Business
Rockwell Medical Announces Third Quarter 2023 Results
Net sales for the third quarter of 2023 were $23.8 million, including concentrates product sales of $21.6 million, both of which were the highest sales
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"\n\nNet sales for the third quarter of 2023 were $23.8 million, including concentrates product sales of $21.6 million, both of which were the highest sales generated to-date for the Company.\n\n\n\nGross profit for the third quarter of 2023 increased 183% over the same period in 2022. Gross margin for the third quarter of 2023 was 9%, an increase from 4% for the same period in 2022.\n\n\n\nOperating loss for the third quarter of 2023 was $1.7 million, a 41% improvement over the second quarter of 2023 and a 53% improvement over the same period in 2022.\n\n\n\nRockwell Medical reiterates projected 2023 net sales to be between $82.0 million and $86.0 million, an increase of 17% to 18% year-over-year, and projected 2023 gross profit to between $8.0 million and $10.0 million, an increase of 95% to 144% year-over-year.\n\n\n\nRockwell Medical expects to achieve profitability on an adjusted EBITDA basis in the fourth quarter of 2023.\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 September 30, 2023.\n\n\n\"Since we started implementing our new focused business strategy a little over a year ago, we have successfully completed two acquisitions, aligned our cost structure, and are on track to meet our revenue and profitability expectations for this year,\" said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. \"During the third quarter of 2023, Rockwell Medical became the leading supplier of liquid bicarbonate hemodialysis concentrates in the United States and now services approximately one-third of all purchasing facilities, including outpatient dialysis clinics and hospitals. Additionally, Rockwell Medical continues to evaluate potential business development opportunities that could continue to strengthen our existing hemodialysis concentrates business and potentially enable Rockwell Medical to expand into new product categories and markets.\"\n\n\nThird Quarter 2023 Operating Highlights\n\n\n\nRockwell Medical completed its second acquisition during the third quarter of 2023, acquiring the hemodialysis concentrates assets from Evoqua Water Technologi...