Rockwell Medical Reports Third Quarter Results
Conference Call and Webcast Today at
Q3 2017 Financial Highlights
- Sales were
$14.6 million , an increase of 14.1% or$1.8 million over third quarter of 2016. - Gross profit was
$1.1 million , compared to$1.6 million in Q3 2016. - SG&A expense was
$4.8 million , compared$5.1 million in Q3 2016. - R&D expense was
$1.3 million , same as Q3 2016. - Net loss was
$5.1 million or ($0.10 ) per share compared to a$4.6 million loss or ($0.09 ) per share in Q3 2016. - Cash and investments were
$38.9 million as ofSeptember 30, 2017 . - Net working capital was
$53.6 million as ofSeptember 30, 2017 compared to$56.1 million atJune 30, 2017 .
Q3 YTD 2017 Financial Highlights
- Sales were
$42.5 million , an increase of 6.4% or$2.6 million over first nine months of 2016. - Gross profit was
$4.9 million , compared to$4.8 million in first nine months of 2016. - SG&A expense was
$17.4 million compared to$15.1 million in first nine months of 2016. - R&D expense was
$4.2 million compared to$4.6 million in first nine months of 2016. - Net Loss was
$16.9 million or ($0.33 ) per share compared to$14.7 million or ($0.29 ) per share in first nine months of 2016.
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
Investor Contact:
(646) 597-6979
mrice@lifesciadvisors.com
Media Contact:
LifeSci Public Relations
(646) 627-8384
matt@lifescipublicrelations.com
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | ||||||||||||||||
| CONSOLIDATED INCOME STATEMENTS | ||||||||||||||||
| For the three and nine months ended | ||||||||||||||||
| (Unaudited) | ||||||||||||||||
| Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended | |||||||||||||
| Sales | $ | 14,626,904 | $ | 12,814,815 | $ | 42,462,265 | $ | 39,894,380 | ||||||||
| Cost of Sales | 13,555,853 | 11,234,934 | 37,535,454 | 35,130,045 | ||||||||||||
| Gross Profit | 1,071,051 | 1,579,881 | 4,926,811 | 4,764,335 | ||||||||||||
| Selling, General and Administrative | 4,791,636 | 5,070,127 | 17,433,530 | 15,071,238 | ||||||||||||
| Research and Product Development | 1,304,658 | 1,261,863 | 4,195,003 | 4,639,617 | ||||||||||||
| Operating Income (Loss) | (5,025,243 | ) | (4,752,109 | ) | (16,701,722 | ) | (14,946,520 | ) | ||||||||
| Interest and Investment Income | (31,751 | ) | 188,847 | (180,279 | ) | 602,429 | ||||||||||
| Income (Loss) Before Income Taxes | (5,056,994 | ) | (4,563,262 | ) | (16,882,001 | ) | (14,344,091 | ) | ||||||||
| Income Tax Expense | — | — | — | (404,527 | ) | |||||||||||
| Net Income (Loss) | $ | (5,056,994 | ) | $ | (4,563,262 | ) | $ | (16,882,001 | ) | $ | (14,748,618 | ) | ||||
| Basic Earnings (Loss) per Share | $ | (0.10 | ) | $ | (0.09 | ) | $ | (0.33 | ) | $ | (0.29 | ) | ||||
| Diluted Earnings (Loss) per Share | $ | (0.10 | ) | $ | (0.09 | ) | $ | (0.33 | ) | $ | (0.29 | ) | ||||
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED BALANCE SHEETS | ||||||||
| As of | ||||||||
| (Unaudited) | ||||||||
| 2017 | 2016 | |||||||
| ASSETS | ||||||||
| Cash and Cash Equivalents | $ | 3,887,923 | $ | 17,180,594 | ||||
| Investments Available for Sale | 35,028,841 | 40,759,703 | ||||||
| Accounts Receivable, net of a reserve of | 5,374,390 | 6,393,228 | ||||||
| Inventory | 14,864,642 | 12,141,072 | ||||||
| Other Current Assets | 2,032,095 | 2,034,598 | ||||||
| Total Current Assets | 61,187,891 | 78,509,195 | ||||||
| Property and Equipment, net | 1,708,817 | 1,391,575 | ||||||
