Rockwell Medical (RMTI)
Market Price (8/21/2026): $7.65 | Market Cap: $30.3 MilSector: Health Care | Industry: Pharmaceuticals
Rockwell Medical (RMTI)
Market Price (8/21/2026): $7.65Market Cap: $30.3 MilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -36% Attractive yieldFCF Yield is 5.1% Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Kidney Disease Management, Dialysis Solutions, and Specialized Biopharmaceuticals. | Weak multi-year price returns2Y Excs Rtn is -108%, 3Y Excs Rtn is -145% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.5% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% Key risksRMTI key risks include [1] a substantial revenue decline from the loss of its largest customer, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -36% |
| Attractive yieldFCF Yield is 5.1% |
| Megatrend and thematic driversMegatrends include Aging Population & Chronic Disease. Themes include Kidney Disease Management, Dialysis Solutions, and Specialized Biopharmaceuticals. |
| Weak multi-year price returns2Y Excs Rtn is -108%, 3Y Excs Rtn is -145% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -4.5 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -6.5% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -21%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.1% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -21% |
| Key risksRMTI key risks include [1] a substantial revenue decline from the loss of its largest customer, Show more. |
Qualitative Assessment
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Rockwell Medical (RMTI) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Rockwell Medical missed consensus estimates for both earnings per share (EPS) and revenue in its fiscal Q2 2026, which ended June 30, 2026. The company reported a loss of $0.34 per share, significantly wider than the Zacks Consensus Estimate of a $0.17 per share loss, representing an earnings surprise of -100.00%. Additionally, net sales for the quarter were $17.78 million, slightly below the consensus estimate of $17.84 million.
2. The company faced Nasdaq minimum bid price non-compliance, leading to a 1-for-10 reverse stock split. Rockwell Medical received a notice from Nasdaq on May 8, 2026, indicating it did not meet the minimum bid price requirement. To regain compliance, the Board of Directors authorized and subsequently executed a 1-for-10 reverse stock split, which was announced around mid-July 2026.
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Rockwell Medical (RMTI) stock has lost about 15% since 4/30/2026 because of the following key factors:
1. Rockwell Medical missed consensus estimates for both earnings per share (EPS) and revenue in its fiscal Q2 2026, which ended June 30, 2026. The company reported a loss of $0.34 per share, significantly wider than the Zacks Consensus Estimate of a $0.17 per share loss, representing an earnings surprise of -100.00%. Additionally, net sales for the quarter were $17.78 million, slightly below the consensus estimate of $17.84 million.
2. The company faced Nasdaq minimum bid price non-compliance, leading to a 1-for-10 reverse stock split. Rockwell Medical received a notice from Nasdaq on May 8, 2026, indicating it did not meet the minimum bid price requirement. To regain compliance, the Board of Directors authorized and subsequently executed a 1-for-10 reverse stock split, which was announced around mid-July 2026.
3. Rockwell Medical has a history of consistently underperforming against analyst estimates, including its fiscal Q1 2026 results. The Q2 2026 earnings and revenue misses extend a pattern, as the company has not surpassed consensus EPS or revenue estimates over the last four fiscal quarters. Specifically, for fiscal Q1 2026, reported on May 7, 2026, the company also reported a loss and missed revenue estimates.
