Le Lézard
Classified in: Health, Science and technology, Business
Subjects: EARNINGS, Conference Call, Webcast

Rockwell Medical Announces Second Quarter 2022 Results


Rockwell Medical, Inc. (Nasdaq: RMTI), a commercial healthcare company focused on providing life-sustaining products for patients suffering from blood disorders and diseases associated with the kidney, today announced its financial and operational results for the second quarter ended June 30, 2022.

SECOND QUARTER 2022 FINANCIAL HIGHLIGHTS

SECOND QUARTER 2022 OPERATING HIGHLIGHTS

"In the second quarter, we took a number of important steps to stabilize our business, and are now in a better position to unlock the value that has been created by the Company," said Mark Strobeck, Ph.D., President and CEO at Rockwell Medical. "Our improved relationships with our partners and our improved financial position afford us the ability to deliver more life-sustaining products to patients suffering from blood disorders and diseases associated with the kidney longer-term. Going forward, Rockwell's focus will be to drive profitability for our overall business; to continually assess our strategic priorities and capital structure to manage cash and place Rockwell on firmer financial footing; and to develop our FPC programs to key value milestones consistent with a prudent capital deployment strategy. We expect to have more to say about these changes in the coming months," concluded Dr. Strobeck.

CONFERENCE CALL AND WEBCAST DETAILS
Please call 10 minutes prior to the call to register.

Date: Monday, August 15, 2022

Time: 8:00am ET

Webcast: www.RockwellMed.com/Results

Live Number: (888) 660-6347 // (International) 1 (929) 201-6594

Replay Number: (800) 770-2030 // (International) 1 (647) 362-9199

Access Code: 4944610

Speakers: Mark Strobeck, Ph.D., President and Chief Executive Officer; and Russell Skibsted, Chief Financial Officer and Chief Business Officer

Format: Discussion of second quarter 2022 operational and financial results followed by Q&A.

A replay will be available via the replay number and webcast through September 14, 2022.

About Rockwell Medical

Rockwell Medical is a commercial healthcare company focused on providing life-sustaining products for patients suffering from blood disorders and diseases associated with the kidney. Rockwell is the second largest supplier of acid and bicarbonate concentrates for dialysis patients in the United States. The Company is developing and commercializing a next-generation, proprietary parenteral iron technology platform, Ferric Pyrophosphate Citrate ("FPC"), which has the potential to transform treatment options for iron deficiency in multiple disease states, reduce healthcare costs and improve patients' lives. Rockwell has two FDA-approved therapies indicated for patients undergoing hemodialysis, which are the first two products developed from the FPC platform. Rockwell is also advancing its FPC platform by developing FPC for the treatment of iron deficiency anemia in patients outside of dialysis, who are receiving medications in the home infusion setting. For more information, visit www.RockwellMed.com.

Forward-Looking Statements

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" or the negative of these terms, and similar expressions, or statements regarding intent, belief, or current expectations, are forward looking statements. There can be no assurance that Rockwell Medical will be able to maintain timing for planned clinical trials and regulatory filings, achieve planned cost savings to operate its concentrates business profitability, or achieve the other components of its strategy. 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, 2021, as such description may be amended or updated in any future reports we file with the SEC. Rockwell Medical expressly disclaims any obligation to update our forward-looking statements, except as may be required by law.

ROCKWELL MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)
 

June 30,

 

December 31,

2022

 

2021

(Unaudited)
 
Cash and Cash Equivalents $

30,780

$

13,280

Total Assets $

59,116

$

48,574

Total Liabilities $

38,971

$

46,039

Total Stockholders' Equity $

20,145

$

2,535

 
Common Stock Outstanding

9,407,296

8,544,225

Common stock and common stock equivalents*

31,316,313

11,511,666

 
*Common stock and common stock equivalents:
Common stock

9,407,296

8,544,225

Common stock warrants (pre-funded)

9,056,377

?

