WIXOM, Mich., Nov. 8, 2007 (PRIME NEWSWIRE) -- Rockwell Medical Technologies, Inc. (Nasdaq:RMTI), a leading, innovative manufacturer and developer of renal drug therapies and essential dialysate products, reported record quarterly sales of $11.1 million for the third quarter of 2007, up 50% over the third quarter of 2006. Sales for the first nine months of 2007 increased 60% compared to the first nine months of 2006. Third quarter loss per share was ($.04) compared to ($.14) in the third quarter last year. Rockwell's third quarter loss of ($432,912) included research and development expense of $735,393 for its physiological iron maintenance therapy drug (SFP).
Third Quarter Highlights:
* Sales increased 50% compared to third quarter 2006.
* Domestic sales increased 80% over the third quarter of 2006.
* Sequential revenue growth of 5% over the second quarter.
* Third quarter loss of ($432,912) included R&D costs of $735,393.
* Gross profit margins of 10.1% increased 2.1% over the third
quarter of 2006.
* Net loss was ($.04) per share; an improvement of $.10 per share
over the third quarter of 2006.
Nine Month Highlights:
* Sales increased $11.7 million or 60.2% vs. year ago.
* Domestic sales increased by 72% in the first nine months of 2007
vs. year ago.
* Net loss of ($2.6) million or ($.22) per share included R&D costs
of $2.3 million.
* Net loss of ($.22) per share improved $.09 per share compared to
the first nine months of 2006.
* Upgraded to the Nasdaq Global Market Exchange.
SFP Highlights:
* Commenced enrollment and dosing of SFP Phase II-b human clinical
trial.
* Completed pre-clinical safety pharmacology and toxicology studies
for SFP.
* Received final safety pharmacology and toxicology reports
demonstrating a strong safety profile for SFP.
* Granted SFP international patents in Japan and Mexico.
"Third quarter results were in line with our expectations reflecting substantial domestic market share gains, strong sequential sales growth and margin improvements over year ago levels, despite rising inflation on several key cost drivers including fuel and core raw material costs," stated Mr. Robert L. Chioini, Chairman and Chief Executive Officer.
Mr. Chioini also commented on SFP, "SFP is our lead renal drug therapy candidate offering high sales and earnings potential world-wide, and we achieved a significant milestone in Q3 this year when we began dosing patients in our Phase II-b clinical trial for SFP. Upon completing this study, we anticipate initiating final Phase III development and ultimately gaining FDA market approval."
Rockwell will be hosting a conference call to review its third quarter results on Thursday, November 8, 2007 at 11:00 am EST. Investors are encouraged to call in several minutes in advance at (800) 776-0087 to hear the call or they may listen on the web at the following link: http://investor.shareholder.com/media/eventdetail.cfm?mediaid=28092&c=RMTI&mediakey=78D663E75CC8CBE67E9D20F7EE8FE739&e=0
See www.rockwellmed.com for more details and playback options.
About Rockwell Medical
Rockwell Medical Technologies, Inc. is a leading, innovative manufacturer and developer of renal drug therapies and critical products focused on improving the quality of care for dialysis patients. Dialysis is a process that duplicates kidney function for those patients whose kidneys have failed to work and who suffer from chronic kidney failure, a condition also known as end-stage-renal-disease (ESRD). There are an estimated 360,000 ESRD patients in the United States growing approximately 4-5% on average each year. There are approximately 2 million ESRD patients world-wide. Rockwell's products are used to maintain life, removing toxins and replacing nutrients in the dialysis patient's bloodstream. Rockwell has licensed and is currently developing proprietary renal drug therapies for both iron-delivery and carnitine/vitamin-delivery, utilizing its dialysate as the delivery mechanism. These exclusive renal drug therapies support disease management initiatives to improve the quality of care for dialysis patients and are designed to deliver safe and effective therapy to patients while decreasing nursing time and supply cost. The Company offers the proprietary Dri-Sate(r) Dry Acid Concentrate Mixing System, RenalPure(r) Liquid Acid Concentrate, SteriLyte(r) Liquid Bicarbonate Concentrate, RenalPure(r) Powder Bicarbonate Concentrate, Blood Tubing Sets, Fistula Needles and a wide range of ancillary dialysis items. Visit Rockwell's website at www.rockwellmed.com for more information.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. When we use words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "predict," "forecast," "projected," "intend" or similar expressions, or make statements regarding our intent, belief, or current expectations, we are making forward-looking statements. While we believe these forward-looking statements are reasonable, you should not place undue reliance on any such forward-looking statements which are based on information available to us on the date of this release. Because these forward-looking statements are based upon estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different. Factors which could cause such a difference include, without limitation, the risk factors set forth in the Company's SEC filings, including its Form 10-Q for the quarter ended September 30, 2007 and its Form 10-KSB for the year ended December 31, 2006. The forward-looking statements should be considered in light of these risks and uncertainties. We do not undertake, and expressly disclaim any obligation, to update or alter our statements whether as a result of new information, future events or otherwise, except as required by law.
