Rockwell Medical Clocks 22% Growth In Q1 Revenues, Seeks Profitability

  • Rockwell Medical, Inc. RMTI reported first-quarter FY23 revenues of $19.67 million, beating the consensus of $19.12 million. Revenue jumped 22% year over year.
  • The hemodialysis products company reported an EPS loss of $(0.10), beating the analyst consensus of $(0.16) loss.
  • Efficient manufacturing processes, long-term supply contracts, product purchase deals, distribution agreements, expense reduction, and an extensive focus on revenue-generating businesses resulted in Street-beating results in the quarter under review. 
  • The company recorded a gross profit of $2.6 million versus a gross loss of $(0.8) million in the same period in 2022. Gross margins were at 13.2%.
  • On March 31, 2023, cash and equivalents were $16.8 million.
  • "Last year, we presented a new strategy and business plan for Rockwell that focused on enhancing our revenue-generating businesses, pausing our capital-intensive businesses, improving our financial condition, de-levering the Company, and driving us to profitability in 2024," said CEO Mark Strobeck. 
  • "We are putting Rockwell in a better position to drive growth and further improve our performance so that we can benefit more patients around the world," he added. 
  • FY23 Outlook: Rockwell Medical reiterated its outlook for FY23. Revenue is expected between $78 million and $82 million, versus $80.33 million consensus. 
  • Gross profit is expected to be between $7 million and $9 million.
  • Price Action: RMTI shares are up by 1.89% to $2.49 on the last check Monday.
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