STOCK TITAN

Rockwell Medical Reports Profitability on a Cash Flow and Adjusted EBITDA Basis in the Second Quarter of 2024

Rhea-AI Impact
(Moderate)
Rhea-AI Sentiment
(Neutral)
Tags

Rockwell Medical (RMTI) reported strong financial results for Q2 2024, achieving profitability on a cash flow and Adjusted EBITDA basis. Net sales increased 43% to $25.8 million, while gross profit surged 341% to $4.6 million. The company improved its gross margin to 18% from 6% in the same period last year. Notably, Rockwell generated $1.4 million in cash flow from operations.

The company raised its 2024 guidance, now expecting net sales between $95 million and $98 million. Rockwell projects mid-to-high single-digit growth in 2025 and beyond, with gross margins expected to reach above 25% by 2026. The positive results were driven by organic growth in hemodialysis concentrates products, streamlined production, and new customer contracts.

Rockwell Medical (RMTI) ha riportato risultati finanziari solidi per il secondo trimestre del 2024, raggiungendo la redditività in base al flusso di cassa e all'Adjusted EBITDA. Le vendite nette sono aumentate del 43% a 25,8 milioni di dollari, mentre il profitto lordo è schizzato del 341% a 4,6 milioni di dollari. L'azienda ha migliorato il proprio margine lordo, portandolo al 18% rispetto al 6% nello stesso periodo dell'anno scorso. È importante notare che Rockwell ha generato 1,4 milioni di dollari di flusso di cassa dalle operazioni.

L'azienda ha alzato le sue previsioni per il 2024, ora aspettandosi vendite nette comprese tra 95 milioni e 98 milioni di dollari. Rockwell prevede una crescita a una cifra fra il medio e l'alto nel 2025 e oltre, con margini lordi che dovrebbero superare il 25% entro il 2026. I risultati positivi sono stati sostenuti dalla crescita organica nei prodotti concentrati per emodialisi, dalla produzione semplificata e da nuovi contratti con i clienti.

Rockwell Medical (RMTI) reportó resultados financieros sólidos para el segundo trimestre de 2024, logrando rentabilidad en función del flujo de caja y del EBITDA ajustado. Las ventas netas aumentaron un 43% a 25.8 millones de dólares, mientras que el beneficio bruto se disparó un 341% a 4.6 millones de dólares. La compañía mejoró su margen bruto al 18% desde el 6% en el mismo período del año anterior. Notablemente, Rockwell generó 1.4 millones de dólares en flujo de caja de operaciones.

La empresa elevó su guía para 2024, ahora esperando ventas netas entre 95 millones y 98 millones de dólares. Rockwell proyecta un crecimiento de un solo dígito medio a alto en 2025 y más allá, con márgenes brutos que se espera superen el 25% para 2026. Los resultados positivos fueron impulsados por el crecimiento orgánico en productos concentrados de hemodiálisis, la producción optimizada y nuevos contratos de clientes.

록웰 메디컬(RMTI)은 2024년 2분기 강력한 재무 결과를 보고하며, 현금 흐름과 조정 EBITDA 기준으로 수익성을 달성했습니다. 순 매출은 43% 증가하여 2,580만 달러에 달했습니다. 또한 총 이익은 341% 급증하여 460만 달러에 달했습니다. 회사는 지난해 같은 기간의 6%에서 18%로 총 이익률을 개선했습니다. 특히 록웰은 운영에서 140만 달러의 현금 흐름을 생성했습니다.

회사는 2024년 매출 가이드를 상향 조정하여 이제 9,500만 달러에서 9,800만 달러 사이의 순 매출을 예상하고 있습니다. 록웰은 2025년 및 그 이후에 중간에서 높은 단일 자릿수 성장을 예상하며, 2026년까지 총 이익률이 25%를 초과할 것으로 보입니다. 긍정적인 결과는 혈액투석 농축 제품의 유기적 성장, 효율화된 생산 및 신규 고객 계약에 의해 주도되었습니다.

