Rockwell Medical(RMTI)2025-03-20 10:15Financial Performance - Rockwell Medical achieved profitability on an adjusted EBITDA basis for the full-year 2024, marking the first time in the company's history[5]. - The company reported record net sales of $101.5 million for 2024, a 21% increase from $83.6 million in 2023, with fourth-quarter net sales of $24.7 million, a 12% increase year-over-year[5][6]. - Gross profit for 2024 was $17.5 million, representing a 101% increase over $8.7 million in 2023, with a gross margin improvement to 17% from 10%[9][10]. - Adjusted EBITDA for 2024 was $5.2 million, a 232% improvement from a loss of $3.9 million in 2023[9][10]. - Rockwell Medical reported net sales of $24.665 million for Q4 2024, a 12% increase from $22.093 million in Q4 2023[29]. - Rockwell Medical achieved an adjusted EBITDA of $1.358 million for Q4 2024, compared to $530,000 in Q4 2023, marking a significant increase[31]. - The gross profit for the twelve months ended December 31, 2024, was $17.484 million, up from $8.704 million in 2023, representing a year-over-year growth of 100%[29]. - The net loss for the twelve months ended December 31, 2024, was $480,000, a significant improvement from a net loss of $8.439 million in 2023[29]. Customer and Market Developments - The largest customer is transitioning away from Rockwell Medical, which is expected to result in a revenue loss of approximately $34 million compared to 2024[16]. - Rockwell Medical plans to target additional customers representing an estimated 14.5 million gallons of potential business within its distribution footprint[13]. - The company continues to identify additional business development opportunities to diversify its customer base and support strategic objectives[24]. - A new single-use bicarbonate cartridge was added to the product portfolio, representing a market opportunity of approximately $100 million[14]. Future Projections - Rockwell Medical projects 2025 net sales guidance of $65.0 million to $70.0 million, with a gross margin of 16% to 18%[17]. - The company aims to achieve profitability on an adjusted EBITDA basis for the full year 2025[24]. Financial Position - Cash and cash equivalents increased to $21.6 million as of December 31, 2024, compared to $18.3 million at the end of Q3 2024[7]. - The company's total assets increased to $59.208 million in 2024, up from $52.173 million in 2023, reflecting a growth of approximately 13%[27]. - Rockwell Medical's total stockholders' equity rose to $32.586 million in 2024, a 53% increase from $21.291 million in 2023[27]. - Rockwell Medical's common stock outstanding increased to 34,056,920 shares in 2024, up from 29,130,607 shares in 2023[27]. Agreements and Contracts - The company entered into a product purchase agreement expected to generate upwards of $10 million in net sales in the first year[12].