Rockwell Medical Reports Second Quarter Results
Q2 2017 Financial Highlights
- Sales were
$13.2 million compared to$13.4 in Q2 2016. - Gross profit was
$1.5 million , unchanged compared to Q2 2016. - SG&A expense was
$6.5 million compared$5.0 million in Q2 2016. - R&D expense was
$1.7 million compared to$2.1 million in Q2 2016. - Net loss was
$7.1 million or ($0.14 ) per share compared to a$5.4 million loss or ($0.11 ) per share in Q2 2016. - Cash and investments were
$43.2 million as ofJune 30, 2017 . - Net working capital was
$56.1 million as ofJune 30, 2017 .
Q2 YTD 2017 Financial Highlights
- Sales were
$27.8 million , an increase of$0.8 million or 2.8% over the first six months of 2016. - Gross profit was
$3.9 million , an increase of$0.7 million or 21.1% over the first six months of 2016. - SG&A expense was
$12.6 million compared to$10.0 million in the first six months of 2016. - R&D expense was
$2.9 million compared to$3.4 million in the first six months of 2016. - Net Loss was
$11.8 million or ($0.23 ) per share compared to$10.2 million or ($0.20 ) per share in the first six months of 2016.
"Our immediate priority is to secure add-on reimbursement for Triferic and we continue to
make solid progress in our efforts," stated 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 and six months ended | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended | Three Months Ended | Six Months Ended | Six Months Ended | |||||||||||||
Sales | $ | 13,243,107 | $ | 13,452,517 | $ | 27,835,361 | $ | 27,079,565 | ||||||||
Cost of Sales | 11,744,819 | 11,962,989 | 23,979,601 | 23,895,111 | ||||||||||||
Gross Profit | 1,498,288 | 1,489,528 | 3,855,760 | 3,184,454 | ||||||||||||
Selling, General and Administrative | 6,541,179 | 5,014,370 | 12,641,894 | 10,001,111 | ||||||||||||
Research and Product Development | 1,675,494 | 2,063,324 | 2,890,345 | 3,377,754 | ||||||||||||
Operating Income (Loss) | (6,718,385 | ) | (5,588,166 | ) | (11,676,479 | ) | (10,194,411 | ) | ||||||||
Interest and Investment Income | (364,599 | ) | 227,020 | (148,528 | ) | 413,582 | ||||||||||
Income (Loss) Before Income Taxes | (7,082,984 | ) | (5,361,146 | ) | (11,825,007 | ) | (9,780,829 | ) | ||||||||
Income Tax Expense | — | — | — | (404,527 | ) | |||||||||||
Net Income (Loss) | $ | (7,082,984 | ) | $ | (5,361,146 | ) | $ | (11,825,007 | ) | $ | (10,185,356 | ) | ||||
Basic Earnings (Loss) per Share | $ | (0.14 | ) | $ | (0.11 | ) | $ | (0.23 | ) | $ | (0.20 | ) | ||||
Diluted Earnings (Loss) per Share | $ | (0.14 | ) | $ | (0.11 | ) | $ | (0.23 | ) | $ | (0.20 | ) |
ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED BALANCE SHEETS | ||||||||
As of | ||||||||
(Unaudited) | ||||||||
2017 | 2016 | |||||||
ASSETS | ||||||||
Cash and Cash Equivalents | $ | 8,327,695 | $ | 17,180,594 | ||||
Investments Available for Sale | 34,914,331 | 40,759,703 | ||||||
Accounts Receivable, net of a reserve of | 4,880,969 | 6,393,228 | ||||||
Inventory | 13,774,065 | 12,141,072 | ||||||
Other Current Assets | 1,907,270 | 2,034,598 | ||||||
Total Current Assets | 63,804,330 | 78,509,195 | ||||||
Property and Equipment, net | 1,529,639 | 1,391,575 | ||||||
Inventory, Non-Current | 2,725,958 | 1,826,554 | ||||||
Intangible Assets | 4,205 | 4,382 | ||||||
920,745 | 920,745 | |||||||
Other Non-current Assets | 490,738 | 501,187 | ||||||
Total Assets | $ | 69,475,615 | $ | 83,153,638 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
Accounts Payable | $ | 3,869,646 | $ | 5,858,234 | ||||
Accrued Liabilities | 3,585,198 | 4,210,151 | ||||||
Customer Deposits | 212,320 | 77,217 | ||||||
Total Current Liabilities | 7,667,164 | 10,145,602 | ||||||
Deferred License Revenue | 17,962,468 | 20,051,737 | ||||||
Shareholders' Equity: | ||||||||
Common Shares, no par value, 51,740,040 and 51,527,711 shares issued and outstanding | 270,302,780 | 268,199,939 | ||||||
Accumulated Deficit | (226,166,099 | ) | (214,341,092 | ) | ||||
Accumulated Other Comprehensive Income | (290,698 | ) | (902,548 | ) | ||||
Total Shareholders' Equity | 43,845,983 | 52,956,299 | ||||||
Total Liabilities And Shareholders' Equity | $ | 69,475,615 | $ | 83,153,638 |
ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | ||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
For the six months ended | ||||||||
(Unaudited) | ||||||||
2017 | 2016 | |||||||
Cash Flows From Operating Activities: | ||||||||
Net (Loss) | $ | (11,825,007 | ) | $ | (10,185,356 | ) | ||
Adjustments To Reconcile Net Loss To | ||||||||
Depreciation and Amortization | 259,084 | 395,990 | ||||||
Share Based Compensation—Non-employee | 88,487 | — | ||||||
Share Based Compensation—Employees | 4,301,585 | 5,222,723 | ||||||
Loss on Disposal of Assets | 3,634 | 258 | ||||||
Loss (gain) on Sale of Investments Available for Sale | 368,519 | (3,302 | ) | |||||
Changes in Assets and Liabilities: | ||||||||
Decrease (Increase) in Accounts Receivable | 343,993 | (2,543,404 | ) | |||||
(Increase) in Inventory | (2,532,397 | ) | (3,137,896 | ) | ||||
Decrease (Increase) in Other Assets | 349,378 | (54,132 | ) | |||||
Increase (Decrease) in Accounts Payable | (1,988,717 | ) | 980,981 | |||||
Increase (Decrease) in Other Liabilities | (489,857 | ) | 106,441 | |||||
(Decrease) in Deferred License Revenue | (996,240 | ) | (963,372 | ) | ||||
Increase (Decrease) in Deferred Drug License Revenue | (136,362 | ) | 3,886,365 | |||||
Changes in Assets and Liabilities | (5,450,202 | ) | (1,725,017 | ) | ||||
Cash (Used In) Operating Activities | (12,253,900 | ) | (6,294,704 | ) | ||||
Cash Flows From Investing Activities: | ||||||||
Purchase of Investments Available for Sale | (27,262,362 | ) | (9,259,648 | ) | ||||
Sale of Investments Available for Sale | 33,351,339 | 8,328,987 | ||||||
Purchase of Equipment | (401,055 | ) | (229,287 | ) | ||||
Proceeds on Sale of Assets | 450 | 1,000 | ||||||
Cash Provided by (Used In) Investing Activities | 5,688,372 | (1,158,948 | ) | |||||
Cash Flows From Financing Activities: | ||||||||
Proceeds from Issuance of Common Shares | — | 77,250 | ||||||
Restricted Stock Retained in Satisfaction of Tax Liabilities | (2,287,231 | ) | — | |||||
Cash Provided By (Used In) Financing Activities | (2,287,231 | ) | 77,250 | |||||
Effects of exchange rate changes | (140 | ) | — | |||||
(Decrease) Increase In Cash | (8,852,899 | ) | (7,376,402 | ) | ||||
Cash At Beginning Of Period | 17,180,594 | 31,198,182 | ||||||
Cash At End Of Period | $ | 8,327,695 | $ | 23,821,780 | ||||
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