Rockwell Medical (RMTI) a rapporté de solides résultats financiers pour le deuxième trimestre de 2024, atteignant la rentabilité sur une base de flux de trésorerie et d'EBITDA ajusté. Les ventes nettes ont augmenté de 43 % pour atteindre 25,8 millions de dollars, tandis que le bénéfice brut a augmenté de 341 % pour atteindre 4,6 millions de dollars. L'entreprise a amélioré sa marge brute à 18 % contre 6 % au cours de la même période l'année dernière. Il est à noter que Rockwell a généré 1,4 million de dollars de flux de trésorerie provenant des opérations.

L'entreprise a relevé ses prévisions pour 2024, espérant désormais un chiffre d'affaires net compris entre 95 millions et 98 millions de dollars. Rockwell prévoit une croissance à un chiffre, moyenne à élevée, en 2025 et au-delà, avec des marges brutes qui devraient dépasser 25 % d'ici 2026. Les résultats positifs ont été propulsés par une croissance organique des produits concentrés pour hémodialyse, une production rationalisée et de nouveaux contrats de clients.

Rockwell Medical (RMTI) hat starke finanzielle Ergebnisse für das zweite Quartal 2024 vorgestellt und dabei Rentabilität auf Basis des Cashflows und des bereinigten EBITDA erzielt. Der Nettoumsatz stieg um 43% auf 25,8 Millionen Dollar, während der Bruttogewinn um 341% auf 4,6 Millionen Dollar anstieg. Das Unternehmen verbesserte seine Bruttomarge auf 18% von 6% im gleichen Zeitraum des Vorjahres. Bemerkenswert ist, dass Rockwell 1,4 Millionen Dollar Cashflow aus dem operativen Geschäft generiert hat.

Das Unternehmen hat seine Prognose für 2024 angehoben und erwartet nun einen Nettoumsatz von 95 Millionen bis 98 Millionen Dollar. Rockwell rechnet mit einem mittleren bis hohen einstelligen Wachstum im Jahr 2025 und darüber hinaus, wobei die Bruttomargen voraussichtlich bis 2026 über 25% steigen werden. Die positiven Ergebnisse wurden durch organisches Wachstum der Produkte für Hämodialysekonzentrate, optimierte Produktion und neue Kundenverträge angetrieben.

Positive
  • Net sales increased 43% year-over-year to $25.8 million in Q2 2024
  • Gross profit surged 341% to $4.6 million in Q2 2024
  • Gross margin improved to 18% from 6% in the same period last year
  • Generated $1.4 million in cash flow from operations in Q2 2024
  • Achieved profitability on a cash flow and Adjusted EBITDA basis
  • Raised 2024 net sales guidance to $95-$98 million
  • Projects mid-to-high single-digit growth in 2025 and beyond
  • Expects gross margins to reach above 25% by 2026
Negative
  • None.

Insights

Rockwell Medical's Q2 2024 results show significant improvement, marking a turning point towards profitability. Key highlights include:

  • Net sales up 43% YoY to $25.8 million
  • Gross profit surged 341% to $4.6 million
  • Gross margin improved from 6% to 18%
  • Positive cash flow of $1.4 million from operations

The company's focus on its hemodialysis concentrates business is paying off, with organic growth driving performance. The raised guidance for 2024, projecting sales between $95-98 million, indicates strong momentum. However, investors should monitor the sustainability of this growth and margin expansion in coming quarters.

Rockwell's strategic pivot to focus on its hemodialysis products is yielding positive results. The launch of the Convenience Pack for home patients and acute facilities demonstrates innovation in meeting market needs. The company's efforts to upgrade manufacturing equipment and renegotiate supplier contracts are contributing to margin improvements.

The hemodialysis market is growing due to increasing prevalence of chronic kidney disease. Rockwell's projected mid-to-high single-digit growth beyond 2024 and expected gross margin expansion to 25%+ by 2026 suggest a strong market position. However, competition in this space remains fierce and Rockwell must continue innovating to maintain its growth trajectory.

Rockwell's turnaround strategy is showing promising results. The focus on core competencies in hemodialysis products has streamlined operations and improved financial performance. Key strategic moves include:

  • Upgrading manufacturing for efficiency
  • Renegotiating supplier contracts
  • Expanding customer base
  • Launching innovative products like the Convenience Pack

The amendment to the Evoqua agreement, extending payment schedules and reducing payments, demonstrates prudent financial management. However, the company must balance growth investments with maintaining its newfound profitability. The projected gross margin expansion to 25%+ by 2026 will be important for long-term sustainability and shareholder value creation.

