Rockwell Medical Announces Third Quarter 2025 Results
-
Net sales for the third quarter 2025 were
$15.9 million $65 million $70 million - Achieved profitability on an Adjusted EBITDA basis for the third quarter 2025.
-
Increased cash position to
$23.7 million
"During the third quarter, we continued to right-size our organization to enhance operational efficiency and support long-term growth, while consistently meeting customer demand," said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. "Our proven track record of exceptional service, product quality, and manufacturing redundancy ensures uninterrupted supply of hemodialysis concentrates to dialysis providers treating patients with end-stage renal disease. Looking ahead, we are advancing targeted business development opportunities to expand our product portfolio and geographic footprint, while maintaining strict expense discipline and accelerating gross margin expansion on our path toward sustainable profitability."
FINANCIAL HIGHLIGHTS
Net Sales
-
Net sales for the three months ended September 30, 2025 were
$15.9 million 44% decrease over net sales of$28.3 million -
Net sales for the nine months ended September 30, 2025 were
$50.9 million 34% decrease over net sales of$76.8 million
Gross Profit
-
Gross profit for the three months ended September 30, 2025 was
$2.3 million 64% decrease over$6.2 million -
Gross profit for the nine months ended September 30, 2025 was
$7.8 million 44% decrease over gross profit of$13.9 million
-
Gross margin for the three months ended September 30, 2025 was
14% , which represents a decrease from22% for the third quarter of 2024. Excluding restructuring costs incurred during the third quarter 2025, gross margin was18% . -
Gross margin for the nine months ended September 30, 2025 was
15% , which was a decrease from18% for the same period in 2024. Excluding restructuring costs in 2025, gross margin was17% .
Net Income (Loss)
-
Net loss for the three months ended September 30, 2025 was
$1.8 million $1.7 million -
Net loss for the nine months ended September 30, 2025 was
$4.8 million $0.3 million
Adjusted EBITDA
-
Adjusted EBITDA for the three months ended September 30, 2025 was
$50,000 $2.8 million ( in the second quarter of 2025.$0.2) million -
Adjusted EBITDA for the nine months ended September 30, 2025 was
( compared with Adjusted EBITDA of$0.6) million $3.7 million
Cash, Cash Equivalents and Investments Available-for-Sale
-
Cash, cash equivalents and investments available-for-sale at September 30, 2025 increased to
$23.7 million $18.4 million $5.3 million
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||
(In Thousands, Except Per Share Amounts) |
|
2025 |
|
|
|
2024 |
|
|
2025 |
|
|
|
2024 |
Net Sales |
$ |
15,927 |
|
|
$ |
28,316 |
|
$ |
50,912 |
|
|
$ |
76,824 |
|
|
|
|
|
|
|
|
||||||
Gross Profit |
|
2,272 |
|
|
|
6,239 |
|
|
7,817 |
|
|
|
13,853 |
|
|
|
|
|
|
|
|
||||||
Operating Income (Loss) |
|
(1,584 |
) |
|
|
1,936 |
|
|
(4,293 |
) |
|
|
1,127 |
Net Income (Loss) |
|
(1,753 |
) |
|
|
1,664 |
|
|
(4,760 |
) |
|
|
276 |
|
|
|
|
|
|
|
|
||||||
Adjusted EBITDA** |
|
50 |
|
|
|
2,798 |
|
|
(630 |
) |
|
|
3,678 |
|
|
|
|
|
|
|
|
||||||
Basic Net Income (Loss) per Share * |
$ |
(0.05 |
) |
|
$ |
0.05 |
|
$ |
(0.15 |
) |
|
$ |
0.01 |
Diluted Net Income (Loss) per Share* * |
$ |
(0.05 |
) |
|
$ |
0.04 |
|
$ |
(0.15 |
) |
|
$ |
0.01 |
Adjusted EPS ** |
$ |
0.00 |
|
|
$ |
0.09 |
|
$ |
(0.02 |
) |
|
$ |
0.12 |
* See Note 3 for more details related to Basic and Diluted Weighted Average Shares Outstanding on Form 10-Q filed November 12, 2025. ** See reconciliation to GAAP financial measures in the tables below. |
|||||||||||||
OPERATING HIGHLIGHTS
-
During the third quarter of 2025, Rockwell Medical signed several new long-term product purchasing agreements with university medical centers, kidney centers and hospital systems. One agreement, with a single dialysis center located in southern
Florida , included a three-year commitment, with the option to renew for two additional one-year periods, which has the potential to generate approximately$1 million 80% of Rockwell Medical's customers remain under long-term contracts. -
During the third quarter of 2025, the Company expanded its product purchase agreement with the largest provider of dialysis in skilled nursing facilities in
the United States . The agreement will be in effect for three (3) years, with the option to renew for one (1) additional year, and includes supply and purchasing minimums for the Company's liquid and dry acid and bicarbonate concentrates including its bicarbonate cartridge, which officially launched earlier this year. - Rockwell Medical promoted Heather Hunter to Chief Operating Officer. Ms. Hunter joined Rockwell Medical in August 2022 as Chief Corporate Affairs Officer to revitalize the Company's investor relations, corporate communications, brand reputation, and market credibility. Subsequently, Ms. Hunter assumed responsibility for other functional areas including information technology and transportation.