ROCKWELL MEDICAL TECHNOLOGIES, INC. AND SUBSIDIARY
CONSOLIDATED INCOME STATEMENTS
For the three and nine months ended
September 30, 2007 and September 30, 2006
(Whole dollars)
(Unaudited)
Three Months Three Months Nine Months Nine Months
Ended Ended Ended Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2007 2006 2007 2006
------------ ------------ ----------- -----------
Sales $11,073,774 $ 7,379,201 $31,096,399 $19,410,357
Cost
of Sales 9,953,863 6,785,796 28,942,171 17,568,497
----------- ----------- ----------- -----------
Gross
Profit 1,119,911 593,405 2,154,228 1,841,860
Selling,
General
and Admini-
strative 765,457 592,767 2,288,903 1,912,544
Research
and
Product
Development 735,393 1,621,821 2,319,452 3,381,643
----------- ----------- ----------- -----------
Operating
(Loss) (380,939) (1,621,183) (2,454,127) (3,452,327)
Interest
Expense
(Income), net 51,973 486 101,924 (32,383)
----------- ----------- ----------- -----------
Net (Loss) $ (432,912) $(1,621,669) $(2,556,051) $(3,419,944)
=========== =========== =========== ===========
Basic
Earnings
(Loss)
per Share $ (.04) $ (.14) $ (.22) $ (.31)
Diluted
Earnings
(Loss)
per Share $ (.04) $ (.14) $ (.22) $ (.31)
ROCKWELL MEDICAL TECHNOLOGIES, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
As of September 30, 2007 and December 31, 2006
SEPTEMBER 30, DECEMBER 31,
2007 2006
(Unaudited)
ASSETS ------------ ------------
Cash and Cash Equivalents $ -- $ 2,662,873
Accounts Receivable, net
of a reserve of $105,930 in
2007 and $72,500 in 2006 4,918,464 3,474,402
Inventory 2,793,993 2,660,098
Other Current Assets 317,716 261,473
------------ ------------
Total Current Assets 8,030,173 9,058,846
Property and Equipment, net 2,841,601 2,587,771
Intangible Assets 428,930 457,846
Goodwill 920,745 920,745
Other Non-current Assets 125,667 127,625
------------ ------------
Total Assets $ 12,347,116 $ 13,152,833
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Short Term Borrowings $ 1,800,000 $ --
Notes Payable & Capitalized
Lease Obligations 232,984 369,551
Accounts Payable 2,971,652 2,920,258
Accrued Liabilities 851,856 1,114,592
Customer Deposits 45,729 48,274
------------ ------------
Total Current Liabilities 5,902,221 4,452,675
Long Term Notes Payable &
Capitalized Lease Obligations 240,734 326,045
Shareholders' Equity:
Common Shares, no par value,
11,634,749 and 11,500,349 shares
issued and outstanding 23,533,808 23,147,709
Accumulated Deficit (17,329,647) (14,773,596)
------------ ------------
Total Shareholders' Equity 6,204,161 8,374,113
------------ ------------
Total Liabilities And
Shareholders' Equity $ 12,347,116 $ 13,152,833
============ ============