Rockwell Medical Reports Third Quarter Results
YTD Gross Profit Increases 37%
Conference Call at 8:30am ET to Discuss Results and Review Clinical Development
WIXOM, Mich., Nov. 4, 2010 (GLOBE NEWSWIRE) -- Rockwell Medical (Nasdaq:RMTI), a fully-integrated biopharmaceutical company offering innovative products and services targeting end-stage renal disease (ESRD), chronic kidney disease (CKD) and iron deficiency anemia, reported third quarter 2010 results today.Third Quarter Financial Highlights
- Sales increased to $14.7 million, up 4.1% compared to the third quarter of 2009.
- Gross profit was $2.4 million; unchanged from the third quarter of 2009.
- R&D expense was $0.7 million, compared to $2.0 million in the third quarter of 2009.
- Net loss was ($0.7) million, compared to a net loss of ($1.5) million in the third quarter of 2009.
- Net loss was ($.04) per share, compared to a net loss of ($.11) per share in the third quarter of 2009.
- Sales increased to $45.2 million, up 13.2% or $5.3 million compared to the first nine months of 2009.
- Gross profit increased to $7.5 million, up 37% or $2.0 million compared to the first nine months of 2009.
- Gross profit margins increased to 16.5%, compared to 13.7% in the first nine months of 2009.
- R&D expense was $1.7 million, compared to $5.3 million in the first nine months of 2009.
- Net loss was ($.06) per share, compared to a loss of ($.35) per share in the first nine months of 2009.
- Net loss was ($1.0) million, compared to a loss of ($5.0) million in the first nine months of 2009.
- Cash and cash equivalents were $23.7 million at September 30, 2010, an increase of $0.6 million from December 31, 2009.
- Confirmed approvable Phase III primary efficacy endpoint with the FDA.
- Finalized Phase III trial design with FDA.
- Received U.S. patent for SFP proprietary GMP formula.
- Appointed Dr. Ian Macdougall to the Scientific Advisory Board.
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