Rockwell Medical Inc

rockwellmed.com

What Do They Do?

Manufactures and distributes hemodialysis concentrates, dry-acid mixing systems and related supplies to dialysis clinics, hospitals and distributors.

How Do They Make Money?

Rockwell sells dialysis products to clinics and wholesale distributors. For most international customers, the sale is completed when products ship and for others on delivery; payment terms average 30 days, with a small subset averaging 60 days.

FY2025 revenue

Who Are Their Customers?

Rockwell sells directly to dialysis clinics and to wholesale distributors in domestic and international markets; distributors resell to end users outside the United States.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2024: 45% from one customer

Do Revenues Turn Into Profits?

No. It lost $5.3M in FY2025.

Operating income, FY2025

−7% of revenue

▼ Now a loss vs FY2024 ($608K, 1%)

Net income, FY2025

−8% of revenue

▲ +1007% (Loss) vs FY2024 (−$480K, 0%)

Free cash flow, FY2025

−2% of revenue

▼ Now a loss vs FY2024 ($3.2M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +11%; vs $16.1M in Q2 FY2025
Net income: ▼ −21% (Loss); vs −$1.5M in Q2 FY2025

Aug 13, 2026 Maintained full-year financial guidance The company reiterated its sales, gross-margin and adjusted EBITDA ranges and positive operating cash flow outlook for 2026.
Jul 20, 2026 Nasdaq closed the minimum-bid compliance matter The company had regained compliance with Nasdaq's minimum bid-price requirement.
May 8, 2026 Received Nasdaq notice of bid-price noncompliance Nasdaq said the stock did not meet its minimum bid-price rule; continued listing was not immediately affected.

Growing. Revenue grew 12% in 4 years, from $61.9M in FY2021 to $69.3M in FY2025, about 3% a year.

Triferic partnerships ended The older report described Triferic as a product with international partners developing and commercializing it; the current report describes one hemodialysis market segment and says all license agreements have ended.

Added bicarbonate cartridges The current portfolio adds a single-use bicarbonate cartridge alongside the older report's liquid and dry bicarbonate concentrates.

Who Do They Compete With?

Competes with Fresenius and Nipro

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