- Rockwell Medical was named by Great Place to Work a 2025 Fortune Best Workplaces in Manufacturing and ProductionTM in the small & medium category for the second year in a row.
GUIDANCE
Rockwell Medical confirms its 2025 annual guidance as follows:
|
2025 Annual Guidance |
Net Sales |
|
Gross Margin |
|
Adjusted EBITDA |
|
CONFERENCE CALL AND WEBCAST DETAILS
Date: Wednesday, November 12, 2025
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:
- Mark Strobeck, Ph.D. — President and Chief Executive Officer; and
- Jesse Neri — SVP, Chief Financial Officer
Format: Discussion of third quarter 2025 financial and operational results followed by Q&A.
NON-GAAP FINANCIAL MEASURES
To supplement Rockwell Medical’s unaudited condensed consolidated statements of operations and unaudited condensed consolidated balance sheets, which are prepared in conformity with generally accepted accounting principles in
Adjusted EBITDA and adjusted EPS are key measures used by Rockwell Medical to understand and evaluate operating performance and trends, to prepare and approve its annual budget, and to develop short- and long-term operating plans. The Company provides adjusted EBITDA because it believes the metric is helpful in highlighting trends in its operating results because it excludes items that are not indicative of Rockwell Medical’s core operating performance. In particular, the Company believes that the exclusion of the items eliminated in calculating adjusted EBITDA provide useful measures for period-to-period comparisons of Rockwell Medical’s business. This is also true for adjusted EPS, which is derived from adjusted EBITDA.
Adjusted EBITDA and adjusted EPS should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. Other companies, including companies in the same industry, may calculate similarly titled non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of adjusted EBITDA and adjusted EPS as tools for comparison. There are a number of limitations related to the use of these non-GAAP financial measures rather than the most directly comparable financial measures calculated in accordance with GAAP. When evaluating the Company’s performance, you should consider adjusted EBITDA and adjusted EPS alongside other financial performance measures, including net loss, EPS and other GAAP results.
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 in freestanding outpatient dialysis centers, hospital-based outpatient centers, skilled nursing facilities, or 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. Certified as a Great Place to Work® in 2023, 2024 and 2025, and named Fortune Best Workplaces in Manufacturing & Production™ in 2024 and 2025, Rockwell Medical is Driven to Deliver Life-Sustaining Dialysis Solutions™. 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," “feel confident,” “guidance,” or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. These statements include (without limitation) statements regarding: expectations related to improvement to gross margin; potential sales to certain customers; potential market opportunity for single-use bicarbonate disposables and annual guidance on net sales, gross margin and adjusted EBITDA. 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, 2024, 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.
Financial Tables Follow
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (Dollars In Thousands) | |||||
| September 30, | September 30, | ||||
2025 |
2024 |
||||
| Cash, Cash Equivalents & Investments available-for-sale | $ |
23,707 |
$ |
18,272 |
|
| Total Assets | $ |
57,486 |
$ |
57,084 |
|
| Total Liabilities | $ |
20,466 |
$ |
27,949 |
|
| Total Stockholders’ Equity | $ |
37,020 |
$ |
29,135 |
|
| Common Stock Outstanding |
|
39,405,301 |
|
32,318,806 |
|
| Common stock and common stock equivalents* |
|
49,961,199 |
|
40,104,264 |
|
| *Common stock and common stock equivalents: | |||||
| Common stock |
|
39,405,301 |
|
32,318,806 |
|
| Preferred stock converted |
|
1,405,001 |
|
1,391,045 |
|
| Options to purchase common stock |
|
3,281,862 |
|
1,874,729 |
|
| Restricted stock awards |
|
891 |
|
891 |
|
| Restricted stock units |
|
