Rockwell Medical third quarter sales increases 4.1% to $14.7 million

Nov 4 2010

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."