This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

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.

First Nine Months 2010 Financial Highlights

  • 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.

Third Quarter SFP Drug Development and Corporate Progress

  • 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.

Mr. Robert L. Chioini, Chairman and CEO stated, "We are pleased with our operating business which continues to perform well ahead of last year. The positive results we have realized through nine months give us solid momentum heading into 2011. Regarding our clinical progress, we have achieved notable milestones this past quarter and we are pleased to be proceeding forward into our Phase III program. We have concurred with the FDA on our protocol design and primary efficacy endpoint, and we are in the final stages of preparation to commence the CRUISE studies. We have great confidence in our Phase III program being successful."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,037.97 -42.17 -0.23%
S&P 500 2,108.92 -8.77 -0.41%
NASDAQ 5,060.2460 -31.8390 -0.63%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs