improved gross margins, and achieved record net sales.
Rockwell Medical (Nasdaq: RMTI) reported record net sales of $22.7 million for Q1 2024, a 15% year-over-year increase. Gross profit rose 18% to $3.1 million, and gross margin improved to 14%. The net loss narrowed to $1.7 million, with adjusted EBITDA at ($0.5) million. The company raised its 2024 guidance, expecting net sales of $90-$94 million and gross profit of $13-$15 million. Rockwell Medical signed new distribution agreements and extended a loan maturity date, reducing interest rates. Cash reserves stood at $10.2 million at the end of Q1 2024.