1,166,660 |
|
534,309 |
|
| Restricted stock units - Market Condition |
|
717,000 |
|
- |
|
| Common stock warrants |
|
3,984,484 |
|
3,984,484 |
|
| Total common stock and common stock equivalents |
|
49,961,199 |
|
40,104,264 |
|
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | ||||||||||||||||
| UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS | ||||||||||||||||
| (In Thousands, Except Shares and Per Share Amounts) | ||||||||||||||||
| Three Months Ended September 30, 2025 |
Three Months Ended September 30, 2024 |
Nine Months Ended September 30, 2025 |
Nine Months Ended September 30, 2024 |
|||||||||||||
| Net Sales | $ |
15,927 |
|
$ |
28,316 |
|
$ |
50,912 |
|
$ |
76,824 |
|
||||
| Cost of Sales |
|
13,655 |
|
|
22,077 |
|
|
43,095 |
|
|
62,971 |
|
||||
| Gross Profit |
|
2,272 |
|
|
6,239 |
|
|
7,817 |
|
|
13,853 |
|
||||
| Research and Product Development |
|
- |
|
|
- |
|
|
- |
|
|
18 |
|
||||
| Selling and Marketing |
|
531 |
|
|
726 |
|
|
1,814 |
|
|
1,906 |
|
||||
| General and Administrative |
|
3,325 |
|
|
3,577 |
|
|
10,296 |
|
|
10,802 |
|
||||
| Operating Income (Loss) |
|
(1,584 |
) |
|
1,936 |
|
|
(4,293 |
) |
|
1,127 |
|
||||
| Other (Expense) Income | ||||||||||||||||
| Realized Gain on Investments |
|
61 |
|
|
- |
|
|
181 |
|
|
51 |
|
||||
| Interest Expense |
|
(285 |
) |
|
(302 |
) |
|
(838 |
) |
|
(965 |
) |
||||
| Interest Income |
|
55 |
|
|
30 |
|
|
190 |
|
|
63 |
|
||||
| Total Other Expense |
|
(169 |
) |
|
(272 |
) |
|
(467 |
) |
|
(851 |
) |
||||
| Net Income (Loss) | $ |
(1,753 |
) |
$ |
1,664 |
|
$ |
(4,760 |
) |
$ |
276 |
|
||||
| Basic Net Income (Loss) per Share | $ |
(0.05 |
) |
$ |
0.05 |
|
$ |
(0.14 |
) |
$ |
0.01 |
|
||||
| Diluted Net Income (Loss) per Share | $ |
(0.05 |
) |
$ |
0.04 |
|
$ |
(0.14 |
) |
$ |
0.01 |
|
||||
| Basic Weighted Average Shares Outstanding |
|
36,024,940 |
|
|
31,551,805 |
|
|
34,817,973 |
|
|
30,447,588 |
|
||||
| Diluted Weighted Average Shares Outstanding |
|
36,024,940 |
|
|
32,420,168 |
|
|
34,817,973 |
|
|
31,013,464 |
|
||||
| Reconciliation to GAAP Financial Measures | ||||||||||||||
| (In Thousands, Except Shares and Per Share Amounts) | ||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||
| September 30 | September 30 | |||||||||||||
|
2025 |
|
|
2024 |
|
2025 |
|
|
2024 |
|||||
| Net Income (Loss) | $ |
(1,753 |
) |
$ |
1,664 |
$ |
(4,760 |
) |
$ |
276 |
||||
| Income taxes |
|
- |
|
|
- |
|
- |
|
|
- |
||||
| Other Expense, net |
|
169 |
|
|
272 |
|
467 |
|
|
851 |
||||
| Depreciation and amortization |
|
542 |
|
|
541 |
|
1,640 |
|
|
1,633 |
||||
| EBITDA |
|
(1,042 |
) |
|
2,477 |
|
(2,652 |
) |
|
2,760 |
||||
| Severance costs |
|
219 |
|
|
- |
|
430 |
|
|
9 |
||||
| Stock-based compensation |
|
532 |
|
|
321 |
|
1,360 |
|
|
910 |
||||
| Greer facility closure |
|
341 |
|
|
- |
|
380 |
|
|
- |
||||
| Deferred license revenue |
|
- |
|
|
- |
|
(325 |
) |
|
- |
||||
| Triferic inventory write-off |
|
- |
|
|
- |
|
178 |
|
|
- |
||||
| Adjusted EBITDA | $ |
50 |
|
$ |
2,798 |
$ |
(630 |
) |
$ |
3,678 |
||||
| Adjusted EPS | $ |
0.00 |
|
$ |
0.09 |
$ |
(0.02 |
) |
$ |
0.12 |
||||
| Basic Weighted Average Shares Outstanding |
|
36,024,940 |
|
|
31,551,805 |
|
34,817,973 |
|
|
30,447,588 |
||||
| Reconciliation to GAAP Financial Measures | ||||||||||||||||
| (In Thousands, Except Shares and Per Share Amounts) | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30 | September 30 | |||||||||||||||
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
|||||
| Net Sales | $ |
15,927 |
|
$ |
28,316 |
|
$ |
50,912 |
|
$ |
76,824 |
|
||||
| Cost of Sales |
|
13,655 |
|
|
22,077 |
|
|
43,095 |
|
|
62,971 |
|
||||
| Gross Profit |
|
2,272 |
|
|
6,239 |
|
|
7,817 |
|
|
13,853 |
|
||||
| Severance costs |
|
219 |
|
|
- |
|
|
430 |
|
|
9 |
|
||||
| Greer facility closure |
|
341 |
|
|
- |
|
|
380 |
|
|
- |
|
||||
| Adjusted Gross Profit |
|
2,832 |
|
|
6,239 |
|
|
8,627 |
|
|
13,862 |
|
||||
| Adjusted Gross Margin |
|
18 |
% |
|
22 |
% |
|
17 |
% |
|
18 |
% |
||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20251112324896/en/
Heather R. Hunter
(248) 432-1362
IR@RockwellMed.com
Source: Rockwell Medical
