Rockwell Medical narrows FY23 revenue view to $82.8M-$83.8M from $82M-$86M

Consensus $84.15M. The company said, “Rockwell Medical is narrowing its full-year 2023 guidance and projects net sales for the twelve months ended December 31, 2023 to be between $82.8 million and $83.8 million, a 14% to 15% increase over net sales of $72.8 million in 2022, and gross profit for the full-year 2023 to be between $7.4 million and $8.4 million, an 80% to 105% increase over gross profit of $4.1 million in 2022. The Company projects adjusted EBITDA for the full-year 2023 to be between $(5.5) million and $(4.5) million. Rockwell Medical projects cash, cash equivalents and investments available-for-sale at December 31, 2023 to be $11.0 million compared to $11.7 million at September 30, 2023. The fourth quarter 2023 and full-year 2023 net sales, gross profit and adjusted EBITDA and December 31, 2023 cash balance included in this release are preliminary and are therefore subject to adjustment. The preliminary results are based on management’s initial analysis of operations for the quarter and year ended December 31, 2023. The Company expects to report fourth quarter and full-year 2023 financial and operational results in March 2024.”