Rockwell Medical, Inc. (RMTI) saw its loss narrow to $4.74 million, or $0.09 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.82 million, or $0.10 a share. Revenue during the quarter grew 7.08 percent to $14.59 million from $13.63 million in the previous year period. Gross margin for the quarter expanded 372 basis points over the previous year period to 16.16 percent. Operating margin for the quarter stood at negative 33.98 percent as compared to a negative 33.80 percent for the previous year period.
Operating loss for the quarter was $4.96 million, compared with an operating loss of $4.61 million in the previous year period.
Mr. Robert L. Chioini, chairman and chief executive officer of Rockwell stated, "We continue to be pleased with the progress we are making in our commercialization efforts for both Triferic and Calcitriol. With regards to gaining add-on reimbursement for Triferic, we are working with all key stakeholders and we feel strongly that our efforts will result in Triferic receiving this proper designation. Feedback reported from our Triferic drug sample program continues to be favorable and impressive relating to improving patient outcomes and lowering cost. Calcitriol manufacture is progressing nicely. Lab tests are meeting product specification and we remain on track with our FDA submission."
Operating cash flow remains negative
Rockwell Medical, Inc. has spent $5.15 million cash to meet operating activities during the quarter as against cash outgo of $1.07 million in the last year period. The company has spent $0.13 million cash to meet investing activities during the quarter as against cash outgo of $0.20 million in the last year period.
Cash and cash equivalents stood at $11.90 million as on Mar. 31, 2017, down 60.34 percent or $18.11 million from $30.01 million on Mar. 31, 2016.
Working capital declines
Rockwell Medical, Inc. has witnessed a decline in the working capital over the last year. It stood at $64.36 million as at Mar. 31, 2017, down 17.23 percent or $13.39 million from $77.75 million on Mar. 31, 2016. Current ratio was at 7.19 as on Mar. 31, 2017, down from 10.71 on Mar. 31, 2016.
Cash conversion cycle (CCC) has decreased to 58 days for the quarter from 71 days for the last year period. Days sales outstanding were almost stable at 38 days for the quarter, when compared with the last year period.
Days inventory outstanding has decreased to 49 days for the quarter compared with 65 days for the previous year period. At the same time, days payable outstanding went down to 29 days for the quarter from 32 for the same period last year.
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