Certain statements in this press release may constitute "forward-looking statements" within the meaning of the federal securities laws. Words such as, "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "could," "can," "would," "develop, " "plan," "potential," "predict," "forecast," "project," "intend," "look forward to," "remain confident," "feel confident," "guidance," or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. These statements include (without limitation) statements regarding: the ability to improve profit margins under the Amended Agreement; the Company's ability to compensate for the revenue decline under the Amended Agreement in 2025; plans to expand our global footprint; the impact of our strategy on our top and bottom line and building upon our financial results; the growth of our business; the impact of attaining profitability on the trajectory of our business; guidance for expenses, net sales, gross profit, gross margin and adjusted EBITDA. While Rockwell Medical believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are based upon current estimates and assumptions and are subject to various risks and uncertainties (including, without limitation, those set forth in Rockwell Medical's SEC filings), many of which are beyond our control and subject to change. Actual results could be materially different. Risks and uncertainties include but are not limited to those risks more fully discussed in the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2023, as such description may be amended or updated in any subsequent reports filed with the SEC. Rockwell Medical expressly disclaims any obligation to update our forward-looking statements, except as may be required by law.
Financial Tables Follow
ROCKWELL MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)
September 30, September 30,
2024 2023
----------- -----------
Cash, Cash Equivalents & Investments
available-for-sale $ 18,272 $ 11,730
Total Assets $ 57,084 $ 52,607
Total Liabilities $ 27,949 $ 31,088
Total Stockholders' Equity $ 29,135 $ 21,519
Common Stock Outstanding 32,318,806 28,489,663
Common stock and common stock
equivalents* 40,076,855 35,554,361
*Common stock and common stock
equivalents:
Common stock 32,318,806 28,489,663
Preferred stock converted 1,363,636 1,363,636
Options to purchase common stock 1,874,729 1,367,493
Restricted stock awards 891 891
Restricted stock units 534,309 287,400
Common stock warrants 3,984,484 4,045,278
----------- -----------
Total common stock and common stock
equivalents 40,076,855 35,554,361
=========== ===========
ROCKWELL MEDICAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In Thousands, Except Shares and Per Share Amounts)
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
September September September September 30,
30, 2024 30, 2023 30, 2024 2023
------------ ------------ ------------ --------------
Net Sales $ 28,316 $ 23,771 $ 76,824 $ 61,519
Cost of Sales 22,077 21,569 62,971 55,685
---------- ---------- ---------- ----------
Gross Profit 6,239 2,202 13,853 5,834
Research and
Product
Development - 494 18 939
Selling and
Marketing 726 556 1,906 1,584
General and
Administrative 3,577 2,889 10,802 9,434
---------- ---------- ---------- ----------
Operating Income
(Loss) 1,936 (1,737) 1,127 (6,123)
Other (Expense)
Income
Realized Gain on
Investments - 220 51 220
Interest Expense (302) (411) (965) (1,193)
Interest Income 30 56 63 169
---------- ---------- ---------- ----------
Total Other
Expense (272) (135) (851) (804)
---------- ---------- ---------- ----------
Net Income
(Loss) $ 1,664 $ (1,872) $ 276 $ (6,927)
========== ========== ========== ==========
Basic Net Income
(Loss) per
Share $ 0.05 $ (0.07) $ 0.01 $ (0.32)
========== ========== ========== ==========
Basic Weighted
Average Shares
Outstanding 31,551,805 27,521,088 30,447,588 21,526,978
========== ========== ========== ==========
Reconciliation to GAAP Financial Measures
(In Thousands, Except Shares and Per Share Amounts)
Three Months Ended Nine Months Ended
September 30 September 30
------------------------- ---------------------------
2024 2023 2024 2023
---------- ---------- ---------- ----------
Net Income
(Loss) $ 1,664 $ (1,872) $ 276 $ (6,927)
Income taxes - - - -
Interest
expense 302 410 965 1,193
Depreciation
and
amortization 541 564 1,633 892
---------- ---------- ---------- ----------
EBITDA 2,507 (898) 2,874 (4,842)
Severance
costs - 576 9 777
Stock-based
compensation 321 212 910 717
Wanbang
deferred
revenue - (2,197) - (2,197)
Wanbang
inventory
reserve - 1,098 - 1,098
Adjusted
EBITDA $ 2,828 $ (1,209) $ 3,792 $ (4,447)
========== ========== ========== ==========
Adjusted EPS $ 0.09 $ (0.04) $ 0.12 $ (0.21)
========== ========== ========== ==========
Basic Weighted
Average
Shares
Outstanding 31,551,805 27,521,088 30,447,588 21,526,978
========== ========== ========== ==========
Reconciliation to GAAP Financial Measures
(Dollars in Thousands)
Three Months Ended Nine Months Ended
September 30 September 30
------------------ -----------------------
2024 2023 2024 2023
------ ------ ------ ------
Net Sales $28,316 $23,771 $ 76,824 $61,519
Deferred
Baxter
License
Revenue - - - (1,472)
Deferred
Triferic
License
Revenue (11) (2,197) (34) (2,327)
------ ------ ------ ------
Net Sales
excluding
Deferred
Revenue 28,305 21,574 76,790 57,721
Gross
Profit 6,239 2,202 13,853 5,834
Deferred
Baxter
License
Revenue - - - (1,472)
Deferred
Triferic
License
Gross
Profit (11) (1,099) 12 (1,228)
------ ------ ------ ------
Gross
Profit
excluding
Deferred
Revenue 6,228 1,103 13,865 3,135
Net Income
(Loss) 1,664 (1,872) 276 (6,927)
Deferred
Baxter
License
Revenue - - - (1,472)
Deferred
Triferic
License
Gross
Profit (11) (1,099) 12 (1,228)
------ ------ ------ ------
Net Income
excluding
Deferred
Revenue 1,653 (2,971) 288 (9,626)
Adjusted
EBITDA 2,828 (1,209) 3,792 (4,447)
Deferred
Baxter
License
Revenue - - - (1,472)
------ ------ ------ ------
Net Income
excluding
Deferred
Revenue 2,828 (1,209) 3,792 (5,919)
View source version on businesswire.com: https://www.businesswire.com/news/home/20241112007562/en/
CONTACT: Heather R. Hunter
SVP, Chief Corporate Affairs Officer
(248) 432-1362
IR@RockwellMed.com
(END) Dow Jones Newswires
November 12, 2024 06:00 ET (11:00 GMT)
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