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Rockwell Medical Inc. (RMTI-8.47%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing details Rockwell's operations as a healthcare company focused on the development, manufacture, and distribution of hemodialysis products. The company is a leading supplier of liquid and dry, acid and bicarbonate concentrates for dialysis patients in the United States.
Rockwell reported net sales of $101.5 million for 2024, an increase from $83.6 million in 2023. The increase was attributed to new customer acquisitions and price increases.
Cost of sales for the year was $84.0 million, resulting in a gross profit of $17.5 million, compared to $8.7 million in the previous year.
Operating income for 2024 was $608,000, compared to an operating loss of $6.7 million in 2023. The improvement was driven by increased sales and cost management.
The company reported a net loss of $480,000 for the year, compared to a net loss of $8.4 million in 2023.
Rockwell's largest customer, DaVita, accounted for approximately 45% of total net product sales in 2024. The company received notice that DaVita intends to transition to another supplier by mid-2025.
Rockwell's liquidity position included $21.6 million in cash, cash equivalents, and investments available-for-sale as of December 31, 2024.
The company entered into a Third Amendment to its Loan and Security Agreement with Innovatus Life Sciences Lending Fund I, LP, extending the maturity date to January 1, 2029.
Rockwell's strategic focus includes expanding its customer base, improving manufacturing efficiencies, and exploring new product opportunities in the renal care market.
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. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.