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Stock Movement Drivers
Fundamental Drivers
The -12.9% change in RMTI stock from 4/30/2026 to 8/20/2026 was primarily driven by a -12.7% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.77 | 7.64 | -12.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 69 | 69 | 0.2% |
| P/S Multiple | 0.5 | 0.4 | -12.7% |
| Shares Outstanding (Mil) | 4 | 4 | -0.4% |
| Cumulative Contribution | -12.9% |
Market Drivers
4/30/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| RMTI | -12.9% | |
| Market (SPY) | 6.1% | -3.8% |
| Sector (XLV) | 18.1% | 12.5% |
Fundamental Drivers
The -28.6% change in RMTI stock from 1/31/2026 to 8/20/2026 was primarily driven by a -14.5% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.70 | 7.64 | -28.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 76 | 69 | -8.2% |
| P/S Multiple | 0.5 | 0.4 | -14.5% |
| Shares Outstanding (Mil) | 4 | 4 | -9.0% |
| Cumulative Contribution | -28.6% |
Market Drivers
1/31/2026 to 8/20/2026| Return | Correlation | |
|---|---|---|
| RMTI | -28.6% | |
| Market (SPY) | 10.5% | 19.9% |
| Sector (XLV) | 11.9% | 13.1% |
Fundamental Drivers
The -17.8% change in RMTI stock from 7/31/2025 to 8/20/2026 was primarily driven by a -29.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.30 | 7.64 | -17.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 98 | 69 | -29.0% |
| P/S Multiple | 0.3 | 0.4 | 34.3% |
| Shares Outstanding (Mil) | 3 | 4 | -13.8% |
| Cumulative Contribution | -17.8% |
Market Drivers
7/31/2025 to 8/20/2026| Return | Correlation | |
|---|---|---|
| RMTI | -17.8% | |
| Market (SPY) | 21.7% | 10.3% |
| Sector (XLV) | 33.9% | 4.1% |
Fundamental Drivers
The -78.6% change in RMTI stock from 7/31/2023 to 8/20/2026 was primarily driven by a -53.6% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 7312023 | 8202026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.70 | 7.64 | -78.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 76 | 69 | -9.1% |
| P/S Multiple | 0.9 | 0.4 | -49.2% |
| Shares Outstanding (Mil) | 2 | 4 | -53.6% |
| Cumulative Contribution | -78.6% |
Market Drivers
7/31/2023 to 8/20/2026| Return | Correlation | |
|---|---|---|
| RMTI | -78.6% | |
| Market (SPY) | 72.5% | 24.0% |
| Sector (XLV) | 34.5% | 16.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| RMTI Return | -59% | -77% | 86% | 8% | -59% | -10% | -93% |
| Peers Return | -6% | -34% | 14% | -3% | -24% | 21% | -38% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| RMTI Win Rate | 25% | 42% | 67% | 58% | 17% | 38% | |
| Peers Win Rate | 43% | 43% | 53% | 55% | 43% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| RMTI Max Drawdown | -81% | -85% | -74% | -57% | -66% | -59% | |
| Peers Max Drawdown | -32% | -54% | -48% | -45% | -54% | -33% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BAX, DVA, AKBA, AMGN, OM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/20/2026 (YTD)
How Low Can It Go
| Event | RMTI | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.4% | -7.8% |
| % Gain to Breakeven | 11.6% | 8.5% |
| Time to Breakeven | 3 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -54.7% | -9.5% |
| % Gain to Breakeven | 120.9% | 10.5% |
| Time to Breakeven | 319 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -46.0% | -6.7% |
| % Gain to Breakeven | 85.2% | 7.1% |
| Time to Breakeven | 43 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -80.6% | -24.5% |
| % Gain to Breakeven | 416.1% | 32.4% |
| Time to Breakeven | 248 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -46.7% | -19.2% |
| % Gain to Breakeven | 87.6% | 23.8% |
| Time to Breakeven | 46 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -31.5% | -3.7% |
| % Gain to Breakeven | 45.9% | 3.9% |
| Time to Breakeven | 23 days | 6 days |
In The Past
Rockwell Medical's stock fell -10.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 11.6% gain to breakeven.
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| Event | RMTI | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -54.7% | -9.5% |
| % Gain to Breakeven | 120.9% | 10.5% |
| Time to Breakeven | 319 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -46.0% | -6.7% |
| % Gain to Breakeven | 85.2% | 7.1% |
| Time to Breakeven | 43 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -80.6% | -24.5% |
| % Gain to Breakeven | 416.1% | 32.4% |
| Time to Breakeven | 248 days | 427 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -46.7% | -19.2% |
| % Gain to Breakeven | 87.6% | 23.8% |
| Time to Breakeven | 46 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -31.5% | -3.7% |
| % Gain to Breakeven | 45.9% | 3.9% |
| Time to Breakeven | 23 days | 6 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -38.7% | -6.8% |
| % Gain to Breakeven | 63.1% | 7.3% |
| Time to Breakeven | 18 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -43.7% | -17.9% |
| % Gain to Breakeven | 77.6% | 21.8% |
| Time to Breakeven | 709 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -28.0% | -15.4% |
| % Gain to Breakeven | 38.8% | 18.2% |
| Time to Breakeven | 40 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -79.1% | -53.4% |
| % Gain to Breakeven | 378.6% | 114.4% |
| Time to Breakeven | 226 days | 1085 days |
In The Past
Rockwell Medical's stock fell -10.4% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 11.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Rockwell Medical (RMTI)
Rockwell Medical, Inc. (RMTI) operates as a biopharmaceutical company focused on developing and commercializing therapies and products primarily for patients suffering from end-stage renal disease (ESRD) and chronic kidney disease (CKD). A cornerstone of its offerings is the Triferic Dialysate and Triferic AVNU iron therapy, which effectively replaces iron and helps maintain hemoglobin levels in dialysis patients without leading to an increase in iron stores.
In addition to its specialized iron therapies, Rockwell Medical manufactures, sells, and distributes a comprehensive portfolio of hemodialysis concentrates, including products like CitraPure and RenalPure, which are crucial for removing toxins and replacing nutrients during dialysis treatments. The company also supplies a wide array of ancillary products such as blood tubing, dialyzers, and specialized kits. Its primary customers are medium and small-sized dialysis chains and independent dialysis centers both in the United States and internationally. Rockwell Medical is also exploring future growth opportunities by developing therapeutic product candidates for acute heart failure and home infusion therapy.
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Here are 1-3 brief analogies for Rockwell Medical (RMTI):
- The 'Sysco for dialysis centers,' supplying essential concentrates and recurring consumables.
- A specialized 'Baxter International' dedicated to kidney disease therapies and dialysis products.
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- Triferic Dialysate and Triferic AVNU: An iron therapy that replaces iron and maintains hemoglobin in dialysis patients without increasing iron stores.
- Hemodialysis Concentrates (e.g., CitraPure, Dri-Sate, RenalPure, SteriLyte): Solutions used in hemodialysis to remove toxins and replace critical nutrients in patients' bloodstreams.
- Hemodialysis Ancillary Products (e.g., blood tubing, fistula needles, dialyzers): Various supplies and equipment used by hemodialysis providers during treatment.
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Major Customers of Rockwell Medical (RMTI)
Rockwell Medical primarily sells its products and therapies to other companies within the healthcare sector. Its target customers include:- Medium-sized dialysis chains
- Small-sized dialysis chains
- Independent dialysis centers
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Mark Strobeck, Ph.D. President and Chief Executive Officer
Mark Strobeck, Ph.D. was appointed President and Chief Executive Officer of Rockwell Medical in July 2022. He has over two decades of leadership experience in both emerging biotechnology and pharmaceutical companies. Prior to joining Rockwell Medical, he served as Managing Director of Aquilo Partners, LP, a life sciences investment bank. Dr. Strobeck's background also includes serving as Executive Vice President and Chief Operating Officer of Assertio Holdings, Inc., and previously as Executive Vice President and Chief Operating Officer of Zyla Life Sciences (which merged with Assertio Holdings, Inc. in May 2020). He was also President and Chief Executive Officer of Corridor Pharmaceuticals, Inc., which was acquired by AstraZeneca plc in 2014, and Chief Business Officer of Topaz Pharmaceuticals Inc., acquired by Sanofi Pasteur in 2011. Earlier in his career, he held management roles at GlaxoSmithKline plc and worked at venture capital firms SR One Limited and EuclidSR Partners, L.P.
Jesse Neri Chief Financial Officer
Jesse Neri was promoted to Chief Financial Officer of Rockwell Medical in December 2024, having joined the company in October 2023 as Senior Vice President of Finance. He brings nearly 25 years of experience leading finance functions at both public and private companies. Before Rockwell Medical, Mr. Neri was the Executive Director of Finance at Hemavant Sciences and Aruvant Sciences, which are clinical-stage biopharmaceutical companies within the Roivant portfolio. He also served as Senior Vice President of Finance at Zyla Life Sciences, a public pharmaceutical company, where he was involved in multiple product acquisitions, financings, commercial product launches, regulatory approvals, and Zyla's acquisition by Assertio Therapeutics in May 2020.
Heather R. Hunter Senior Vice President, Chief Operating Officer
Heather R. Hunter is the Senior Vice President, Chief Operating Officer at Rockwell Medical, a role she assumed in September 2025. She joined the company in August 2022 as SVP, Chief Corporate Affairs Officer, and later took on responsibilities for information technology and transportation. Ms. Hunter has extensive experience in global and U.S. marketing leadership and market development, including her previous role as Director of Product Marketing and Professional Education for hearing implants at Cochlear Americas.
Megan Timmins Executive Vice President, Chief Legal Officer and Secretary
Megan Timmins serves as Executive Vice President, Chief Legal Officer and Secretary at Rockwell Medical, a position she has held since August 2021. With over two decades of legal experience, including six years within the life sciences industry, Ms. Timmins previously held the role of Senior Vice President, General Counsel, and Corporate Secretary at Assertio Holdings, Inc. and Zyla Life Sciences (formerly Egalet Corporation), both publicly traded pharmaceutical companies.
