This Day On The Street
Continue to site right-arrow
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
TheStreet Open House

Rockwell Medical Reports Fourth Quarter And Full Year 2010 Results

Stocks in this article: RMTI

2010 Gross Profit up $2 Million; Net Loss Decreased $2.8 Million

 Conference call at 8:30am ET to discuss results

WIXOM, Mich., March 3, 2011 (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 today fourth quarter and full-year 2010 results:

Fourth Quarter Financial Highlights

  • Sales were $14.3 million, a 3% decrease compared to the fourth quarter of 2009.
  • Gross profit margin increased to 16.6%, compared to gross profit margin of 16.4% in the fourth quarter of 2009.
  • R&D expense was $1.7 million, compared to $1.1 million in the fourth quarter 2009.
  • Net loss of ($1.7) million, compared to a net loss of ($0.5) million in the fourth quarter 2009.

2010 Financial Highlights

  • Sales were $59.6 million, an increase of $4.8 million or 8.8%, compared to 2009.
  • Gross profit margins were 16.6%, an increase of 2.2 percentage points compared to gross profit margin of 14.4% in 2009.
  • Gross profit increased $2 million or 25% to $9.9 million compared to $7.9 million in 2009.
  • R&D expense was $3.4 million compared to $6.5 million in 2009.
  • Net loss of ($2.7) million, compared to a net loss of ($5.5) million in 2009.
  • Net loss includes non-cash equity compensation charges of $ 4.0 million.
  • Year-end cash position of $24.2 million.

Drug Development & Corporate Progress

  • Commenced patient screening for Phase III CRUISE clinical trials.
  • Submitted Phase III study protocol to FDA and completed site feasibility study.
  • Confirmed acceptable Phase III primary efficacy endpoint with FDA.
  • Commenced patient enrollment for ESA-sparing PRIME study.
  • Presented new ESA sparing and iron repletion data at ASN 2010.
  • Received U.S. patent for proprietary SFP formula extending intellectual property protection to 2029.
  • Appointed Dr. Ajay Singh and Dr. Ian Macdougall to Scientific Advisory Board.
  • Hired VP of Business Development/Investor Relations.

Mr. Robert L. Chioini, Chairman and CEO stated, "We had a very productive year. We moved our SFP clinical development significantly forward and we expect to begin enrolling patients into our Phase III CRUISE studies this quarter. We have also begun enrolling patients into our PRIME study, which is designed to capture ESA dose reduction for patients receiving SFP-iron during dialysis. Regarding our operating business, which provides a ready-made channel to sell SFP into the dialysis provider market upon FDA approval, both sales and margins continued to improve. Moving into 2011, we look forward to continuing to build both our operating and drug businesses, progressing SFP through Phase III and closer to commercialization."

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,242.73 -144.48 -0.83%
S&P 500 2,015.22 -14.33 -0.71%
NASDAQ 4,667.5230 -13.9740 -0.30%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs