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Rockwell Medical, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing indicates that Rockwell Medical reported net sales of $28.3 million for the quarter, an increase from $23.8 million in the same period of the previous year. This increase was attributed to higher product revenue, including a special large order of premium-priced product.
Cost of sales for the quarter was $22.1 million, resulting in a gross profit of $6.2 million, compared to $2.2 million in the prior year. The improvement in gross profit was driven by increased sales and price adjustments.
Research and product development expenses were nil for the quarter, compared to $0.5 million in the previous year, reflecting a pause in research and development activities.
Selling and marketing expenses rose to $0.7 million from $0.6 million, while general and administrative expenses increased to $3.6 million from $2.9 million, primarily due to higher compensation costs.
Operating income for the quarter was $1.9 million, compared to an operating loss of $1.7 million in the previous year.
Net income for the quarter was $1.7 million, compared to a net loss of $1.9 million in the same period last year.
Rockwell Medical had cash, cash equivalents, and investments available-for-sale totaling $18.3 million as of September 30, 2024, with a working capital of $20.0 million.
The company anticipates sufficient funds to meet operating requirements for the next twelve months, while also exploring additional capital raising options if needed.
Rockwell Medical's operational plans include the potential use of its at-the-market facility to raise capital and the possibility of strategic transactions to support its growth strategy.
The company continues to focus on its hemodialysis concentrates business and has extended its contract with DaVita (DVA-0.17%) through December 31, 2025, with an expected decline in volumes during the extension term.
The filing also notes compliance with all covenants under its Loan Agreement with Innovatus Life Sciences Lending Fund I, LP, following an amendment that extended the maturity date to January 1, 2029.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Rockwell Medical Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.