Tim Chole Senior Vice President, Chief Commercial Officer
Tim Chole was promoted to Chief Commercial Officer of Rockwell Medical in May 2024. He initially joined the company in December 2019 as Senior Vice President, Sales and Marketing. Mr. Chole possesses over 20 years of experience in commercial leadership roles within pharmaceutical and medical device companies.
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- Loss of Major Customer and Customer Concentration Risk: Rockwell Medical has historically relied on a limited number of major customers, with DaVita alone accounting for 45% of its total net product sales in 2024. DaVita's decision to transition to another supplier by mid-2025 is projected to result in a substantial revenue loss for Rockwell Medical, potentially reducing 2025 net sales significantly and posing a risk to the company's revenue and operational stability.
- Financial Instability and Need for Funding: The company faces ongoing financial challenges, including limited capital resources and a historical negative revenue growth rate of -23.4% over the past three years. Rockwell Medical is currently unprofitable and may require additional funding to support its operations and growth. Despite recent improvements in liquidity, the company's Altman Z-Score suggests a potential risk of bankruptcy in the near term.
- Highly Competitive Market and Pricing Pressures: Rockwell Medical operates within a highly competitive market, competing against larger players such as Fresenius and Nipro, who possess greater resources and market influence. The market is also threatened by advancements in alternative and at-home dialysis technologies, which could erode Rockwell Medical's market share and hinder future revenue growth. Additionally, industry consolidation and pressures on healthcare costs could lead to reduced prices and reimbursement rates, making it more difficult for Rockwell Medical to achieve sustainable profitability.
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The clear emerging threat to Rockwell Medical (RMTI) is the ongoing development and potential future widespread adoption of **artificial kidneys (wearable or implantable) and advancements in regenerative medicine for kidney repair or replacement**. These innovations aim to reduce or eliminate the need for traditional hemodialysis, which would directly impact the market for Rockwell Medical's core products, including hemodialysis concentrates, ancillary dialysis products, and related therapies such as Triferic, which are designed for existing dialysis patients and procedures.
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Rockwell Medical, Inc. (symbol: RMTI) operates within several significant addressable markets related to end-stage renal disease (ESRD) and chronic kidney disease (CKD).
Triferic (Iron Replacement Therapy for Dialysis Patients)
Rockwell Medical's Triferic Dialysate and Triferic AVNU are iron therapies aimed at treating iron deficiency and maintaining hemoglobin in dialysis patients. The addressable market for treatments related to dialysis-induced anemia or intravenous iron therapy for chronic kidney disease is substantial globally and in the U.S.
- The global market for dialysis-induced anemia treatment was valued at approximately USD 1.87 billion in 2024 and is projected to reach USD 3.86 billion by 2035, growing at a compound annual growth rate (CAGR) of 7.24% during the forecast period of 2025-2035.
- More broadly, the global intravenous iron drugs market was valued at USD 3.53 billion in 2024 and is expected to reach USD 8.19 billion by 2034, with a CAGR of 8.78% from 2025 to 2034. The chronic kidney disease segment dominated this market, holding a 35% share in 2024.
- North America held the largest share of the intravenous iron drugs market, at 52% in 2024.
- The global iron deficiency anemia therapy market, which includes parenteral iron therapy, was valued at USD 4.3 billion in 2023 and is estimated to grow to USD 7.6 billion by 2032, at a CAGR of 6.5% from 2024 to 2032. Parenteral (intravenous) iron therapy accounted for the largest share in this market, at over 60% in 2022 and 2025.
Hemodialysis Concentrates and Ancillary Products
The company manufactures and distributes hemodialysis concentrates and ancillary products used by hemodialysis providers.
- The global hemodialysis concentrates market was valued at approximately USD 1,350.75 million in 2024 and is projected to reach USD 2,205.60 million by 2032, growing at a CAGR of 6.2% from 2025 to 2032. Other estimates place the global market at US$ 2.6 billion in 2024, projected to reach US$ 5.5 billion by 2034 with an 8.40% CAGR.
- North America is identified as the fastest-growing region in the hemodialysis concentrates market, with a 38.5% share, and the United States as the leading country with a 22.7% share.
