WIXOM–Rockwell Medical Inc. (Nasdaq: RMTI), developer and manufacturer of hemodialysis products, posted a loss of $1.9 million or 7 cents a share in the third quarter, vs. a loss of $4.2 million or 23 cents a share in the same quarter of 2022. Revenue was $23.8 million, up from $18.7 million in the same quarter a year earlier.
For the nine months, the loss was $6.3 million or 32 cents a share, vs. a loss of $16.3 million or $1.26 a share a year earlier. Revenue was $61.5 million, up from $53.5 million in the first nine months of 2022.
The main reason for the reduced loss was a reduction in selling, marketing, general, and administrative expenses.
“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 Matt Strobeck, 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.”
The company expects sales for 2023 to be between $82 million and $86 million, an increase of 17% to 18% year-over-year. The company expects gross profit for 2023 to be between $8 million and $10 million, which represents an increase of 95% to 144% year-over-year. Since Rockwell Medical announced its updated business strategy in November 2022, the company provided guidance that it expected to achieve profitability in 2024.
To listen to a replay of a conference call discussing these results, visit www.RockwellMed.com/Results