Rockwell Medical Inc RMTI reported a Q2 FY23 revenue of $18.1 million, in line with the consensus.
Gross profit came in at $1.0 million, lower than $1.7 million a year ago.
Adjusted EBITDA loss stood at $(2.3) million vs. $(3.4) million the prior year.
The hemodialysis products company reported an EPS loss of $(0.18), beating the analyst consensus of a $(0.12) loss.
As of June 30, 2023, cash and cash equivalents and investments available for sale stood at $14.9 million.
"In just over a year, we have made great strides in increasing revenue, reducing expenses, and driving the Company towards profitability. By acquiring Evoqua Water Technologies' profitable, revenue-generating hemodialysis concentrates business, we now expect to be profitable in the fourth quarter of 2023 and going forward. This puts Rockwell Medical in a stronger, more stable financial position to further enhance shareholder value and pursue additional growth opportunities," said Mark Strobeck, Ph.D., President and CEO.
Outlook: Rockwell Medical expects Q3 revenue of $21.0 million-$23.0 million vs. consensus of $23.67 million.
On July 11, 2023, Rockwell Medical raised its revenue outlook to $82 million-$86 million in FY23 from $78 million-$82 million prior, vs. $86.08 million consensus.
Gross profit outlook increased to $8.0 million-$10.0 million from $7 million-$9 million earlier for FY23.
The company expects to achieve profitability from operations in Q4 2023 and going forward.
Also Read: Rockwell Medical On Course To Reach Profitability By Late 2024, Analyst Says
Price Action: RMTI shares are up by 5.7% to $3.15 premarket on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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