Business
Rockwell Medical Announces Second Quarter 2023 Results
Net sales for the six months ended June 30, 2023 was $37.7 million, an 8% increase over $34.8 million for the same period in 2022. Gross profit for the six
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"\n\nNet sales for the six months ended June 30, 2023 was $37.7 million, an 8% increase over $34.8 million for the same period in 2022.\n\n\n\nGross profit for the six months ended June 30, 2023 was $3.6 million, a 260% increase over $1.0 million for the same period in 2022. Gross margin for the six months ended June 30, 2023 was approximately 10%, a 233% increase over 3% for the same period in 2022.\n\n\n\nSubsequent to the second quarter of 2023, Rockwell Medical acquired a profitable and fully automated hemodialysis concentrates business from Evoqua Water Technologies. The acquisition significantly expands Rockwell Medical's geographic footprint, customer base, and product offerings. At the time of the transaction, Evoqua generated annual revenue of $18 million and $3.3 million in annual EBITDA. Along with synergies, Rockwell Medical expects this business to deliver 20% to 22% EBITDA margin to the Company.\n\n\n\nWith the completion of the Evoqua hemodialysis concentrates business acquisition, Rockwell Medical increased its 2023 net sales guidance from between $78.0 million and $82.0 million to between $82.0 million and $86.0 million; and is increasing 2023 gross profit guidance from between $7.0 million and $9.0 million to between $8.0 million and $10.0 million.\n\n\n\nRockwell Medical expects to achieve profitability from operations in the fourth quarter of 2023 and going forward.\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 results and business updates for the three and six months ended June 30, 2023.\n\n\n\"In just over a year, we have made great strides in increasing revenue, reducing expenses, and driving the Company towards profitability,\" said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. \"By acquiring Evoqua Water Technologies' profitable, revenue-generating hemodialysis concentrates business, we now expect to be profitable in the fourth quarter of 2023 and going forward. This puts Rockwell Medical in a stronger, more stable financial position to further enhance shareholder value and pursue additional growth opportunities.\"\n\n\nFINANCIAL HIGHLIGHTS\n\n\n\nNet sales for the ...