  • Reports net sales of $25.8 million for the second quarter of 2024, an increase of 43% over the same period in 2023.
  • Reports gross profit of $4.6 million for the second quarter of 2024, an increase of 341% over the same period in 2023.
  • Achieves gross margin of 18% for the second quarter of 2024 compared to a gross margin of 6% for the same period in 2023.
  • Generates $1.4 million in cash flow from operations for the second quarter of 2024.
  • Expects net sales for 2024 to range between $95 million and $98 million, raising guidance for the second time this year.

WIXOM, Mich.--(BUSINESS WIRE)-- 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 and operational results for the three and six months ended June 30, 2024.

"Over the past two years, we have been relentless in our determination to put Rockwell Medical in a stronger and more stable financial position that ultimately has the potential to positively impact more patients," said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. "We achieved profitability on a cash flow basis, which we believe is a turning point for our organization. We expect to build upon this momentum in the coming quarters."

SECOND QUARTER 2024 FINANCIAL HIGHLIGHTS

Net sales for the three and six months ended June 30, 2024 consisted solely of concentrates products sales. Net sales for the three and six months ended June 30, 2023 consisted of sales of concentrates products and the recognition of $1.5 million of deferred license revenue related to the termination of the Baxter distribution agreement. The following financial highlights for the three and six months ended June 30, 2024 and comparable period year-over-year financial highlights illustrate the organic growth driven exclusively by the Company's hemodialysis concentrates products, particularly after excluding the impact of deferred revenue recognized in the first quarter of 2023.

  • Net sales for the three months ended June 30, 2024 were $25.8 million, the highest quarterly concentrates products sales generated to date for the Company. This represents a 43% increase over net sales of $18.1 million for the same period in 2023. Net sales for the six months ended June 30, 2024 were $48.5 million, which represents a 29% increase over net sales of $37.7 million for the same period in 2023. Excluding deferred revenue, net sales for the six months ended July 30, 2024 increased 34% over the same period in 2023.
  • Gross profit for the three months ended June 30, 2024 was $4.6 million, which represents a 341% increase over $1.0 million for the same period in 2023. Gross profit for the six months ended June 30, 2024 was $7.6 million, which represents a 110% increase over $3.6 million for the same period in 2023. Excluding deferred revenue, gross profit for the six months ended June 30, 2024 increased 252% over the same period in 2023.
  • Gross margin for the three months ended June 30, 2024 was 18%, which represents an increase from 6% for the same period in 2023. Gross margin for the six months ended June 30, 2024 was 16%, which represents an increase from 10%, or 6% excluding deferred revenue, for the same period in 2023.
  • Net income for the three months ended June 30, 2024 was $0.3 million compared to a net loss of $3.3 million for the same period in 2023. Net loss for the six months ended June 30, 2024 improved by $3.7 million over a net loss of $5.1 million for the same period in 2023. Excluding deferred revenue, net loss for the six months ended June 30, 2024 represented a $5.1 million improvement over net loss of $6.5 million the same period in 2023.
  • Adjusted EBITDA for the three months ended June 30, 2024 was $1.5 million compared with a negative adjusted EBITDA of $2.3 million for the same period in 2023. Adjusted EBITDA for the six months ended June 30, 2024 was $1.0 million compared with a negative adjusted EBITDA of $3.2 million for the same period in 2023. Excluding deferred revenue, adjusted EBITDA for the six months ended June 30, 2024 increased by $5.7 million over the same period in 2023.
  • Cash and cash equivalents and investments available-for-sale at June 30, 2024 increased to $11.9 million, which was driven by $1.4 million in cash flow from operations, compared to cash and cash equivalents and investments available-for-sale of $8.6 million at March 31, 2024.
  • Subsequent to the second quarter of 2024, Rockwell Medical and Evoqua Water Technologies LLC (“Evoqua”) executed an amendment to the Asset Purchase Agreement dated July 10, 2023, which clarifies certain terms regarding physical assets covered by the purchase agreement between the two companies, provides for an extended payment schedule for the deferred payments due by the Company to Evoqua, and provides for a partial reduction in such payments.

