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.