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Jun 30, 2023
Rockwell Medical Q2 2023 Earnings Report
Rockwell Medical's financial results for Q2 2023 were announced, showing increased revenue and reduced net loss compared to the same period last year, and the company acquired Evoqua's hemodialysis concentrates business.
Key Takeaways
Rockwell Medical reported net sales of $18.1 million for the second quarter of 2023, a decrease compared to Q2 2022. The company's net loss decreased to $3.3 million, or $0.18 per share, compared to a net loss of $5.0 million, or $0.43 per share for the same period in 2022. The company also acquired Evoqua Water Technologies' hemodialysis concentrates business.
Net sales for the six months ended June 30, 2023 increased by 8% compared to the same period in 2022.
Gross profit for the six months ended June 30, 2023 saw a substantial increase compared to the previous year.
Rockwell Medical acquired a hemodialysis concentrates business from Evoqua Water Technologies, expanding its geographic footprint and product offerings.
The company increased its 2023 net sales and gross profit guidance following the acquisition of Evoqua's business.
Rockwell Medical
Rockwell Medical
Forward Guidance
Rockwell Medical updated its 2023 guidance, increasing net sales and gross profit expectations and anticipating profitability in the fourth quarter of 2023.
Positive Outlook
- Net Sales — The Company increased its 2023 net sales guidance from between $78.0 million and $82.0 million to between $82.0 million and $86.0 million.
- Rockwell Medical anticipates that third quarter 2023 net sales will be between $21.0 million and $23.0 million.
- Gross Profit — The Company is increasing its 2023 gross profit guidance from between $7.0 million and $9.0 million to between $8.0 million and $10.0 million.
- Profitability — Rockwell Medical is updating its guidance on profitability and now expects the Company to be profitable in the fourth quarter 2023 and going forward.