Rockwell Medical Reports Fourth Quarter and Fiscal 2015 Results
Q4 2015 Financial Highlights
- Sales were
$14.1 million, compared to $14.4million in Q4 2014.
- Gross profit was
$2.1 million, 3.3 % less than Q4 2014.
- Gross profit margins were 14.5%, compared to 17.8% in Q4 2014.
- SG&A expense was
$6.1 million, compared $5.9 millionin Q4 2014.
- R&D expense was
$2.0 millioncompared to $1.7 millionin Q4 2014.
- Net loss was
($5.8) millionor ( $0.12) per share, compared to ($6.4) millionor ( $0.14) per share in Q4 2014.
- Cash and investments were
$70.7 millionas of December 31, 2015and in February 2016we received a $4 millionmilestone payment under our license agreement with Wanbang Biopharmaceutical Co., Ltd.
2015 Financial Highlights
- Sales for 2015 were
$55.4 milliona 2.1% increase compared to $54.2 millionin 2014.
- Gross profit increased to
$8.9 million, a 4.6% increase over 2014.
- Gross profit margins increased to 16.1% compared to 15.8% in 2014.
- SG&A expense was
$19.1 million, an increase of $0.8 millionor 4.1% over 2014.
- R&D expense decreased to
$5.0 millioncompared to $7.8 millionin 2014.
Net loss was
($14.4) millionor ( $0.29) per share, compared to ($21.3) millionor ( $0.52) per share in 2014.
2016 YTD Corporate Highlights
- Signed exclusive licensing and manufacturing supply agreements with Wanbang Biopharmaceutical Co., Ltd. for the rights to commercialize Triferic and Calcitriol in the People's Republic of
- Filed an IND to investigate Triferic as a potential treatment for patients with iron-refractory, iron-deficiency anemia (IRIDA).
"We had an exceptional year in 2015," stated Mr.
Conference Call Information
Triferic is a unique iron replacement product that is delivered to hemodialysis patients via dialysate, replacing the ongoing iron loss that occurs during their dialysis treatment. Triferic is added to the bicarbonate concentrate on-site at the dialysis clinic. Once in dialysate, Triferic crosses the dialyzer membrane and enters the blood where it immediately binds to transferrin and is transported to the erythroid precursor cells to be incorporated into hemoglobin. In completed clinical trials, Triferic has demonstrated that it can effectively deliver sufficient iron to the bone marrow and maintain hemoglobin, without increasing iron stores (ferritin). Please visit www.triferic.com or call
Rockwell is also an established manufacturer and leader in delivering high-quality hemodialysis concentrates/dialysates to dialysis providers and distributors in the
Rockwell's exclusive renal drug therapies support disease management initiatives to improve the quality of life and care of dialysis patients and are intended to deliver safe and effective therapy, while decreasing drug administration costs and improving patient convenience.
Certain statements in this press release constitute
"forward-looking statements" within the meaning of the federal securities laws, including, but not limited to, Rockwell's intention to launch Calcitriol and Triferic following
Triferic® is a registered trademark of
|CONSOLIDATED INCOME STATEMENTS|
|For the three months and twelve months ended |
|Three Months Ended||Three Months Ended||Twelve Months Ended||Twelve Months Ended|
|December 31, 2014||December 30, 2015|
|Cost of Sales||12,076,489||11,871,106||46,412,848||45,643,231|
|Selling, General and Administrative||6,089,606||5,917,480||19,078,867||18,320,720|
|Research and Product Development||2,029,736||1,679,878||4,961,313||7,783,594|
|Operating Income (Loss)||(6,063,194||)||(5,020,811||)||(15,102,326||)||(17,559,101||)|
|Interest and Investment Income, net||293,238||187,144||681,876||386,257|