- The broader global hemodialysis and peritoneal dialysis market, which encompasses services, devices, and consumables like those offered by Rockwell Medical, was estimated at USD 102.1 billion in 2023 and is projected to reach USD 185.88 billion by 2030, with a CAGR of 9.1% from 2024 to 2030.
- North America held the largest share of the global hemodialysis and peritoneal dialysis market, at 38.25% in 2023.
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Rockwell Medical (RMTI) anticipates several key drivers for future revenue growth over the next 2-3 years, focusing primarily on its hemodialysis concentrates business and strategic expansion.
- Expansion of Hemodialysis Concentrates Business and Market Share Growth: Rockwell Medical is actively pursuing the expansion of its hemodialysis concentrates business, both within the United States and internationally. The acquisition of Evoqua's concentrates business in July 2023 was a significant step, immediately adding approximately $18 million in annual revenue and expanding Rockwell's geographic footprint and customer base. The company aims to increase its market share in the hemodialysis concentrate market, which is projected to grow to about $500 million in the U.S. by 2026. This expansion is also driven by securing new long-term supply agreements and partnerships.
- Strategic Acquisitions and Business Development: Rockwell Medical has indicated its intention to pursue further accretive acquisitions, similar to the Evoqua transaction, as a strategy for growth. The company is also exploring broader strategic transactions, including potential alliances and collaborations outside the United States, to support its long-term growth objectives.
- Increased Pricing and Enhanced Operational Efficiencies: To offset potential revenue impacts, Rockwell Medical plans to focus on increasing product pricing. Alongside this, the company is committed to improving manufacturing efficiencies and optimizing its organizational structure. These efforts are expected to enhance gross margins and contribute to overall profitability, indirectly supporting revenue growth by strengthening the core business and enabling sustainable expansion.
- Portfolio Diversification: While the company has refined its focus in recent years, including discontinuing Triferic in the U.S. to prioritize more profitable hemodialysis concentrates, its outlook for 2026 explicitly mentions "portfolio diversification" as a main area of focus. This indicates an ongoing strategy to explore new products or services that could contribute to revenue growth in the future, potentially building on its existing ferric pyrophosphate citrate (FPC) platform or through new ventures.
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Share Issuance
- Rockwell Medical raised $13.8 million through the exercise of warrants by Armistice Capital Master Fund Ltd.
- The company utilized its At-The-Market (ATM) facility to raise $10.2 million. This facility also contributed to a $5.3 million increase in cash by September 30, 2025.
- Shareholders experienced dilution in the year leading up to March 2026.
Inbound Investments
- Rockwell Medical amended its Loan and Security Agreement with Innovatus Life Sciences Lending Fund I, LP, extending the maturity date to January 1, 2029, and securing an interest-only period for up to 36 months.
Outbound Investments
- The company acquired Evoqua assets, with the cash paid for this acquisition partially offsetting a cash increase from ATM equity issuances by September 30, 2025.
Capital Expenditures
- Capital allocation has shifted towards automation and manufacturing efficiency investments, de-prioritizing debt repayment.
- Investments in automation and staff reductions have supported gross margin stability.
- A facility was consolidated, which is expected to further affect operating expenses in Q4 2025.
