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RMTI

Rockwell Medical, Inc.

RMTI

Rockwell Medical, Inc. • NASDAQ
$1.00 ▲ 3.91% (+0.04)
Market Cap $34.21 M
52w High $2.41
52w Low $0.78
Dividend Yield 0%
P/E -5.54
Volume 179.32K
Outstanding Shares 34.34M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $15.927M ▼ $3.856M ▲ $-1.753M ▼ -11.006% ▼ $-0.05 ▼ $-1.407M ▼
Q2-2025 $16.071M ▼ $3.852M ▼ $-1.492M ▲ -9.284% ▼ $-0.043 ▲ $-653K ▲
Q1-2025 $18.914M ▼ $4.402M ▲ $-1.515M ▼ -8.01% ▼ $-0.044 ▼ $-699K ▼
Q4-2024 $24.665M ▼ $4.15M ▼ $-756K ▼ -3.065% ▼ $-0.023 ▼ $76K ▼
Q3-2024 $28.316M $4.303M $1.664M 5.877% $0.053 $2.509M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $23.707M ▲ $57.486M ▲ $20.466M ▼ $37.02M ▲
Q2-2025 $18.422M ▲ $52.625M ▼ $22.216M ▼ $30.409M ▼
Q1-2025 $17.331M ▼ $53.961M ▼ $22.439M ▼ $31.522M ▼
Q4-2024 $21.602M ▲ $59.208M ▲ $26.622M ▼ $32.586M ▲
Q3-2024 $18.272M $57.084M $27.949M $29.135M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.753M ▼ $-1.307M ▼ $-4.309M ▼ $6.744M ▲ $1.128M ▲ $-1.536M ▼
Q2-2025 $-1.492M ▲ $1.844M ▲ $-103K ▼ $-650K ▲ $1.091M ▲ $1.68M ▲
Q1-2025 $-1.515M ▼ $-3.487M ▼ $-1K ▲ $-783K ▼ $-4.271M ▼ $-3.55M ▼
Q4-2024 $-756K ▼ $865K ▼ $-332K ▲ $2.792M ▲ $3.324M ▲ $470K ▼
Q3-2024 $1.664M $4.275M $-6.112M $2.313M $475K $4.084M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Concentrate Products
Concentrate Products
 $50.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Drug Revenue
Drug Revenue
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Rockwell’s income statement shows a very small but slowly growing business that has moved from steady losses toward roughly break-even results. Sales have crept up each year, and gross profit has finally turned positive after years of effectively selling at little to no margin. Operating losses have narrowed considerably, helped by cost control and a tighter focus on the dialysis concentrates business. Net results are now close to flat, which is a meaningful improvement but still leaves little room for error given the company’s limited scale.

Balance Sheet

Balance Sheet The balance sheet is lean and somewhat tight. The company holds a modest amount of assets and cash, with only a small level of debt and a thin layer of shareholders’ equity. Equity has improved from earlier years when it was nearly wiped out, but the capital base remains light, suggesting limited shock-absorbing capacity. Overall, the balance sheet looks cleaner and more balanced than a few years ago, but not yet robust; it depends heavily on continued operational discipline.

Cash Flow

Cash Flow Historically, Rockwell has burned cash in its operations, but more recently cash outflows have decreased and operations are close to cash-neutral. Capital spending is minimal, which helps conserve cash but also suggests limited investment capacity without outside funding or stronger internal cash generation. The improvement in operating cash flow is encouraging, yet sustainability is not fully proven; a setback in revenue or margins could quickly return the company to meaningful cash burn.

Competitive Edge

Competitive Edge Rockwell has carved out a solid niche as one of the main independent suppliers of hemodialysis concentrates in the U.S. Its manufacturing footprint, dedicated logistics fleet, and long-standing customer relationships provide a practical, service-based edge in a concentrated market. At the same time, it competes against very large, vertically integrated players that have deeper financial resources and captive clinic networks. The recent acquisition of a competitor’s concentrates business expands Rockwell’s reach, but integration execution and customer retention are key risks. Dependence on a relatively small set of major dialysis providers also concentrates counterparty and pricing risk.

Innovation and R&D

Innovation and R&D The company’s flagship innovation, the Triferic iron therapy, is scientifically differentiated but has struggled commercially in the U.S., leading to a pivot toward international partnerships instead of direct domestic growth. Rockwell is now trying to extract value from its iron-delivery technology abroad and in new settings such as home infusion, which could open fresh markets if clinical and regulatory milestones are met. On the dialysis products side, it continues to innovate more incrementally, such as with dry concentrates, custom formulations, and service enhancements that make clinic operations easier. Overall, R&D is shifting from a single large U.S. drug bet toward more targeted, partnership-driven projects with uncertain but potentially meaningful upside.

Summary

Rockwell Medical is in the midst of a strategic transition from a development-stage drug story toward a more operationally focused dialysis products company with a specialized but narrow base. Financial performance has improved from persistent losses toward break-even, driven by gradual revenue growth and better cost control, yet the business remains small and financially thin. Its main strength today lies in its role as a key independent supplier of dialysis concentrates, supported by logistics and customer service capabilities that are not trivial to replicate. The Triferic technology, while innovative, now represents a longer-term and more uncertain opportunity centered on international markets and new clinical uses rather than broad U.S. adoption. Going forward, the company’s risk-reward profile hinges on its ability to grow and stabilize the concentrates franchise, generate consistent positive cash flow, successfully integrate acquisitions, and translate its iron-delivery science into tangible, commercial partnerships over time.

NEWS

November 18, 2025 · 6:00 AM UTC

Rockwell Medical Appoints Joe Dawson to the Company's Board of Directors

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November 12, 2025 · 6:00 AM UTC

Rockwell Medical Announces Third Quarter 2025 Results

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November 11, 2025 · 6:00 AM UTC

Rockwell Medical Names Rashad Brown Vice President, Manufacturing and Supply Chain

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October 28, 2025 · 6:00 AM UTC

Rockwell Medical to Exhibit at ASN Kidney Week 2025

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October 23, 2025 · 6:00 AM UTC

Rockwell Medical Named Fortune 'Best Workplaces in Manufacturing & Production' Second Year in a Row

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