Download PDF

1. Company Snapshot

1.a. Company Description

Rockwell Medical, Inc., together with its subsidiaries, operates as a biopharmaceutical company that targets end-stage renal disease and chronic kidney disease with therapies and products for the treatment of iron deficiency and hemodialysis in the United States and internationally.The company offers Triferic Dialysate and Triferic AVNU, an iron therapy that replaces iron and maintains hemoglobin in dialysis patients without increasing iron stores.It also manufactures, sells, delivers, and distributes hemodialysis concentrates, such as CitraPure citric acid concentrate, Dri-Sate dry acid concentrate, RenalPure liquid acid concentrate, dry acid concentrate mixer, and RenalPure and SteriLyte powder bicarbonate concentrate; and ancillary products, including blood tubing, fistula needles, dialyzers, drugs, specialized component kits, dressings, cleaning agents, filtration salts, and other supplies used by hemodialysis providers.


The company's dialysis concentrate products are used to maintain human life by removing toxins and replacing critical nutrients in the dialysis patient's bloodstream.It is also developing other therapeutic product candidates for the treatment of hospitalized patients with acute heart failure; and home infusion therapy that allows patients to receive intravenous medications at home.Its target customers include medium and small sized dialysis chains and independent dialysis centers.


Rockwell Medical, Inc.was incorporated in 1996 and is headquartered in Wixom, Michigan.

Show Full description

1.b. Last Insights on RMTI

Rockwell Medical's recent performance was negatively impacted by a quarterly loss of $0.05 per share, which lagged revenue estimates. The company's Q3 2025 earnings call revealed a loss, compared to earnings of $0.05 per share a year ago. Despite achieving profitability on an Adjusted EBITDA basis, the company faced challenges. Recent appointments, including Joe Dawson to the Board of Directors and Rashad Brown as Vice President, Manufacturing and Supply Chain, may help drive future growth.

1.c. Company Highlights

2. Rockwell Medical's Q3 2025 Earnings: A Year of Resilience and Transformation

Rockwell Medical reported net sales of $15.9 million for the third quarter, a 44% decrease from the same period in 2024, primarily due to the transition of its largest customer. Despite the decline in revenue, the company's adjusted gross margin remained within its guidance range of 16% to 18%. The adjusted EBITDA of $50,000 for the third quarter showed improvement over previous quarters. The actual EPS came out at -$0.05, slightly missing estimates of -$0.04.

Publication Date: Dec -02

📋 Highlights
  • Customer Transition Impact:: Net sales fell 44% to $15.9M YoY due to losing largest customer, but 80% of customers now under long-term contracts.
  • Financial Stability:: Adjusted EBITDA improved to $50K, with gross margin in target range (16-18%) despite sales decline.
  • New Growth Contracts:: Secured 3-year $1M annualized deal with Florida dialysis center, expanding revenue visibility.
  • Strong Cash Position:: $23.7M cash balance drives acquisition discussions and strategic market expansion plans.
  • Product Innovation:: Bicarbonate cartridges (higher-margin) and at-home hemodialysis products position for 10-15% market growth by 2026.

Revenue Visibility and Customer Base

The company has made significant progress in securing its base business through multiyear contracts, with over 80% of customers now operating under long-term agreements. This provides stability and revenue visibility, as evident from the recent 3-year commitment with a dialysis center in Southern Florida, which has the potential to generate approximately $1 million in annualized net sales.

Growth Prospects and New Initiatives

Rockwell Medical is poised for growth in its bicarbonate disposables business, particularly with the introduction of its higher-margin bicarbonate cartridge earlier in the year. The company expects this product to contribute to growth in 2026 and beyond. Additionally, the at-home business is gaining traction, with the new product configuration suitable for at-home use offering higher margins. Analysts estimate revenue growth of 8.1% for the next year.

Valuation and Financial Health

With a current P/S Ratio of 0.43, the market appears to have a conservative estimate of Rockwell Medical's revenue growth prospects. The EV/EBITDA ratio of -11.0 indicates that the company's valuation is sensitive to its EBITDA performance. The company's strong cash balance of $23.7 million and net debt/EBITDA ratio of 1.02 suggest a relatively stable financial position, allowing it to explore growth opportunities through acquisitions.

Future Outlook

Rockwell Medical expects to resolve its situation with its former largest customer this quarter and anticipates providing 2026 guidance early in the year. With a focus on improving labor costs, material costs, and distribution efficiencies, the company is well-positioned to drive growth and improve profitability in the coming year. As Dr. Mark Strobeck noted, the company is employing growth capital and is in discussions with multiple companies around acquisitions, indicating a proactive approach to expansion.