|Income (Loss) Before Income Taxes||(5,769,956||)||(6,383,647||)||(14,420,450||)||(21,327,157||)|
|Income Tax Expense||-||-||-||-|
|Net Income (Loss)||$||(5,769,956||)||$||(6,383,647||)||$||(14,420,450||)||$||(21,327,157||)|
|Basic Earnings (Loss) per Share||($||0.12||)||($||0.14||)||($||0.29||)||($||0.52||)|
|CONSOLIDATED BALANCE SHEETS|
|As of |
|Cash and Cash Equivalents||$||31,198,182||$||65,800,451|
|Investments Available for Sale||39,482,732||19,927,310|
|Accounts Receivable, net of a reserve of ||5,046,733||4,472,002|
|Other Current Assets||1,026,889||587,201|
|Total Current Assets||84,626,316||94,707,149|
|Property and Equipment, net||1,646,568||1,496,912|
|Other Non-current Assets||462,839||542,224|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Total Current Liabilities||8,091,451||9,804,402|
|Deferred License Revenue||17,410,852||19,492,520|
|Common Shares, no par value, 51,501,877 and 50,284,007 shares issued and outstanding||257,773,494||249,018,189|
|Accumulated Other Comprehensive Income||(915,496||)||(197,669||)|
|Total Shareholders' Equity||62,319,822||68,702,794|
|Total Liabilities And Shareholders' Equity||$||87,822,125||$||97,999,716|
|CONSOLIDATED STATEMENTS OF CASH FLOWS|
|For the years ended |
|Cash Flows From Operating Activities:|
|Adjustments To Reconcile Net Loss To |
|Depreciation and Amortization||822,294||996,321||1,007,411|
|Share Based Compensation - Non-employee||-||-||1,862,874|
|Share Based Compensation- Employees||8,887,977||10,094,685||5,849,196|
|Restricted Stock Retained in Satisfaction of Tax Liabilities||(2,912,859||)||-||-|
|Loss on Disposal of Assets||5,281||7,338||16,410|
|Loss on Sale of Investments Available for Sale||58,095||1,223||-|
|Amortization of Debt Issuance Costs||-||882,716||227,059|
|Non-Cash Interest Expense||-||874,942||225,059|
|Changes in Assets and Liabilities:|
|(Increase) Decrease in Accounts Receivable||(574,731||)||106,317||(146,387||)|
|(Increase) in Inventory||(3,951,595||)||(1,120,537||)||(150,009||)|
|(Increase) Decrease in Other Assets||(360,303||)||(13,466||)||669,896|
|(Decrease) in Accounts Payable||(1,299,299||)||(3,391,638||)||(6,147,412||)|
|(Decrease) in Other Liabilities||(413,652||)||(2,345,486||)||(5,295,738||)|
|Deferred Distribution Agreement Income||-||20,000,000||-|
|Recognized Distribution Agreement Income||(2,081,668||)||(507,480||)||-|
|Changes in Assets and Liabilities||(8,681,248||)||12,727,710||(11,069,650||)|
|Cash (Used In) Provided By Operating Activities||(16,240,910||)||4,257,778||(50,664,953||)|
|Cash Flows From Investing Activities:|
|Purchase of Investments Available for Sale||(21,800,000||)||(13,100,000||)||(12,002,203||)|
|Sale of Investments Available for Sale||1,468,656||4,976,000||-|
|Purchase of Equipment||(815,002||)||(684,593||)||(654,197||)|
|Proceeds on Sale of Assets||4,800||-||6,898|
|Cash (Used In Investing Activities||(21,141,546||)||(8,808,593||)||(12,649,502||)|
|Cash Flows From Financing Activities:|
|Proceeds from Issuance of Common Shares and Purchase Warrants||2,780,187||79,569,815||51,596,232|
|Proceeds from the Issuance of Notes Payable||-||-||20,000,000|
|Debt Issuance Costs||-||-||(1,109,776||)|
|Payments on Notes Payable and Capital Lease Obligations||-||(21,100,000||)||(2,280||)|
|Cash Provided By Financing Activities||2,780,187||58,469,815||70,484,176|
|(Decrease) Increase In Cash||(34,602,269||)||53,919,000||7,169,721|
|Cash At Beginning Of Period||65,800,451||11,881,451||4,711,730|
|Cash At End Of Period||$||31,198,182||$||65,800,451||$||11,881,451|
Michael Rice, Investor Relations; 646-597-6979
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