Rockwell Medical, Inc. (RMTI), a biopharmaceutical company, has surged 48.61% in aftermarket trading sessions and consequently is trading at $0.72 at the time of the writing. The surge could be attributed to the announcement of quarterly results. On Tuesday, RMTI closed the day at $0.48 after declining 5.37% during regular trading hours.
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RMTI Q3 2021 Financial Highlights
On Tuesday, RMTI released the financial results for the third quarter of the fiscal year 2021. The quarter ended on 30th September 2021. The company had cash and cash equivalents of $23.39 million on 30th September 2021. The net sales generated by the company during the quarter were $15.98 million against $15.28 million for the same period of 2020. The operating loss suffered by the company during the period was $6.97 million against $6.69 million for the same period of 2020. The net loss suffered by the company during the quarter was $7.58 million against $7.35 million for the same period of 2020. The net loss per basic and diluted share for the quarter was $0.08 against $0.10 for the same period of 2020.
Alongside financial results, RMTI also reported the operational highlights of the quarter. The company generated revenue of about $15.7 million from the hemodialysis business. The revenue from Triferic, the only FDA-approved therapy in the U.S. indicated to replace iron and maintain haemoglobin in hemodialysis patients, was $0.28 million approximately. Besides, the company submitted an IND application to FDA for its proposed phase 2 clinical trial of FPC, which is designed for the treatment of iron deficiency anaemia and maintenance of haemoglobin in patients receiving infusion therapy.
Russell Ellison, M.D., M.Sc., President and Chief Executive Officer of RMTI, while commenting on the results said that the company has delivered strong results during the quarter, which saw increased growth in the net sales as compared to previous quarters. He further said that looking forward; the company is in a good position to deliver some exciting financial results in upcoming quarters, and hence, to build up the investor interest.
Future Outlook for RMTI
During the last six months, RMTI stock has declined by more than 40%. The negative sentiments, generally associated with the studies conducted by the company, have proved to be a major force behind this decline. However, analysts are hopeful that RMTI stock has the potential to achieve investor interest in the near future.