3. NewsRoom

Card image cap

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

Nov -18

Source: businesswire.com

Card image cap

Rockwell Medical, Inc. (RMTI) Q3 2025 Earnings Call Transcript

Nov -12

Source: seekingalpha.com

Card image cap

Rockwell Medical (RMTI) Reports Q3 Loss, Lags Revenue Estimates

Nov -12

Source: zacks.com

Card image cap

Rockwell Medical Announces Third Quarter 2025 Results

Nov -12

Source: businesswire.com

Card image cap

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

Nov -11

Source: businesswire.com

Card image cap

Rockwell Medical to Exhibit at ASN Kidney Week 2025

Oct -28

Source: businesswire.com

Card image cap

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

Oct -23

Source: businesswire.com

Card image cap

Rockwell Medical to Release Third Quarter 2025 Results on Wednesday, November 12, 2025

Oct -15

Source: businesswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.10%)

6. Segments

Concentrate Products

Expected Growth: 12%

Rockwell Medical's Concentrate Products segment growth is driven by increasing demand for iron therapy, expanding dialysis patient base, and growing adoption of Triferic, a proprietary iron delivery system. Additionally, strategic partnerships, geographic expansion, and favorable reimbursement policies contribute to the 12% growth rate.

Drug

Expected Growth: 16%

Rockwell Medical's 16% growth driven by increasing demand for its flagship drug, Triferic, which treats iron deficiency anemia in dialysis patients. Strong sales momentum, expanded distribution channels, and growing adoption in the dialysis market contribute to the growth. Additionally, the company's focus on research and development, as well as strategic partnerships, position it for continued growth in the pharmaceutical industry.

7. Detailed Products

Triferic

Triferic is an iron replacement and hemoglobin maintenance therapy for patients with hemodialysis-dependent chronic kidney disease (CKD).

Calcitriol

Calcitriol is a vitamin D analog used to treat secondary hyperparathyroidism in patients with CKD.

Dialysate Triferic

Dialysate Triferic is a proprietary formulation of iron delivered during hemodialysis, designed to maintain hemoglobin levels and reduce the need for ESA therapy.

8. Rockwell Medical, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Rockwell Medical, Inc. faces moderate threat from substitutes, as patients may opt for alternative treatments or medications for their iron deficiency anemia. However, the company's innovative products and strong brand recognition help mitigate this threat.

Bargaining Power Of Customers

Rockwell Medical, Inc. has a diverse customer base, which reduces the bargaining power of individual customers. Additionally, the company's products are often reimbursed by insurance providers, further reducing customer bargaining power.

Bargaining Power Of Suppliers

Rockwell Medical, Inc. relies on a few key suppliers for raw materials and manufacturing services. While the company has some bargaining power due to its size and reputation, suppliers may still exert some pressure on prices and delivery terms.

Threat Of New Entrants

The pharmaceutical industry has high barriers to entry, including significant research and development costs, regulatory hurdles, and established distribution networks. These barriers make it difficult for new entrants to compete with Rockwell Medical, Inc.

Intensity Of Rivalry

The pharmaceutical industry is highly competitive, with many established players vying for market share. Rockwell Medical, Inc. faces intense competition from companies like Amgen, Pfizer, and Novartis, which may lead to pricing pressure and increased marketing expenses.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 32.98%
Debt Cost 9.96%
Equity Weight 67.02%
Equity Cost 9.96%
WACC 9.96%
Leverage 49.20%

11. Quality Control: Rockwell Medical, Inc. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Eagle Pharma

A-Score: 5.0/10

Value: 10.0

Growth: 1.8

Quality: 8.3

Yield: 0.0

Momentum: 10.0

Volatility: 0.0

1-Year Total Return ->

View Full Report
Stock-Card
Organogenesis Holdings

A-Score: 4.6/10

Value: 8.4

Growth: 3.9

Quality: 5.5

Yield: 0.0

Momentum: 8.0

Volatility: 1.7

1-Year Total Return ->

View Full Report
Stock-Card
Cyclo Therapeutics

A-Score: 3.8/10

Value: 8.0

Growth: 3.4

Quality: 5.0

Yield: 0.0

Momentum: 5.5

Volatility: 1.0

1-Year Total Return ->

View Full Report
Stock-Card
Cumberland Pharmaceuticals

A-Score: 3.3/10

Value: 6.9

Growth: 2.3

Quality: 5.2

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

1-Year Total Return ->

View Full Report
Stock-Card
TherapeuticsMD

A-Score: 3.2/10

Value: 7.3

Growth: 4.8

Quality: 5.0

Yield: 0.0

Momentum: 0.5

Volatility: 1.7

1-Year Total Return ->

View Full Report
Stock-Card
Rockwell Medical

A-Score: 2.6/10

Value: 6.4

Growth: 4.2

Quality: 3.4

Yield: 0.0

Momentum: 0.5

Volatility: 1.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

0.99$

Current Price

0.99$

Potential

-0.00%

Expected Cash-Flows