Rockwell Medical Reports First Quarter Results
Q1 2017 Financial Highlights
- Sales were
$14.6 million , or$1.0 million higher than Q1 2016, primarily due to higher domestic sales. - Sequentially, sales increased approximately 9% over the fourth quarter 2016.
- Gross profit increased to
$2.4 million compared to$1.7 million in Q1 2016. - SG&A expense was
$6.1 million compared$5.0 million in Q1 2016. - R&D expense was
$1.2 million compared to$1.3 million in Q1 2016. - Net loss was
$4.7 million or ($0.09 ) per share compared to a$4.8 million loss or ($0.10 ) per share in Q1 2016. - Cash and investments were
$52.7 million as ofMarch 31, 2017 . - Net working capital was
$64.4 million as ofMarch 31, 2017 .
2017 Corporate Highlights
- Nominated pharmaceutical executive
David T. Domzalski to the Board of Directors to strengthen the Board, contribute to the Company's growth and development and facilitate shareholder value. - Received allowance for a Triferic ESA sparing patent in
China with claims also covering composition and use. - Triferic presentations featured at the
National Kidney Foundation (NKF) 2017 Spring Clinical Meetings inOrlando, Florida covering Triferic in peritoneal dialysis and pharmacokinetic studies of Triferic in support of other indications. - Presented data on Triferic intravenous (IV) administration at the 19th
International Conference on Dialysis . - Selected to present Triferic (ferric pyrophosphate citrate) as an innovative, unique mode-of-action therapy at the 7th
International Congress of theInternational BioIron Society (IBIS) inLos Angeles , atUCLA .
Mr.
Conference Call Information
About Triferic
Triferic is the only
About
Rockwell's recent
Rockwell's
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 sell and market Calcitriol and Triferic. Words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "project," "plan", "intend" or similar expressions, or statements regarding intent, belief, or current expectations, are forward-looking statements. While
Triferic® is a registered trademark of
ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED INCOME STATEMENTS | |||||||||
For the three ended | |||||||||
(Unaudited) | |||||||||
Three Months Ended | Three Months Ended | ||||||||
Sales | $ | 14,592,254 | $ | 13,627,048 | |||||
Cost of Sales | 12,234,782 | 11,932,122 | |||||||
Gross Profit | 2,357,472 | 1,694,926 | |||||||
Selling, General and Administrative | 6,100,715 | 4,986,741 | |||||||
Research and Product Development | 1,214,851 | 1,314,430 | |||||||
Operating Income (Loss) | (4,958,094 | ) | (4,606,245 | ) | |||||
Interest and Investment Income | 216,071 | 186,562 | |||||||
Income (Loss) Before Income Taxes | (4,742,023 | ) | (4,419,683 | ) | |||||
Income Tax Expense | — | (404,527 | ) | ||||||
Net Income (Loss) | $ | (4,742,023 | ) | $ | (4,824,210 | ) | |||
Basic Earnings (Loss) per Share | $ | (0.09 | ) | $ | (0.10 | ) | |||
Diluted Earnings (Loss) per Share | $ | (0.09 | ) | $ | (0.10 | ) |
ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||
As of | |||||||||
(Unaudited) | |||||||||
2017 | 2016 | ||||||||
ASSETS | |||||||||
Cash and Cash Equivalents | $ | 11,899,710 | $ | 17,180,594 | |||||
Investments Available for Sale | 40,840,581 | 40,759,703 | |||||||
Accounts Receivable, net of a reserve of | 7,249,928 | 6,393,228 | |||||||
Inventory | 13,420,823 | 12,141,072 | |||||||
Other Current Assets | 1,339,169 | 2,034,598 | |||||||
Total Current Assets | 74,750,211 | 78,509,195 | |||||||
Property and Equipment, net | 1,419,651 | 1,391,575 | |||||||
Inventory, Non-Current | 2,837,912 | 1,826,554 | |||||||
Intangible Assets | 4,293 | 4,382 | |||||||
920,745 | 920,745 | ||||||||
Other Non-current Assets | 524,011 | 501,187 | |||||||
Total Assets | $ | 80,456,823 | $ | 83,153,638 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||
Accounts Payable | $ | 3,943,575 | $ | 5,858,234 | |||||
Accrued Liabilities | 6,230,911 | 4,210,151 | |||||||
Customer Deposits | 216,732 | 77,217 | |||||||
Total Current Liabilities | 10,391,218 | 10,145,602 | |||||||
Deferred License Revenue | 19,460,436 | 20,051,737 | |||||||
Shareholders' Equity: | |||||||||
Common Shares, no par value, 52,057,711 and 51,527,711 shares issued and outstanding | 270,478,325 | 268,199,939 | |||||||
Accumulated Deficit | (219,083,115 | ) | (214,341,092 | ) | |||||
Accumulated Other Comprehensive Income | (790,041 | ) | (902,548 | ) | |||||
Total Shareholders' Equity | 50,605,169 | 52,956,299 | |||||||
Total Liabilities And Shareholders' Equity | $ | 80,456,823 | $ | 83,153,638 |
ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | |||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||
For the three months ended | |||||||||
(Unaudited) | |||||||||
2017 | 2016 | ||||||||
Cash Flows From Operating Activities: | |||||||||
Net (Loss) | $ | (4,742,023 | ) | $ | (4,824,210 | ) | |||
Adjustments To Reconcile Net Loss To | |||||||||
Depreciation and Amortization | 130,215 | 200,089 | |||||||
Share Based Compensation—Non-employee | 19,071 | — | |||||||
Share Based Compensation—Employees | 2,259,316 | 2,679,468 | |||||||
Loss on Disposal of Assets | 3,350 | 506 | |||||||
Changes in Assets and Liabilities: | |||||||||
(Increase) in Accounts Receivable | (344,500 | ) | (1,176,787 | ) | |||||
(Increase) in Inventory | (2,291,108 | ) | (1,292,152 | ) | |||||
(Increase) in Other Assets | 160,406 | (42,733 | ) | ||||||
(Decrease) in Accounts Payable | (1,914,780 | ) | 425,252 | ||||||
(Decrease) in Other Liabilities | 2,160,268 | (507,795 | ) | ||||||
Increase (decrease) in Deferred License Revenue | (498,120 | ) | (481,686 | ) | |||||
Increase (decrease) in Deferred Drug License Revenue | (93,181 | ) | 3,954,546 | ||||||
Changes in Assets and Liabilities | (2,821,015 | ) | 878,645 | ||||||
Cash (Used In) Provided By Operating Activities | (5,151,086 | ) | (1,065,502 | ) | |||||
Cash Flows From Investing Activities: | |||||||||
Purchase of Investments Available for Sale | 31,123 | — | |||||||
Purchase of Equipment | (162,003 | ) | (202,430 | ) | |||||
Proceeds on Sale of Assets | 450 | — | |||||||
Cash (Used In) Investing Activities | (130,430 | ) | (202,430 | ) | |||||
Cash Flows From Financing Activities: | |||||||||
Proceeds from Issuance of Common Shares and Purchase Warrants | — | 77,250 | |||||||
Cash Provided By Financing Activities | — | 77,250 | |||||||
Effects of exchange rate changes | 632 | — | |||||||
(Decrease) Increase In Cash | (5,280,884 | ) | (1,190,682 | ) | |||||
Cash At Beginning Of Period | 17,180,594 | 31,198,182 | |||||||
Cash At End Of Period | $ | 11,899,710 | $ | 30,007,500 |
Source:Michael Rice , Investor Relations; 646-597-6979
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