 

Three Months Ended
June 30,

 

Six Months Ended
June 30,

(In Millions, Except Per Share Amounts)

 

2024

 

 

 

2023

 

 

 

2024

 

 

2023*

Net Sales

$

25.8

 

$

18.1

 

 

$

48.5

 

 

$

37.7

 

 

 

 

 

 

 

 

 

Gross Profit (Loss)

 

4.6

 

 

1.0

 

 

 

7.6

 

 

 

3.6

 

 

 

 

 

 

 

 

 

Operating Income (Loss)

 

0.5

 

 

(3.0

)

 

 

(0.8

)

 

 

(4.4

)

 

Net Income (Loss)

 

0.3

 

 

(3.3

)

 

 

(1.4

)

 

 

(5.1

)

 

 

 

 

 

 

 

 

Adjusted EBITDA**

 

1.5

 

 

(2.3

)

 

 

1.0

 

 

 

(3.2

)

 

 

 

 

 

 

 

 

Basic and Diluted Net Income (Loss) per Share **

$

0.01

 

$

(0.18

)

 

$

(0.05

)

 

$

(0.27

)

 

 

 

 

 

Adjusted EPS ***

$

0.05

$

(0.12

)

$

0.03

 

$

(0.18

)

*

Includes $1.5 million of deferred license revenue related to the termination of the Baxter distribution agreement.

**

See Note 3 for more details related to Basic and Diluted Weighted Average Shares Outstanding on Form 10-Q filed August 8, 2024.

***

See reconciliation to GAAP financial measures in the tables below.

SECOND QUARTER 2024 OPERATING HIGHLIGHTS

  • Rockwell Medical promoted Tim Chole to Chief Commercial Officer. Mr. Chole joined Rockwell Medical in December 2019 as SVP, Sales and Marketing. In November 2022, following the Company's new business strategy announcement, Mr. Chole led Rockwell's commercial organization and supported the Company's vision to focus its efforts on enhancing its revenue-generating businesses and driving the Company towards profitability.
  • Rockwell Medical maintained its membership on the Russell Microcap® Index for the second year in a row. FTSE Russell determines membership for its Russell indexes primarily by objective, market capitalization rankings and style attributes.
  • Rockwell Medical continues to upgrade its manufacturing equipment to streamline production and improve margins; renegotiate contracts with key suppliers; and negotiate new contracts with new customers.
  • Rockwell Medical launched its Convenience Pack, which includes two 1-gallon pre-mixed containers of one of the Company's hemodialysis concentrate products RenalPure or SteriLyte, offering a number of advantages for home patients and acute facilities. 

GUIDANCE

Rockwell Medical updates its 2024 guidance as follows:

 

Updated
2024 Guidance
(As of August 8, 2024)

Updated
2024 Guidance
(As of May 14, 2024)

Original
2024 Guidance
(As of March 21, 2024)

Net (Product) Sales

$95.0M to $98.0M

$90.0M to $94.0M

$84.0M to $88.0M

Gross Profit

$14.0M to $16.0M

$13.0M to $15.0M

$12.0M to $14.0M

Gross Margin

14% to 17%

14% to 16%

14% to 16%

Adjusted EBITDA

$0.75M to $1.5M

$0.5M to $1.0M

$0M to $0.5M

Rockwell Medical projects net sales to grow in the mid-to-high single digits in 2025 and beyond. Rockwell Medical projects gross margin in 2025 to be approximately 20% and reaching above 25% in 2026 and beyond.

CONFERENCE CALL AND WEBCAST DETAILS

Date: Thursday, August 8, 2024
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, Finance.

Format: Discussion of second quarter 2024 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 the United States of America (“GAAP”), this press release also includes references to Adjusted EBITDA, a non-GAAP financial measure that is defined as net income (loss) before net interest income (expense), net other income (expense), income tax expenses (benefit), depreciation and amortization, impairment charges, stock-based compensation expense, and other items that are considered unusual or not representative of underlying trends of our business, including but not limited to one-time severance costs, deferred revenue and inventory reserve amounts, if applicable for the periods presented. The Company has provided a reconciliation of net loss, the most directly comparable GAAP financial measure, to Adjusted EBITDA at the end of this press release. In addition, the Company has excluded deferred revenue from six-month calculations of net sales, gross profit, gross margin and net loss. Each of these adjusted measures is a non-GAAP financial measure. The Company has provided reconciliations to the GAAP measures at the end of this press release.

