Rockwell Medical Reports Fourth Quarter 2014 Results
Q4 2014 Financial Highlights
-
Sales were
$14.4 million , a 3.5% increase over Q4 2013. -
Gross profit was
$2.6 million , a 25% increase over Q4 2013. -
R&D expense was
$1.7 million , a 71% decrease compared to$5.8 million in Q4 2013. -
Cash and investments were
$85.7 million atDecember 31, 2014 .
Q4 2014 Corporate Highlights
-
Received
$20 million in cash fromBaxter Healthcare Corporation upon executing exclusive concentrate product commercialization agreement; additionally cash potential of$17.5 million for meeting milestones. -
Received
$15 million in cash from Baxter for equity investment for RMTI common stock at$11.39 per share. -
Received
$8.4 million in cash from warrant conversion. -
Raised
$55 million in cash from equity financing withBank of America Merrill Lynch . -
Paid off long-term debt of
$20 million . -
Received FDA Advisory Committee majority vote to approve Triferic for iron replacement and maintenance of hemoglobin in hemodialysis patients.
2014 Financial Highlights
-
Sales were
$54.2 million , a 3.5% increase over 2013. -
Gross profit was
$8.5 million , an increase of 28.3% over 2013. -
R&D expense was
$7.8 million , an 80% decrease compared to$39.4 million in 2013. -
Loss for the year was
$21.3 million , a 56% decrease compared to$48.8 million loss in 2013.
Recent Corporate Highlights
-
Received U.S.
FDA market approval for Triferic for iron replacement and maintenance of hemoglobin in hemodialysis patients. -
Presented two Triferic posters at Annual
Dialysis Conference inNew Orleans, Louisiana .
"We had a very eventful active year," stated Mr.
Conference Call Information
About Triferic
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.
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 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 and twelve months ended |
||||
Three Months Ended |
Three Months Ended |
Twelve Months Ended |
Twelve Months Ended |
|
December 31, 2014 |
December 31, 2013 |
December 31, 2014 |
2013 |
|
Sales |
|
|
|
|
Cost of Sales | 11,871,106 | 11,904,730 | 45,643,231 | 45,720,323 |
Gross Profit | 2,576,547 | 2,059,894 | 8,545,213 | 6,659,220 |
Selling, General and Administrative | 5,917,480 | 3,795,325 | 18,320,720 | 14,336,449 |
Research and Product Development | 1,679,878 | 5,793,579 | 7,783,594 | 39,382,037 |
Operating Income (Loss) | (5,020,811) | (7,529,010) | (17,559,101) | (47,059,266) |
Interest and Investment Income, net | 187,144 | 69,317 | 386,257 | 98,101 |
Interest Expense | 1,549,980 | 872,412 | 4,154,313 | 1,822,147 |
Income (Loss) Before Income Taxes | (6,383,647) | (8,332,105) | (21,327,157) | (48,783,312) |
Income Tax Expense | -- | -- | -- | -- |
Net Income (Loss) | $ (6,383,647) | $ (8,332,105) | $ (21,327,157) | $ (48,783,312) |
Basic Earnings (Loss) per Share |
( |
( |
( |
( |
Diluted Earnings (Loss) per Share |
( |
( |
( |
( |
|
||
CONSOLIDATED BALANCE SHEETS | ||
As of |
||
|
|
|
ASSETS | 2014 | 2013 |
Cash and Cash Equivalents |
|
|
Investments Available for Sale | 19,927,310 | 12,034,622 |
Accounts Receivable, net of a reserve of |
4,472,002 | 4,578,319 |
Inventory | 3,920,185 | 2,799,648 |
Other Current Assets | 587,201 | 623,734 |
Total Current Assets | 94,707,149 | 31,917,774 |
Property and Equipment, net | 1,496,912 | 1,648,949 |
Intangible Assets | 332,686 | 499,715 |
Goodwill | 920,745 | 920,745 |
Other Non-current Assets | 542,224 | 1,374,941 |
Total Assets |
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Note Payable Capitalized Lease Obligations | $ -- |
|
Accounts Payable | 5,294,515 | 8,686,153 |
Accrued Liabilities | 4,325,997 | 6,647,828 |
Customer Deposits | 183,890 | 207,545 |
Total Current Liabilities | 9,804,402 | 17,849,671 |
Deferred License Revenue | 19,492,520 | -- |
Long Term Debt | -- | 17,916,914 |
Shareholders' Equity: | ||
Common Shares, no par value, 50,284,007 and 40,110,661 shares issued and outstanding | 249,018,189 | 154,457,878 |
Common Share Purchase Warrants, none and 983,071 warrants issued and outstanding | -- | 4,895,811 |
Accumulated Deficit | (180,117,726) | (158,790,569) |
Accumulated Other Comprehensive Income | (197,669) | 32,419 |
Total Shareholders' Equity | 68,702,794 | 595,539 |
Total Liabilities And Shareholders' Equity |
|
|
|
||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
For the years ended |
||
2014 | 2013 | |
Cash Flows From Operating Activities: | ||
Net (Loss) | $ (21,327,157) | $ (48,783,312) |
Adjustments To Reconcile Net Loss To Net Cash Used In | ||
Operating Activities: | ||
Depreciation and Amortization | 996,321 | 1,007,411 |
Share Based Compensation - Non-employee | -- | 1,862,874 |
Share Based Compensation- Employees | 10,094,685 | 5,849,196 |
Loss (Gain) on Disposal of Assets | 7,338 | 16,410 |
Loss on Sale of Investments Available for Sale | 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 | 106,317 | (146,387) |
(Increase) in Inventory | (1,120,537) | (150,009) |
(Increase) Decrease in Other Assets | (13,466) | 669,896 |
Increase (Decrease) in Accounts Payable | (3,391,638) | (6,147,412) |
Increase (Decrease) in Other Liabilities | (2,345,486) | (5,295,738) |
Deferred Distribution Agreement Income | 20,000,000 | -- |
Recognized Distribution Agreement Income | (507,480) | -- |
Changes in Assets and Liabilities | 12,727,710 | (11,069,650) |
Cash Provided By (Used In) Operating Activities | 4,257,778 | (50,664,953) |
Cash Flows From Investing Activities: | ||
Purchase of Investments Available for Sale | (13,100,000) | (12,002,203) |
Sale of Investments Available for Sale | 4,976,000 | -- |
Purchase of Equipment | (684,593) | (654,197) |
Proceeds on Sale of Assets | -- | 6,898 |
Cash Provided By (Used In) Investing Activities | (8,808,593) | (12,649,502) |
Cash Flows From Financing Activities: | ||
Proceeds from Issuance of Common Shares and Purchase Warrants | 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 | 58,469,815 | 70,484,176 |
Increase (Decrease) In Cash | 53,919,000 | 7,169,721 |
Cash At Beginning Of Period | 11,881,451 | 4,711,730 |
Cash At End Of Period |
|
|
CONTACT:Source:Michael Rice , Investor Relations; 646-597-6979
News Provided by Acquire Media