Business
Rockwell Medical Announces First Quarter 2024 Results, Raises 2024 Guidance
Reports record net sales of $22.7 million for the first quarter of 2024, an increase of 25% over net product sales and a 15% increase over net sales for the
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"\n\nReports record net sales of $22.7 million for the first quarter of 2024, an increase of 25% over net product sales and a 15% increase over net sales for the same period in 2023.\n\n\n\nReports record gross profit of $3.1 million for the first quarter of 2024, an increase of 18% over the same period in 2023.\n\n\n\nRaises guidance for net sales, gross profit, and profitability 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 ended March 31, 2024.\n\n\n\"We continue to see increasing interest in, and market demand for, our hemodialysis portfolio of products from medical equipment suppliers and distributors, along with health systems, dialysis centers, and skilled nursing facilities, domestically and internationally, all of which advances our vision to expand our global footprint and become the leading global supplier of all hemodialysis concentrates,\" said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. \"Taking into account our first quarter 2024 financial and operating results, we are pleased to announce that we have revised our guidance for 2024 upward and believe we are well-positioned to deliver on that guidance.\"\n\n\nFIRST QUARTER 2024 FINANCIAL HIGHLIGHTS\n\n\nNet sales for the three months ended March 31, 2024 consisted solely of concentrates products sales. Net sales for the three months ended March 31, 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 first quarter 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.\n\n\n\nNet sales for the three months ended March 31, 2024 were $22.7 million, the highest quarterly concentrates products sales generated to date for the Company. This represents a 15% increase over net sales of $19.7 million for the same period in ...