Peer Outperformance in Pharmaceuticals
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| RMTI | Rockwell Medical | -1.1% | -5.9x | -27.2% | -67.4% | -87.9% | — |
| VTRS | Viatris | -1.8% | -45.3x | 56.2% | 61.9% | 34.4% | +122pp |
| BMY | Bristol-Myers Squibb | 2.9% | 14.4x | 42.2% | 21.8% | 16.1% | +104pp |
| PBH | Prestige Consumer Healthcare | -0.7% | 13.9x | -22.3% | -14.4% | -13.2% | +75pp |
| OGN | Organon | -0.2% | 17.3x | 47.8% | -31.1% | -49.0% | +39pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 7 | 4.4% | 78.3% | 158.4% | CAH 396% · MCK 329% · COR 178% |
| Health Care Services | 20 | 19.5% | 43.7% | 9.3% | HIMS 348% · RDNT 152% · DGX 75% |
| Managed Health Care | 8 | 32.5% | -5.1% | -1.2% | OSCR 132% · HQY 65% · ELV 13% |
| Health Care Facilities | 24 | 8.3% | -2.6% | -16.6% | THC 275% · NHC 266% · ENSG 123% |
| Health Care Equipment | 50 | -1.5% | -8.1% | -22.2% | POCI 10975% · UFPT 368% · GKOS 278% |
| Health Care Supplies | 12 | 37.0% | -13.7% | -25.8% | LNTH 301% · HAE 82% · MMSI 30% |
| Pharmaceuticals ← | 63 | 6.0% | -1.5% | -32.0% | LQDA 2643% · INDV 1326% · ETON 1259% |
| Health Care Technology | 21 | -17.7% | -55.4% | -70.5% | SPOK 117% · HSTM -3% · VEEV -22% |
| Life Sciences Tools & Services | 108 | -0.5% | -33.8% | -71.0% | SNWV 1900% · ELMD 249% · MEDP 243% |
| Biotechnology | 365 | 10.3% | -24.9% | -77.8% | BRTX 110200% · CELZ 1729% · DNTH 1587% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Rockwell Medical Earnings Notes | 12/16/2025 | |
| Is Rockwell Medical Stock Built to Withstand More Downside? | 10/17/2025 |
| Title | |
|---|---|
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 17.02 |
| Mkt Cap | 5.8 |
| Rev LTM | 5,845 |
| Op Inc LTM | 103 |
| FCF LTM | 421 |
| FCF 3Y Avg | 319 |
| CFO LTM | 680 |
| CFO 3Y Avg | 543 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.9% |
| Rev Chg 3Y Avg | 4.0% |
| Rev Chg Q | 5.3% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | -20.3% |
| Op Inc Chg 3Y Avg | 16.1% |
| Op Mgn LTM | -2.1% |
| Op Mgn 3Y Avg | 0.3% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 13.6% |
| CFO/Rev 3Y Avg | 5.5% |
| FCF/Rev LTM | 9.3% |
| FCF/Rev 3Y Avg | 2.9% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA212860 | TRIFERIC AVNU | ferric pyrophosphate citrate | solution | 3272020 | -18.3% | -51.1% | -46.3% | -79.0% | -96.9% |
| NDA208551 | TRIFERIC | ferric pyrophosphate citrate | powder | 4252016 | -15.3% | -33.7% | -8.2% | -40.9% | -99.3% |
| NDA206317 | TRIFERIC | ferric pyrophosphate citrate | solution | 1232015 | -4.1% | 40.3% | -31.5% | -49.3% | -99.4% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA212860 | TRIFERIC AVNU | ferric pyrophosphate citrate | solution | 3272020 | -18.3% | -51.1% | -46.3% | -79.0% | -96.9% |
| NDA208551 | TRIFERIC | ferric pyrophosphate citrate | powder | 4252016 | -15.3% | -33.7% | -8.2% | -40.9% | -99.3% |
| NDA206317 | TRIFERIC | ferric pyrophosphate citrate | solution | 1232015 | -4.1% | 40.3% | -31.5% | -49.3% | -99.4% |
Price Behavior
| Market Price | $7.64 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 01/27/1998 | |
| Distance from 52W High | -58.3% | |
| 50 Days | 200 Days | |
| DMA Price | $6.57 | $8.57 |
| DMA Trend | down | down |
| Distance from DMA | 16.3% | -10.9% |
| 3M | 1YR | |
| Volatility | 61.1% | 79.1% |
| Downside Capture | -34.97 | 103.11 |
| Upside Capture | -57.21 | 44.36 |
| Correlation (SPY) | -1.9% | 10.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.22 | -0.34 | -0.46 | 0.79 | 0.60 | 1.22 |
| Up Beta | 0.53 | -1.61 | -1.49 | 0.01 | 0.28 | 1.21 |
| Down Beta | -0.34 | 2.46 | 1.94 | 2.44 | 0.75 | 0.97 |
