Rockwell Medical Reports First Quarter 2015 Results
Q1 2015 Financial Highlights
$13.9 million, a 7.1% increase over Q1 2014.
Gross profit was
$2.3 million, a 37.6% increase over Q1 2014.
- Gross profit margins increased to 16.7% compared to 13.0% in Q1 2014.
R&D expense was
$0.8 million, a $3.8 millionor 83% decrease compared to Q1 2014.
Net loss was
$3.7 millionor $0.07per share, compared to a net loss of $7.8 millionor $0.20per share in Q1 2014, a $4.1 millionimprovement.
Cash and investments were
$83.3 millionat March 31, 2015.
Q1 2015 Corporate Highlights
FDAdrug approval to market Triferic (ferric pyrophosphate citrate) for iron replacement and hemoglobin maintenance in hemodialysis patients.
Presented Triferic clinical data at the
National Kidney FoundationSpring Meeting and the Annual Dialysis Conference.
- Increased manufacturing of Triferic active pharmaceutical ingredient (API) in preparation for commercial product launch.
"The first quarter was highlighted by obtaining
Conference Call Information
Triferic is a unique iron compound that is delivered to hemodialysis patients via dialysate, replacing the ongoing iron loss that occurs during their dialysis treatment. Triferic is introduced into bicarbonate concentrate, on-site at the dialysis clinic, and subsequently mixed into dialysate. 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 for more information.
Rockwell is also an established manufacturer and leader in delivering high-quality hemodialysis concentrates/dialysates to dialysis providers and distributors in the U.S. and abroad. As one of the two major suppliers in the U.S., Rockwell's products are used to maintain human life by removing toxins and replacing critical nutrients in the dialysis patient's bloodstream. Rockwell has three manufacturing/distribution facilities located in the U.S.
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 trademark of
|CONSOLIDATED INCOME STATEMENTS|
For the three months ended
|Three Months Ended||Three Months Ended|
|Cost of Sales||11,571,618||11,283,694|
|Selling, General and Administrative||5,325,761||4,090,199|
|Research and Product Development||799,591||4,615,197|
|Operating Income (Loss)||(3,813,009)||(7,025,438)|
|Interest and Investment Income, net||113,815||74,215|
|Income (Loss) Before Income Taxes||(3,699,194)||(7,805,526)|
|Income Tax Expense||--||--|
|Net Income (Loss)||
|Basic Income (Loss) per Share||
|Diluted Income (Loss) per Share||
|CONSOLIDATED BALANCE SHEETS|
|Cash and Cash Equivalents||
|Investments Available for Sale||19,997,509||19,927,310|
Accounts Receivable, net of a reserve of
|Other Current Assets||813,503||587,201|
|Total Current Assets||94,005,495||94,707,149|
|Property and Equipment, net||1,401,292||1,496,912|
|Other Non-current Assets||542,223||542,224|
|LIABILITIES AND SHAREHOLDERS' EQUITY|
|Total Current Liabilities||10,339,726||9,804,402|
|Deferred License Revenue||18,999,293||19,492,520|
|Common Shares, no par value, 50,269,383 and 50,284,007 shares issued and outstanding|
|Accumulated Other Comprehensive Income (Loss)||(127,471)||(197,669)|
|Total Shareholders' Equity||67,821,665||68,702,794|
|Total Liabilities And Shareholders' Equity||
|CONSOLIDATED STATEMENTS OF CASH FLOWS|
For the three months ended
|Cash Flows From Operating Activities:|
|Adjustments To Reconcile Net Loss To Net Cash Used In|
|Depreciation and Amortization||207,858||257,761|
|Share Based Compensation- Employees||3,292,584||2,174,212|
|Restricted Stock Tendered in Satisfaction of Tax Liabilities||(1,463,601)||--|
|Amortization of Debt Issuance Costs||--||113,529|
|Non-Cash Interest Expense||--||112,529|
|Loss on Disposal of Assets||2,424||1,662|
|Changes in Assets and Liabilities:|
|(Increase) Decrease in Accounts Receivable||(193,829)||477,866|
|(Increase) in Inventory||(1,275,821)||(110,180)|
|(Increase) in Other Assets||(226,301)||(243,936)|
|(Decrease) in Accounts Payable||(156,661)||(3,552,886)|
|Increase (Decrease) in Other Liabilities||691,984||(1,790,208)|
|Deferred License Revenue||(493,227)||--|
|Changes in Assets and Liabilities||(1,653,855)||(5,219,344)|
|Cash Used In Operating Activities||(3,313,784)||(10,365,177)|
|Cash Flows From Investing Activities:|
|Purchase of Investments Available for Sale||--||(2,000,000)|
|Purchase of Equipment||(77,705)||(329,882)|
|Proceeds from Sale of Assets||4,800||--|
|Cash (Used In) Investing Activities||(72,905)||(2,329,882)|
|Cash Flows From Financing Activities:|
|Proceeds from the Issuance of Common Shares and Purchase Warrants|
|Cash Provided By Financing Activities||918,884||1,474,725|
|Increase (Decrease) In Cash||(2,467,805)||(11,220,334)|
|Cash At Beginning Of Period||65,800,451||11,881,451|
|Cash At End Of Period||
Michael Rice, Investor Relations; 646-597-6979
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