Key Highlights

  • Net sales reached USD 19.1 million, up 20% from USD 15.9 million a year earlier.
  • Gross profit rose 37% to USD 3.1 million, or 16% of net sales.
  • Operating loss was USD 2.2 million, including USD 847 thousand of transaction-related expenses.
  • Cash and investments totaled USD 22.5 million at September 30, 2026.

Rockwell Medical (NASDAQ:RMTI) reported third-quarter 2026 net sales of USD 19.1 million, against an estimate of USD 18.22 million. Loss per share was USD 0.59, against an estimate of a loss of USD 0.18. Net sales rose from USD 15.9 million in the third quarter of 2025, an increase of 20%.

The company supplies liquid and dry acid and bicarbonate concentrates and other ancillary products used in hemodialysis and serves about 300 customers, including all five of the leading dialysis providers in the United States. Dialysate concentrates and ancillary products accounted for all of its revenue.

Sales Drivers, Gross Profit and Expenses

The USD 3.2 million increase in net sales was driven by USD 1.2 million of sales to new customers in the Western United States, along with added sales and price increases to existing customers. DaVita represented 7% of net sales in the quarter, compared with 12% a year earlier.

Cost of sales was USD 16.0 million, leaving gross profit of USD 3.1 million, up from USD 2.3 million. The USD 0.8 million gain came from a USD 0.6 million increase tied to higher Volume and USD 0.5 million of restructuring cost in the 2025 quarter tied to closing the Greer, South Carolina Manufacturing facility, partly offset by a USD 0.4 million decline because a price adjustment for DaVita purchases in the 2025 period did not repeat.

Research and product development expense was USD 114 thousand, with no comparable expense a year earlier. Selling and Marketing expense was USD 572 thousand, up 8%, and general and administrative expense was USD 3.8 million, up 14%. Transaction-related expenses were USD 847 thousand. The operating loss was USD 2.2 million, compared with USD 1.6 million in the third quarter of 2025.

Liquidity and the Pending Acquisition

Rockwell held about USD 22.5 million of cash, cash equivalents and investments available for sale at September 30, 2026, with net Working Capital of USD 22.1 million. Management stated that it believes the company has sufficient funds for at least twelve months from the filing date. That Liquidity figure does not account for the pending Acquisition described in Note 17 of the financial statements.

The company's operational plans include raising capital, if needed, through the at-the-market facility, which had USD 13.1 million of remaining availability, or other methods.

On the call, the company introduced a newly appointed executive director of investor relations. Chief executive Dr. Mark Strobeck and the chief financial officer discussed the quarter.

Reported Items Behind the Quarter

The filing records transaction-related expenses of USD 847 thousand in the quarter and refers to Note 17 for the pending acquisition. The liquidity figures in the report exclude any effect from that transaction.

Customer concentration is another reported item: DaVita's share of net sales stood at 7% against 12% a year earlier, while sales to new Western U.S. customers added USD 1.2 million. Gross margin, at 16% of net sales against 14%, is the other measure the filing presents for the period.