Business
Rockwell Medical Provides Business Strategy Update and Announces Third Quarter 2022 Financial and Operational Results
Rockwell is restructuring its business in the short-term to drive revenue and expansion opportunities in the growing hemodialysis market and through
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"\n\nRockwell is restructuring its business in the short-term to drive revenue and expansion opportunities in the growing hemodialysis market and through international pharmaceutical sales\n\n\n\nBy making this strategic shift, Rockwell expects to achieve profitability in 2024, strengthen its overall financial position, and reduce the Company’s reliance on the capital markets to fund future business growth\n\n\n\nRockwell amended its long-term debt agreement to align with its updated strategic direction; Reduced debt from $15 million to $10 million\n\n\n\nRevenue was $18.7 million for the third quarter 2022, which represents the highest quarterly revenue to-date for Rockwell\n\n\n\nCash used in operating activities was $1.1 million for the third quarter 2022, an 81% decrease over the second quarter 2022\n\n\n WIXOM, Mich.--(BUSINESS WIRE)--\nRockwell Medical, Inc. (“Rockwell” or the “Company”) (Nasdaq: RMTI), a commercial healthcare company focused on providing life-sustaining products for patients suffering from blood disorders and diseases associated with the kidney, today provided an update on its overall business strategy and announced its financial and operational results for the third quarter ended September 30, 2022.\n\nBUSINESS STRATEGY UPDATE\n\nDuring the third quarter of 2022, Rockwell Medical evaluated its businesses and the potential for short- and long-term value. Going forward, Rockwell will focus its efforts on growing the Company’s revenue-generating businesses, which currently include its hemodialysis concentrates business and international partnerships for TRIFERIC®, pausing further investment in capital-intensive pharmaceutical development programs, and achieving profitability to put the Company in a stronger and more stable financial position. As a result of these efforts, Rockwell expects to achieve profitability in 2024. Once the Company achieves profitability and sustains cash flow from its revenue-generating businesses, it will then consider investments in higher-value, longer-term products to develop a broader kidney care products portfolio.\n\nSubsequent to the third quarter of 2022, Rockwell announced that it is reacquiring its distribution rights to its hemodialysis concentrates products from Baxter and has agreed to terminate the exclusive distribution agreement dated October 2, 2014. Rockwell will a...