Business
Rockwell Medical Reports Profitability on a Cash Flow and Adjusted EBITDA Basis in the Second Quarter of 2024
Reports net sales of $25.8 million for the second quarter of 2024, an increase of 43% over the same period in 2023. Reports gross profit of $4.6 million for
About this update from Rockwell Medical, Inc.
[{"type":"text","content":"\n\nReports net sales of $25.8 million for the second quarter of 2024, an increase of 43% over the same period in 2023.\n\n\n\nReports gross profit of $4.6 million for the second quarter of 2024, an increase of 341% over the same period in 2023.\n\n\n\nAchieves gross margin of 18% for the second quarter of 2024 compared to a gross margin of 6% for the same period in 2023.\n\n\n\nGenerates $1.4 million in cash flow from operations for the second quarter of 2024.\n\n\n\nExpects net sales for 2024 to range between $95 million and $98 million, raising guidance for the second time this year.\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 and six months ended June 30, 2024.\n\n\n\"Over the past two years, we have been relentless in our determination to put Rockwell Medical in a stronger and more stable financial position that ultimately has the potential to positively impact more patients,\" said Mark Strobeck, Ph.D., Rockwell Medical’s President and CEO. \"We achieved profitability on a cash flow basis, which we believe is a turning point for our organization. We expect to build upon this momentum in the coming quarters.\"\n\n\nSECOND QUARTER 2024 FINANCIAL HIGHLIGHTS\n\n\nNet sales for the three and six months ended June 30, 2024 consisted solely of concentrates products sales. Net sales for the three and six months ended June 30, 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 financial highlights for the three and six months ended June 30, 2024 and comparable period 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 June 30, 2024 were $25.8 million, the highest quarterly concentrates products sales generated to date for the Company. This represents a 43% increase over net sales of $18.1 million for t...