Rockwell Medical, Inc. (NASDAQ:RMTI) reported fourth-quarter results on Thursday that exceeded analyst expectations.
Despite the earnings beat, the company’s shares fell 1.92% in pre-market trading after the announcement, as investors reacted to a sharp year-over-year drop in revenue.
The hemodialysis products manufacturer posted adjusted earnings per share of $0.02 for the quarter, surpassing the analyst forecast of -$0.05 by $0.07. Revenue came in at $18.3 million, ahead of the consensus estimate of $16.53 million, but down 26% from $24.7 million recorded in the same period a year earlier. The decline was largely attributed to lower purchasing volumes from one of the company’s customers.
Despite the revenue pressure, Rockwell Medical delivered a gross margin of 21% in the fourth quarter — one of the strongest performances in the company’s history and a significant improvement from the 15% margin reported in the prior-year quarter. The company also generated $2.3 million in operating cash flow during the period, bringing total cash to $25.0 million at the end of the year.
“We successfully navigated changes in our customer base, purchase volumes, and distribution footprint, all while maintaining profitability on an Adjusted EBITDA basis for the second consecutive year,” said Mark Strobeck, Ph.D., President and CEO.
For the full year 2025, Rockwell Medical reported revenue of $69.3 million, compared with $101.5 million in 2024. Adjusted EBITDA totaled $0.3 million, in line with the company’s guidance range of -$0.5 million to $0.5 million.
Looking ahead to 2026, the company expects adjusted EBITDA to range between $1 million and $2 million, with a midpoint forecast of $1.5 million. Rockwell Medical also anticipates generating positive operating cash flow during the year.