| Up Capture | 180% | -100% | -108% | 4% | 29% | 75% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 15 | 23 | 31 | 55 | 109 | 330 |
| Down Capture | -267% | -101% | -78% | 108% | 95% | 110% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 20 | 32 | 69 | 133 | 394 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RMTI | |
|---|---|---|---|---|
| RMTI | -27.3% | 79.0% | -0.08 | - |
| Sector ETF (XLV) | 27.8% | 15.9% | 1.35 | 3.0% |
| Equity (SPY) | 20.3% | 12.9% | 1.16 | 10.4% |
| Gold (GLD) | 36.2% | 28.7% | 1.07 | 12.3% |
| Commodities (DBC) | 44.1% | 20.2% | 1.69 | 8.8% |
| Real Estate (VNQ) | 13.3% | 13.8% | 0.66 | 9.4% |
| Bitcoin (BTCUSD) | -38.8% | 43.2% | -1.01 | 9.8% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RMTI | |
|---|---|---|---|---|
| RMTI | -36.3% | 88.5% | -0.11 | - |
| Sector ETF (XLV) | 7.0% | 15.1% | 0.28 | 16.3% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 24.0% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 8.8% |
| Commodities (DBC) | 10.2% | 19.6% | 0.40 | 3.0% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.02 | 20.7% |
| Bitcoin (BTCUSD) | 9.3% | 52.7% | 0.36 | 15.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with RMTI | |
|---|---|---|---|---|
| RMTI | -37.0% | 81.6% | -0.19 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.52 | 19.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 25.9% |
| Gold (GLD) | 12.4% | 16.2% | 0.63 | 7.5% |
| Commodities (DBC) | 8.1% | 18.1% | 0.37 | 6.9% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 20.3% |
| Bitcoin (BTCUSD) | 61.0% | 66.1% | 1.01 | 11.6% |
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Returns Analyses
Earnings Returns History
Updated 8/21/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | 4.2% | -0.1% | |
| 5/7/2026 | -3.6% | -1.1% | -18.0% |
| 1/20/2026 | 31.6% | 13.9% | 9.7% |
| 11/12/2025 | -9.0% | -16.6% | -11.9% |
| 8/14/2025 | 0.5% | 0.5% | 55.0% |
| 5/12/2025 | -7.1% | -9.8% | -8.0% |
| 3/20/2025 | -20.5% | -29.5% | -41.5% |
| 11/12/2024 | -39.1% | -49.5% | -56.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 7 | 8 |
| # Negative | 13 | 17 | 15 |
| Median Positive | 2.0% | 9.8% | 20.4% |
| Median Negative | -5.4% | -9.8% | -18.0% |
| Max Positive | 31.6% | 19.4% | 78.4% |
| Max Negative | -39.1% | -49.5% | -56.1% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | 4.2% | -0.1% | |
| 5/7/2026 | -3.6% | -1.1% | -18.0% |
| 1/20/2026 | 31.6% | 13.9% | 9.7% |
| 11/12/2025 | -9.0% | -16.6% | -11.9% |
| 8/14/2025 | 0.5% | 0.5% | 55.0% |
| 5/12/2025 | -7.1% | -9.8% | -8.0% |
| 3/20/2025 | -20.5% | -29.5% | -41.5% |
| 11/12/2024 | -39.1% | -49.5% | -56.1% |
| 5/14/2024 | 0.0% | 5.9% | 11.5% |
| 3/21/2024 | -7.9% | -0.6% | -12.1% |
| 1/8/2024 | -5.7% | -12.0% | -28.0% |
| 11/14/2023 | -0.5% | -1.0% | -11.7% |
| 8/14/2023 | -4.4% | -25.8% | -24.5% |
| 5/15/2023 | -1.6% | -3.7% | 78.4% |
| 3/30/2023 | 10.1% | 15.2% | 74.7% |
| 11/14/2022 | 8.7% | 19.4% | 0.0% |
| 8/15/2022 | 14.7% | 7.1% | -14.7% |
| 5/16/2022 | 2.0% | -18.1% | -35.3% |
| 11/15/2021 | -5.4% | -10.6% | -20.3% |
| 8/16/2021 | 0.1% | -1.0% | 1.3% |
| 5/17/2021 | -4.2% | -9.0% | -1.8% |
| 3/31/2021 | 0.0% | -13.8% | -16.8% |
| 11/9/2020 | -2.2% | 9.8% | 29.3% |
| 8/10/2020 | 0.6% | -7.5% | -28.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 7 | 8 |
| # Negative | 13 | 17 | 15 |
| Median Positive | 2.0% | 9.8% | 20.4% |
| Median Negative | -5.4% | -9.8% | -18.0% |
| Max Positive | 31.6% | 19.4% | 78.4% |
| Max Negative | -39.1% | -49.5% | -56.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/13/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 03/26/2026 | 10-K |
