Rockwell Medical, Inc. reported significant financial improvements in its third quarter and the first nine months of 2024 compared to the same periods in 2023. For Q3 2024, net sales reached $28.3 million, a 19% increase from $23.8 million in Q3 2023. This growth was driven by a special large order of premium-priced products worth $4.5 million and an additional $2.5 million from increased sales and price adjustments to existing customers. For the nine months ended September 30, 2024, net sales totaled $76.8 million, up 25% from $61.5 million in the prior year.

Gross profit for Q3 2024 was $6.2 million, significantly higher than $2.2 million in Q3 2023, while gross profit for the nine-month period increased to $13.9 million from $5.8 million. The operating income for Q3 2024 was $1.9 million, a turnaround from an operating loss of $1.7 million in Q3 2023. The company reported net income of $1.7 million for Q3 2024, compared to a net loss of $1.9 million in the same quarter of 2023. For the nine months ended September 30, 2024, net income was $276,000, a significant recovery from a net loss of $6.9 million in the prior year.

Rockwell Medical's total assets increased to $57.1 million as of September 30, 2024, up from $52.2 million at the end of 2023. Cash and cash equivalents also rose to $12.3 million from $9.0 million over the same period. The company’s total liabilities decreased to $27.9 million from $30.9 million, contributing to an increase in total stockholders' equity to $29.1 million, compared to $21.3 million at the end of 2023.

Strategically, Rockwell Medical made a notable acquisition in July 2023, purchasing customer relationships, equipment, and inventory from Evoqua Water Technologies for $17.4 million. This acquisition is expected to enhance the company’s market position, particularly in hemodialysis products, where it is the largest supplier of liquid bicarbonate concentrates in the U.S.

The company also amended its loan agreement in January 2024, allowing for an interest-only period of 30-36 months, maturing in January 2029. As of September 30, 2024, Rockwell Medical had approximately $4.5 million available under its ATM facility, indicating potential for future capital needs.

Overall, Rockwell Medical's financial performance reflects a positive trajectory, marked by increased revenues, improved profitability, and strategic growth initiatives.