Adjusted EBITDA is a key measure 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 provides useful measures for period-to-period comparisons of Rockwell Medical’s business. Adjusted net sales, gross profit, gross margin and net loss is used by Rockwell Medical to understand growth within its hemodialysis concentrates business by excluding a one-time item that is not indicative of its core operating performance.

Adjusted EBITDA and net sales, gross profit, gross margin, net income, and net loss 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 net sales, gross profit, gross margin and net loss 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 net sales, gross profit, gross margin and net loss alongside other financial performance measures, including net loss and other GAAP results. Adjusted EBITDA is our best proxy for cash burn. Adjusted net sales, gross profit, gross margin and net loss enable us to understand growth within our hemodialysis concentrates business by excluding a one-time item that is not indicative of our core operating performance.

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 usually performed at freestanding outpatient dialysis centers, at hospital-based outpatient centers, at 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 largest supplier of liquid bicarbonate concentrates and the second largest supplier of acid and dry bicarbonate concentrates for dialysis patients in the United States and has the vision of becoming the leading global supplier of all hemodialysis concentrates. Certified as a Great Place to Work® in 2023 and 2024, 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," “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: plans to expand our global footprint; the impact of our strategy on our top and bottom line and building upon our financial results; the growth of our business; the impact of attaining profitability on the trajectory of our business; guidance for expenses, net sales, gross profit, 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, 2023, 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)
 
June 30, June 30,

2024

2023

 
 
Cash, Cash Equivalents & Investments available-for-sale

 $

             11,863

 $

             14,865

Total Assets

 $

             53,028

 $

             38,037

Total Liabilities

 $

             29,530

 $

             28,509

Total Stockholders’ Equity 

 $

             23,498

 $

               9,528

 
Common Stock Outstanding

 

31,030,218

 

18,588,673

Common stock and common stock equivalents*

 

38,808,569

 

32,033,132

 
*Common stock and common stock equivalents:
Common stock

 

31,030,218

 

16,795,673

Common stock warrants (pre-funded)

 

                        -  

 

1,793,000

Common stock and pre-funded stock warrants

 

31,030,218

 

18,588,673

Preferred stock converted

 

1,363,636

 

1,363,636

Options to purchase common stock

 

1,895,031

 

1,570,599

Restricted stock awards

 

891

 

891

Restricted stock units

 

534,309

 

313,065

Common stock warrants

 

3,984,484

 

10,196,268

Total common stock and common stock equivalents

 

38,808,569

 

32,033,132

ROCKWELL MEDICAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                
(In Thousands, Except Shares and Per Share Amounts)
                
     Three Months Ended
June 30, 2024
Three Months Ended
June 30, 2023
     Six Months Ended
June 30, 2024
     Six Months Ended
June 30, 2023
           
Net Sales

 $

            25,832

 

 $

            18,080

 

 

 $

            48,508

 

 

 $

            37,748

 

Cost of Sales

 

               21,282

 

 

               17,047

 

 

 

               40,894

 

 

 

               34,116

 

Gross Profit

 

                 4,550

 

 

                 1,033

 

 

 

                 7,614

 

 

 

                 3,632

 

Research and Product Development

 

                       -

 

 

                    167

 

 

 

                      18

 

 

 

                    445

 

Selling and Marketing

 

                    586

 

 

                    530

 

 

 

                 1,180

 

 

 

                 1,028

 

General and Administrative

 

                 3,449

 

 

                 3,295

 

 

 

                 7,225

 

 

 

                 6,545

 

Operating Income (Loss)

 

                   515

 

 

              (2,959

)

 

 

                 (809

)

 

 

              (4,386

)

           
Other (Expense) Income             
Realized Gain on Investments

 

                      51

 

 

                       -

 

 

 

                      51

 

 

 

                       -

 

Interest Expense

 

                  (232

)

 

                  (395

)

 

 

                  (663

)

 

 

                  (782

)

Interest Income

 

                        9

 

 

                      49

 

 

 

                      33

 

 

 

                    113

 

Total Other Expense

 

                 (172

)

 

                 (346

)

 

 

                 (579

)

 

 

                 (669

)

