Why Rockwell Medical Shares Are Surging Today

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 ReadRockwell 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.

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