Common stock and pre-funded stock warrants

18,463,673

8,544,225

Options to purchase common stock

423,317

528,591

Restricted stock awards

891

7,118

Restricted stock units

125,000

29,289

Common stock warrants

12,303,432

2,402,442

Total common stock and common stock equivalents

31,316,313

11,511,666

ROCKWELL MEDICAL, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In Thousands, Except Shares and Per Share Amounts)
 
Three Months Ended June 30, 2022 Three Months Ended June 30, 2021 Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
 
Net Sales $

18,682

 

$

15,137

 

$

34,806

 

$

30,611

 

Cost of Sales

16,937

 

15,399

 

33,846

 

30,471

 

Gross Profit

1,745

 

(262

)

960

 

140

 

Research and Product Development

926

 

2,416

 

2,494

 

4,224

 

Selling and Marketing

526

 

1,468

 

981

 

3,319

 

General and Administrative

4,775

 

3,677

 

8,592

 

7,602

 

Operating Loss

(4,482

)

(7,823

)

(11,107

)

(15,005

)

 
Other (Expense) Income
Realized Gain on Investments

?

 

(1

)

4

 

(1

)

Interest Expense

(485

)

(583

)

(1,021

)

(1,164

)

Interest Income

?

 

7

 

(4

)

18

 

Total Other Expense

(485

)

(577

)

(1,021

)

(1,147

)

 
Net Loss $

(4,967

)

$

(8,400

)

$

(12,128

)

$

(16,152

)

 
 
Basic and Diluted Net Loss per Share $

(0.56

)

$

(0.99

)

$

(1.40

)

$

(1.90

)

 
Basic and Diluted Weighted Average Shares Outstanding

8,805,190

 

8,518,499

 

8,675,428

 

8,513,417

 

ROCKWELL MEDICAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars In Thousands)
 

June 30,

 

December 31,

2022

 

2021

(Unaudited)
ASSETS
Cash and Cash Equivalents $

30,780

 

$

13,280

 

Investments Available-for -Sale

?

 

9,158

 

Accounts Receivable, net of a reserve

8,090

 

5,913

 

Inventory

5,171

 

4,076

 

Prepaid and Other Current Assets

3,204

 

2,861

 

Total Current Assets

47,245

 

35,288

 

Property and Equipment, net

2,289

 

2,486

 

Inventory, Non-Current

1,481

 

1,523

 

Right of Use Assets, net

6,671

 

7,737

 

Goodwill

921

 

921

 

Other Non-current Assets

509

 

619

 

Total Assets $

59,116

 

$

48,574

 

LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable $

2,942

 

$

3,739

 

Accrued Liabilities

4,660

 

5,090

 

Lease Liability - Current

1,935

 

2,004

 

Deferred License Revenue

2,169

 

2,171

 

Term Loan - Net of Issuance Costs

5,131

 

7,381

 

Insurance Financing Note Payable

1,509

 

437

 

Customer Deposits

189

 

144

 

Total Current Liabilities

18,535

 

20,966

 

 
Lease Liability - Long Term

4,947

 

5,887

 

Term Loan, Net of Issuance Costs

10,370

 

13,186

 

Deferred License Revenue

5,105

 

5,986

 

Long Term Liability - Other

14

 

14

 

Total Liabilities

38,971

 

46,039

 

 
Stockholders' Equity:
Preferred Shares, $0.0001 par value, 2,000,000 shares authorized, 15,000 and nil shares issued and outstanding at June 30, 2022 and December 31, 2021

?

 

?

 

Common Stock, $0.0001 par value,170,000,000 shares authorized, 9,407,296 and 8,544,225 shares issued and outstanding at June 30, 2022 and December 31,2021, respectively

1

 

1

 

Additional Paid-in Capital

402,304

 

372,562

 

Accumulated Deficit

(382,209

)

(370,080

)

Accumulated Other Comprehensive Income

49

 

52

 

Total Stockholders' Equity

20,145

 

2,535

 

Total Liabilities And Stockholders' Equity $

59,116

 

$

48,574

 

 


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