           
Net Income (Loss)

 $

                343

 

 $

           (3,305

)

 

 $

           (1,388

)

 

 $

           (5,055

)

Basic Net Income (Loss) per Share

 $

               0.01

 

 $

             (0.18

)

 $

             (0.05

)

 $

             (0.27

)

Basic Weighted Average Shares Outstanding

 

30,451,622

 

 

18,496,640

 

 

 

29,889,413

 

 

 

18,480,248

 

             
Reconciliation to GAAP Financial Measures
(In Thousands, Except Shares and Per Share Amounts)  
                   
Three Months Ended Six Months Ended
June 30 June 30

 

2024

 

 

2023

 

 

2024

 

 

 

2023

 

Net Income (Loss)

 $

            343

 $

        (3,305

)

 $

        (1,388

)

 $

          (5,055

)

Income taxes  
Interest expense

 

               232

 

               395

 

 

               663

 

 

                  782

 

Depreciation and amortization

 

               548

 

               169

 

 

            1,092

 

 

                  328

 

EBITDA

 

           1,123

 

         (2,741

)

 

              367

 

 

            (3,945

)

 
Severance costs

 

                   9

 

               171

 

 

                   9

 

 

                  201

 

Stock-based compensation

 

               338

 

               312

 

 

               589

 

 

                  505

 

Adjusted EBITDA

 $

        1,470

 $

      (2,258

)

 $

           965

 

 $

        (3,239

)

Adjusted EPS

 $

          0.05

 $

        (0.12

)

 $

          0.03

 

 $

           (0.18

)

Basic Weighted Average Shares Outstanding

 

30,451,622

 

18,496,640

 

 

29,889,413

 

 

18,480,248

 

Reconciliation to GAAP Financial Measures
(Dollars in Thousands)  
                   
Three Months Ended Six Months Ended
June 30 June 30

 

2024

 

 

2023

 

 

2024

 

 

 

2023

 

Net Sales

 $

       25,832

 $

       18,080

 

 $

       48,508

 

 $

          37,748

 

Deferred Revenue

 

                  -  

 

                  -

 

 

                  -

 

 

             (1,472

)

Net Sales excluding Deferred Revenue

 

         25,832

 

         18,080

 

 

         48,508

 

 

           36,276

 

 
Gross Profit

 

            4,550

 

            1,033

 

 

            7,614

 

 

               3,632

 

Deferred Revenue

 

                  -  

 

                  -

 

 

                  -

 

 

             (1,472

)

Gross Profit excluding Deferred Revenue

 $

        4,550

 $

        1,033

 

 $

        7,614

 

 $

          2,160

 

Net Income (Loss)

 

               343

 

           (3,305

)

 

           (1,388

)

 

             (5,055

)

Deferred Revenue

 

                  -  

 

                  -

 

 

                  -

 

 

             (1,472

)

Net Income (Loss) excluding Deferred Revenue

 $

           343

 $

      (3,305

)

 $

      (1,388

)

 $

        (6,527

)

 

Heather R. Hunter

SVP, Chief Corporate Affairs Officer

(248) 432-1362

IR@RockwellMed.com

Source: Rockwell Medical, Inc.

FAQ

What was Rockwell Medical's (RMTI) net sales growth in Q2 2024?

Rockwell Medical (RMTI) reported a 43% increase in net sales to $25.8 million in Q2 2024 compared to the same period in 2023.

How much cash flow from operations did RMTI generate in Q2 2024?

Rockwell Medical (RMTI) generated $1.4 million in cash flow from operations in the second quarter of 2024.

What is Rockwell Medical's (RMTI) updated net sales guidance for 2024?

Rockwell Medical (RMTI) raised its 2024 net sales guidance to a range between $95 million and $98 million.

How did RMTI's gross margin improve in Q2 2024 compared to Q2 2023?

Rockwell Medical's (RMTI) gross margin improved to 18% in Q2 2024, up from 6% in the same period of 2023.

Rockwell Medical, Inc. (DE)

NASDAQ:RMTI

RMTI Rankings

RMTI Latest News

RMTI Stock Data

109.54M
31.03M
11.84%
20.77%
1.38%
Drug Manufacturers - Specialty & Generic
Pharmaceutical Preparations
Link
United States of America
WIXOM