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.
- 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.
- 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.