Rockwell Medical Reports Third Quarter 2015 Results
Q3 2015 Financial Highlights
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Sales were
$14.4 million ,$0.6 million or 4.6% higher than the third quarter of 2014. -
Gross profit was
$2.5 million , a 10.3% increase over Q3 2014. - Gross profit margins increased to 17.4% compared to 16.5% in Q3 2014.
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SG&A expense was
$3.8 million , a decrease of$0.3 million compared to Q3 2014. -
R&D expense was
$1.2 million compared to$1.3 million in Q3 2014. -
Net loss was
($2.4) million or ($0.05 ) per share, compared to a net loss of($4.0) million or ($0.10 ) per share in Q3 2014. -
Cash and investments were
$73.0 million as ofSeptember 30, 2015 .
YTD 2015 Financial Highlights
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Sales in the first nine months of 2015 were
$41.2 million compared to$39.7 million in the same period of 2014. -
Gross profit was
$6.9 million , a 15.3% increase over the first nine months of 2014. - Gross profit margins increased to 16.7% compared to 15.0% in the first nine months of 2014.
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SG&A expense was
$13.0 million , an increase of$0.6 million or 4.7% over the first nine months of 2014. -
R&D expense was
$2.9 million compared to$6.1 million in the first nine months of 2014. -
Net loss was
($8.7) million or ($0.17 ) per share, compared to a net loss of($14.9) million or ($0.37 ) per share in the first nine months of 2014.
2015 YTD Corporate Highlights
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Commenced U.S. commercial launch of Triferic®
September 2015 . - Commenced marketing and advertising activity, including introduction of Triferic website (www.triferic.com) for commercial drug launch.
- Increased product inventory to support commercial launch.
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Successful PRIME ESA Sparing Clinical Study published in
Kidney International . - Successful CRUISE 1-2 Phase 3 Clinical Studies published in Nephrology Dialysis Transplantation.
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Triferic clinical data accepted and presented at multiple U.S. and international conferences.
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National Kidney Foundation Spring Meeting -
Annual
Dialysis Conference -
ERA-EDTA Congress inEurope - ASN Kidney Week Annual Meeting
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Received U.S. CMS Q-Code assignment for reimbursement of Triferic; effective
July 1, 2015 . -
Obtained U.S.
FDA drug approval to market Triferic (ferric pyrophosphate citrate), the only iron replacement and hemoglobin maintenance product for hemodialysis patients.
"We had a very positive and productive third quarter," stated
Conference Call Information
About Triferic
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
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 registered trademark of
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CONSOLIDATED INCOME STATEMENTS | ||||
For the three and nine months ended |
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(Unaudited) | ||||
Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |
September 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |
Sales |
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Cost of Sales | 11,875,122 | 11,473,961 | 34,336,359 | 33,772,125 |
Gross Profit | 2,503,406 | 2,269,817 | 6,881,706 | 5.968,666 |
Selling, General and Administrative | 3,827,904 | 4,098,835 | 12,989,261 | 12,403,240 |
Research and Product Development | 1,246,727 | 1,301,824 | 2,931,577 | 6,103,716 |
Operating Income (Loss) | (2,571,225) | (3,130,842) | (9,039,132) | (12,538,290) |
Interest and Investment Income, net | 156,672 | 55,263 | 388,638 | 199,113 |
Interest Expense | -- | 892,027 | -- | 2,604,333 |
Income (Loss) Before Income Taxes | (2,414,553) | (3,967,606) | (8,650,494) | (14,943,510) |
Income Tax Expense | -- | -- | -- | -- |
Net Income (Loss) |
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Basic Earnings (Loss) per Share |
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( |
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CONSOLIDATED BALANCE SHEETS | ||
As of |
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(Unaudited) | ||
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ASSETS | 2015 | 2014 |
Cash and Cash Equivalents |
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Investments Available for Sale | 39,818,118 | 19,927,310 |
Accounts Receivable, net of a reserve of |
5,896,487 | 4,472,002 |
Inventory | 7,415,281 | 3,920,185 |
Other Current Assets | 1,601,211 | 587,201 |
Total Current Assets | 87,903,837 | 94,707,149 |
Property and Equipment, net | 1,341,795 | 1,496,912 |
Intangible Assets | 207,415 | 332,686 |
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920,745 | 920,745 |
Other Non-current Assets | 542,223 | 542,224 |
Total Assets |
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LIABILITIES AND SHAREHOLDERS' EQUITY | ||
Accounts Payable |
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Accrued Liabilities | 2,937,245 | 4,325,997 |
Customer Deposits | 313,082 | 183,890 |
Total Current Liabilities | 8,473,721 | 9,804,402 |
Deferred License Revenue | 18,012,839 | 19,492,520 |
Shareholders' Equity: | ||
Common Shares, no par value, 50,227,877 and 50,284,007 shares issued and outstanding | 253,777,785 | 249,018,189 |
Accumulated Deficit | (188,768,220) | (180,117,726) |
Accumulated Other Comprehensive Income (Loss) | (580,110) | (197,669) |
Total Shareholders' Equity | 64,429,455 | 68,702,794 |
Total Liabilities And Shareholders' Equity |
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CONSOLIDATED STATEMENTS OF CASH FLOWS | ||
For the nine months ended |
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(Unaudited) | ||
2015 | 2014 | |
Cash Flows From Operating Activities: | ||
Net (Loss) |
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Adjustments To Reconcile Net Loss To Net Cash Used In | ||
Operating Activities: | ||
Depreciation and Amortization | 608,152 | 767,386 |
Share Based Compensation- Employees | 6,097,122 | 6,293,250 |
Restricted Stock Tendered in Satisfaction of Tax Liabilities | (2,912,859) | -- |
Amortization of Debt Issuance Costs | -- | 357,140 |
Non-Cash Interest Expense | -- | 353,994 |
Loss on Disposal of Assets | 4,292 | 4,827 |
Loss on Sale of Investments, net | 58,095 | 1,223 |
Changes in Assets and Liabilities: | ||
(Increase) Decrease in Accounts Receivable | (1,424,485) | 388,653 |
(Increase) in Inventory | (3,495,096) | (181,858) |
(Increase) in Other Assets | (1,014,009) | (317,194) |
(Decrease) in Accounts Payable | (71,121) | (3,514,762) |
(Decrease) in Other Liabilities | (1,259,560) | (2,506,918) |
Deferred License Revenue | (1,479,681) | -- |
Changes in Assets and Liabilities | (8,743,952) | (6,132,079) |
Cash Used In Operating Activities | (13,539,644) | (13,297,769) |
Cash Flows From Investing Activities: | ||
Purchase of Investments Available for Sale | (21,800,000) | (2,000,000) |
Sale of Investments Available for Sale | 1,468,656 | 4,976,000 |
Purchase of Equipment | (336,856) | (613,311) |
Proceeds from Sale of Assets | 4,800 | -- |
Cash Provided By (Used In) Investing Activities | (20,663,400) | 2,362,689 |
Cash Flows From Financing Activities: | ||
Payments on Notes Payable and Capital Lease Obligations | -- | (564,410) |
Proceeds from the Issuance of Common Shares and Purchase Warrants | 1,575,333 | 2,634,876 |
Cash Provided By Financing Activities | 1,575,333 | 2,070,466 |
Increase (Decrease) In Cash | (32,627,711) | (8,864,614) |
Cash At Beginning Of Period | 65,800,451 | 11,881,451 |
Cash At End Of Period |
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CONTACT:Source:Michael Rice , Investor Relations; 646-597-6979
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