Business
Rockwell Medical Achieves Profitability on an Adjusted EBITDA Basis in the Fourth Quarter 2023 and Record Net Sales, Gross Profit and Gross Margin for the Full-Year 2023
Reports record net sales for second year in a row, generating $83.6 million in 2023, an increase of 15% over 2022. Net sales for the fourth quarter of 2023
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"\n\nReports record net sales for second year in a row, generating $83.6 million in 2023, an increase of 15% over 2022. Net sales for the fourth quarter of 2023 were $22.1 million, an increase of 14% over the same period in 2022.\n\n\n\nReports record net product sales for second year in a row, generating $79.8 million in 2023, an increase of 15% over 2022. Net product sales for the fourth quarter of 2023 were $22.1 million, an increase of 22% over the same period in 2022.\n\n\n\nReports record gross profit for the second year in a row, generating $8.7 million in 2023, an increase of 114% over 2022.\n\n\n\nAchieves profitability on an adjusted EBITDA basis in the fourth quarter of 2023, the first time in the Company's history.\n\n\n\nIssues 2024 guidance, projecting net product sales to be between $84 million and $88 million, gross margin to be between 14% and 16%, and for the Company to be profitable on an adjusted EBITDA basis for the full-year 2024.\n\n\n\n WIXOM, Mich.--(BUSINESS WIRE)--\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 and twelve months ended December 31, 2023.\n\n\n\"2023 was a transformative year for Rockwell Medical, making it the second year in a row that we have provided guidance and met or exceeded that guidance. We significantly improved Rockwell Medical's financial health, generated the highest revenue and gross profit to-date for the Company, and successfully achieved profitability on an adjusted EBITDA basis in the fourth quarter of 2023, the first time in the Company's history,\" said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. \"Over the last 18 months, we have completed two acquisitions, renegotiated a number of customer product and supply agreements—securing multi-year agreements with minimums—expanded our geographic footprint both domestically and internationally, and significantly improved efficiencies in our manufacturing processes that are being realized through improved gross margin. Our focused strategy is having a direct impact on Rockwell Medical's top and bottom line, which we project will continue in 2024 and beyond. For us it's personal. Ens...