| Inventory, Non-Current | 1,494,175 | 1,826,554 | ||||||
| Intangible Assets | 4,117 | 4,382 | ||||||
| 920,745 | 920,745 | |||||||
| Other Non-current Assets | 490,655 | 501,187 | ||||||
| Total Assets | $ | 65,806,400 | $ | 83,153,638 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Accounts Payable | $ | 4,188,677 | $ | 5,858,234 | ||||
| Accrued Liabilities | 3,231,789 | 4,210,151 | ||||||
| Customer Deposits | 199,407 | 77,217 | ||||||
| Total Current Liabilities | 7,619,873 | 10,145,602 | ||||||
| Deferred License Revenue | 17,396,167 | 20,051,737 | ||||||
| Shareholders' Equity: | ||||||||
| Common Shares, no par value, 51,761,040 and 51,527,711 shares issued and outstanding | 272,055,391 | 268,199,939 | ||||||
| Accumulated Deficit | (231,223,093 | ) | (214,341,092 | ) | ||||
| Accumulated Other Comprehensive Income | (41,938 | ) | (902,548 | ) | ||||
| Total Shareholders' Equity | 40,790,360 | 52,956,299 | ||||||
| Total Liabilities And Shareholders' Equity | $ | 65,806,400 | $ | 83,153,638 | ||||
| ROCKWELL MEDICAL, INC. AND SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| For the nine months ended | ||||||||
| (Unaudited) | ||||||||
| 2017 | 2016 | |||||||
| Cash Flows From Operating Activities: | ||||||||
| Net (Loss) | $ | (16,882,001 | ) | $ | (14,748,618 | ) | ||
| Adjustments To Reconcile Net Loss To | ||||||||
| Depreciation and Amortization | 384,835 | 583,501 | ||||||
| Share Based Compensation—Non-employee | 158,667 | — | ||||||
| Share Based Compensation—Employees | 5,874,769 | 7,794,690 | ||||||
| Loss on Disposal of Assets | 4,084 | 7,340 | ||||||
| Loss on Sale of Investments Available for Sale | 704,695 | 26,820 | ||||||
| Changes in Assets and Liabilities: | ||||||||
| (Increase) in Accounts Receivable | (149,429 | ) | (2,984,463 | ) | ||||
| (Increase) in Inventory | (2,391,191 | ) | (3,888,489 | ) | ||||
| Decrease (Increase) in Other Assets | 224,635 | (1,376,042 | ) | |||||
| (Decrease) in Accounts Payable | (1,669,651 | ) | (598,427 | ) | ||||
| (Decrease) in Other Liabilities | (863,034 | ) | (179,856 | ) | ||||
| (Decrease) in Deferred License Revenue | (1,494,360 | ) | (1,445,058 | ) | ||||
| (Decrease) Increase in Deferred Drug License Revenue | (204,543 | ) | 3,818,184 | |||||
| Changes in Assets and Liabilities | (6,547,573 | ) | (6,654,151 | ) | ||||
| Cash (Used In) Operating Activities | (16,302,524 | ) | (12,990,418 | ) | ||||
| Cash Flows From Investing Activities: | ||||||||
| Purchase of Investments Available for Sale | (34,235,347 | ) | (23,158,809 | ) | ||||
| Sale of Investments Available for Sale | 40,122,266 | 24,491,678 | ||||||
| Purchase of Equipment | (706,346 | ) | (328,322 | ) | ||||
| Proceeds on Sale of Assets | 450 | 1,000 | ||||||
| Cash Provided by Investing Activities | 5,181,023 | 1,005,547 | ||||||
| Cash Flows From Financing Activities: | ||||||||
| Proceeds from Issuance of Common Shares | 116,105 | 80,161 | ||||||
| Restricted Stock Retained in Satisfaction of Tax Liabilities | (2,287,231 | ) | — | |||||
| Cash (Used In) Provided By Financing Activities | (2,171,126 | ) | 80,161 | |||||
| Effects of exchange rate changes | (44 | ) | (18 | ) | ||||
| (Decrease) In Cash | (13,292,671 | ) | (11,904,728 | ) | ||||
| Cash At Beginning Of Period | 17,180,594 | 31,198,182 | ||||||
| Cash At End Of Period | $ | 3,887,923 | $ | 19,293,454 | ||||
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