Rockwell Medical, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Rockwell Medical, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and business operations.</b>

AI Summary

ROCKWELL MEDICAL, INC. (RMTI) filed a Annual Report (10-K) with the SEC on March 21, 2024. Rockwell Medical, Inc. filed its annual report for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 30142 Wixom Road, Wixom, MI 48393. Rockwell Medical, Inc. was formerly known as Rockwell Medical Technologies Inc. The SIC code for the company is 2834 (Pharmaceutical Preparations).

Why It Matters

For investors and stakeholders tracking ROCKWELL MEDICAL, INC., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Rockwell Medical's financial health, operational activities, and strategic direction for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — ROCKWELL MEDICAL, INC. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various risks and uncertainties inherent in the pharmaceutical industry, as detailed in the risk factors section of the 10-K.

Analyst Insight

Investors should carefully review the financial statements and risk factors in this 10-K filing to understand Rockwell Medical's current financial position and potential future challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-21 — Filing Date (Filed as of date)
• 2834 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• ROCKWELL MEDICAL, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240321 (date) — Filed as of date
• 30142 WIXOM ROAD (address) — Business address street 1
• WIXOM (city) — Business address city
• MI (state) — Business address state
• 48393 (zip_code) — Business address zip
• 2834 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

Rockwell Medical, Inc. operates within the pharmaceutical preparations industry, focusing on products related to dialysis and related treatments.

Regulatory Implications

The company is subject to standard SEC regulations for public companies, including the requirement to file annual reports (10-K) detailing financial performance and business operations.

What Investors Should Do

1. Review the detailed financial statements for revenue, expenses, and profitability in the 2023 10-K.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing Rockwell Medical.
3. Compare key financial metrics from this 10-K with previous filings to identify trends and assess performance changes.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-21: Filing Date — Date the 10-K report was officially filed with the SEC.

Year-Over-Year Comparison

This filing is the annual report for the fiscal year ended December 31, 2023, and provides updated financial and operational information compared to previous filings.

Key Financial Figures

• $0 — he registrant's Common Stock, par value $0.0001, as of March 21, 2024: 29,334,617
• $500 million — is anticipated to grow to approximately $500 million by 2026, up from $380 million in 2022.
• $380 million — oximately $500 million by 2026, up from $380 million in 2022. This is driven primarily by an

Filing Documents

• rmti-20231231.htm (10-K) — 1408KB
• rmti-20231231x10kxex1030.htm (EX-10.30) — 184KB
• rmti-2023x12x31x10kxex1031.htm (EX-10.31) — 17KB
• rmti-20231231x10kxex1032.htm (EX-10.32) — 41KB
• rmti-20231231x10kxex231.htm (EX-23.1) — 3KB
• rmti-20231231x10kxex232.htm (EX-23.2) — 3KB
• rmti-20231231x10kxex311.htm (EX-31.1) — 11KB
• rmti-20231231x10kxex321.htm (EX-32.1) — 7KB
• 0001628280-24-012572.txt (&nbsp;) — 8984KB
• rmti-20231231.xsd (EX-101.SCH) — 69KB
• rmti-20231231_cal.xml (EX-101.CAL) — 107KB
• rmti-20231231_def.xml (EX-101.DEF) — 340KB
• rmti-20231231_lab.xml (EX-101.LAB) — 863KB
• rmti-20231231_pre.xml (EX-101.PRE) — 614KB
• rmti-20231231_htm.xml (XML) — 1048KB

Business

Item 1. Business. 4

Risk Factors

Item 1A. Risk Factors. 17

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments. 30

Cybersecurity

Item 1C. Cybersecurity. 30

Properties

Item 2. Properties. 31

Legal Proceedings

Item 3. Legal Proceedings. 31

Mine Safety Disclosures

Item 4. Mine Safety Disclosures. 31 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 32

Reserved

Item 6. Reserved. 32

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 32

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 39

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data. 39

Changes In and Disagreements With Accountants on Accounting and Financial Disclosure

Item 9. Changes In and Disagreements With Accountants on Accounting and Financial Disclosure. 39

Controls and Procedures

Item 9A. Controls and Procedures. 39

Other Information

Item 9B. Other Information. 40

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 40 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance. 41

Executive Compensation

Item 11. Executive Compensation. 41

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 41

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence. 41

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services. 41 PART IV

Exhibits, Financial Statement Schedules

Item 15. Exhibits, Financial Statement Schedules. 42

Form 10-K Summary

Item 16. Form 10-K Summary. 43

SIGNATURES

SIGNATURES 45 1 Table of Contents

Forward Looking Statements

Forward Looking Statements We make, or incorporate by reference, "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, in this Annual Report on Form 10-K. All statements other than statements of historical fact are forward-looking statements. Our forward-looking statements are subject to risks and uncertainties and include information about our current expectations and possible or assumed future results of our operations. When we use words such as "may," "might," "will," "should," "believe," "expect," "anticipate," "estimate," "continue," "could," "plan," "potential," "predict," "forecast," "project," "intend," or similar expressions, or make statements regarding our intent, belief, or current expectations, we are making forward-looking statements. Our forward looking statements also include, without limitation, statements about our liquidity and capital resources; our ability to continue as a going concern; our ability to successfully integrate acquisitions; our ability to raise additional capital; our ability to successfully implement certain cost containment and cost-cutting measures; our ability to achieve profitability; our ability to successfully execute on our business strategy; and statements regarding our anticipated future financial condition, operating results, cash flows and business plans. Because these forward-looking statements are based on estimates and assumptions that are subject to significant business, economic and competitive uncertainties, many of which are beyond our control or are subject to change, actual results could be materially different from the anticipated future results, performance or achievements expressed or implied by any forward-looking statements. Such business, economic and competitive uncertainties include: any further increases in raw material, labor, fuel or other input costs, particularly if we are unab

Business

Item 1. Business. Unless otherwise indicated in this Annual Report on Form 10-K "we," "our," "us," "the Company," "Rockwell," "Rockwell Medical," and other similar terms refer to Rockwell Medical, Inc., together with its consolidated subsidiaries. You are advised to read this Annual Report on Form 10-K in conjunction with other reports and documents that we file from time to time with the Securities and Exchange Commission ("SEC"). In particular, please read our definitive proxy statement, which will be filed with the SEC in connection with our 2024 annual meeting of stockholders, our quarterly reports on Form 10-Q and any current reports on Form 8-K that we may file from time to time. You can access free of charge on our website copies of these reports as soon as practicable after they are electronically filed with the SEC. The SEC also maintains a website on the internet that contains reports, proxy and information statements and other information regarding issuers, such as us, that file electronically with the SEC. CENTRISOL , CitraPure , Dri-Sate , RenalPure , RENASOL , SteriLyte , and Triferic are registered trademarks of Rockwell. This Annual Report on Form 10-K contains references to our trademarks and trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Annual Report, including logos, artwork, and other visual displays, may appear without the or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies' trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other company. BUSINESS OVERVIEW Rockwell Medical is a healthcare company that develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products fo

View Full Filing

View this 10-K filing on SEC EDGAR