- Rockwell Medical, Inc. RMTI reported revenue of $19.67 million for the first quarter of FY23. surpassed the consensus of $19.12 million. Revenue increased 22% year over year.
- The hemodialysis products company reported an EPS loss of $(0.10), beating the Analyst consensus of $(0.16) loss.
- Efficient manufacturing processes, long-term supply agreements, product purchase agreements, distribution agreements, cost reduction and an overall focus on revenue-generating businesses led to superior results in the quarter.
- The Company reported gross profit of $2.6 million compared to a gross loss of $(0.8) million for the same period in 2022. Gross margin was 13.2%.
- Cash and cash equivalents as of March 31, 2023 were $16.8 million.
- “Last year, we unveiled a new strategy and business plan for Rockwell focused on improving our revenue-generating businesses, pausing our capital-intensive businesses, improving our financial position, deleveraging the company, and leading it to profitability in the year 2024.” said CEO Mark Strobeck.
- “We are better positioning Rockwell to drive growth and continue to improve our performance so we can serve more patients around the world,” he added.
- Outlook for the fiscal year 23: Rockwell Medical repeated its FY23 outlook. Revenue is expected to be between $78 million and $82 million versus $80.33 million consensus.
- Gross profit is expected to be between $7 million and $9 million.
- Price promotion: RMTI shares are up 1.89% at $2.49 at last check on Monday.
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