| 09/30/2025 | 11/12/2025 | 10-Q |
| 06/30/2025 | 08/14/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/14/2024 | 10-Q |
| 12/31/2023 | 03/21/2024 | 10-K |
| 09/30/2023 | 11/14/2023 | 10-Q |
| 06/30/2023 | 08/14/2023 | 10-Q |
| 03/31/2023 | 05/15/2023 | 10-Q |
| 12/31/2022 | 03/30/2023 | 10-K |
| 09/30/2022 | 11/14/2022 | 10-Q |
| 06/30/2022 | 08/15/2022 | 10-Q |
| 03/31/2022 | 05/16/2022 | 10-Q |
| 12/31/2021 | 04/08/2022 | 10-K |
| 09/30/2021 | 11/15/2021 | 10-Q |
| 06/30/2021 | 08/16/2021 | 10-Q |
| 03/31/2021 | 05/17/2021 | 10-Q |
| 12/31/2020 | 03/31/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/17/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 8/14/2026Latest: Q2 2026 Earnings Reported 8/13/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Net Sales | 70.00 Mil | 72.50 Mil | 75.00 Mil | 0 | Affirmed | Guidance: 72.50 Mil for 2026 | |
| 2026 Gross Margin | 18.0% | 20.0% | 22.0% | 0 | Affirmed | Guidance: 20.0% for 2026 | |
| 2026 Adjusted EBITDA | 1.00 Mil | 1.50 Mil | 2.00 Mil | 0 | Affirmed | Guidance: 1.50 Mil for 2026 | |
Prior: Q3 2025 Earnings Reported 11/12/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Net Sales | 65.00 Mil | 67.50 Mil | 70.00 Mil | 0 | Affirmed | Guidance: 67.50 Mil for 2025 | |
| 2025 Gross Margin | 16.0% | 17.0% | 18.0% | 0 | Affirmed | Guidance: 17.0% for 2025 | |
| 2025 Adjusted EBITDA | -0.50 Mil | 0 | 0.50 Mil | Affirmed | Guidance: 0 for 2025 | ||
Insider Activity
Updated 7/6/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hunter, Heather | Chief Operating Officer | Direct | Sell | 1052026 | 0.84 | 2,868 | 2,396 | 110,723 | Form |
| 2 | Neri, Jesse | SVP and CFO | Direct | Sell | 1052026 | 0.84 | 886 | 740 | 104,305 | Form |
| 3 | Cooper, John G | Direct | Sell | 11182025 | 0.87 | 5,079 | 4,419 | 122,124 | Form | |
| 4 | Hunter, Heather | SVP, Chief Operating Officer | Direct | Sell | 10082025 | 1.19 | 2,868 | 3,413 | 161,115 | Form |
| 5 | Chole, Timothy | SVP and CCO | Direct | Sell | 10012025 | 1.19 | 2,868 | 3,413 | 149,106 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hunter, Heather | Chief Operating Officer | Direct | Sell | 1052026 | 0.84 | 2,868 | 2,396 | 110,723 | Form |
| 2 | Neri, Jesse | SVP and CFO | Direct | Sell | 1052026 | 0.84 | 886 | 740 | 104,305 | Form |
| 3 | Cooper, John G | Direct | Sell | 11182025 | 0.87 | 5,079 | 4,419 | 122,124 | Form | |
| 4 | Hunter, Heather | SVP, Chief Operating Officer | Direct | Sell | 10082025 | 1.19 | 2,868 | 3,413 | 161,115 | Form |
| 5 | Chole, Timothy | SVP and CCO | Direct | Sell | 10012025 | 1.19 | 2,868 | 3,413 | 149,106 | Form |
| 6 | Neri, Jesse | SVP and CFO | Direct | Sell | 10012025 | 1.19 | 886 | 1,054 | 149,616 | Form |
| 7 | Strobeck, Mark | President and CEO | Direct | Sell | 10012025 | 1.19 | 6,926 | 8,242 | 393,683 | Form |
| 8 | Chole, Timothy | SVP and CCO | Direct | Sell | 7022025 | 0.82 | 2,868 | 2,352 | 105,097 | Form |
| 9 | Neri, Jesse | SVP and CFO | Direct | Sell | 7022025 | 0.82 | 886 | 727 | 103,823 | Form |
| 10 | Strobeck, Mark | President and CEO | Direct | Sell | 7022025 | 0.82 | 6,926 | 5,679 | 276,957 | Form |
Industry Resources
| Health Care Resources |
| U.S. National Library of Medicine |
| ClinicalTrials.gov |
| Modern Healthcare |
| Healthcare Dive |
| Fierce Healthcare |
| Health Affairs |
| Health Data Management |
| FDA Tracker |
| Pharmaceuticals Resources |
| Fierce Pharma |
| Pharm Exec |
| Endpoints News |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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