Rockwell Medical — Third Quarter 2026 Earnings Summary

Financial Performance:

• Net sales for the three months ended September 30, 2026, were $19.1 million, a 20% increase compared to $15.9 million in the same period in 2025.
• Net sales for the nine months ended September 30, 2026, were $54.2 million, a 7% increase compared to $50.9 million in the same period in 2025.
• Gross profit for the three months ended September 30, 2026, was $3.1 million, a 37% increase compared to $2.3 million in the same period in 2025.
• Gross profit for the nine months ended September 30, 2026, was $9.3 million, an 18% increase compared to $7.8 million in the same period in 2025.
• Gross margin for the three months ended September 30, 2026, was 16%, up from 14% in the same period in 2025.
• Gross margin for the nine months ended September 30, 2026, was 17%, up from 15% in the same period in 2025.
• Net loss for the three months ended September 30, 2026, was $2.3 million, compared to a net loss of $1.8 million in the same period in 2025.
• Net loss for the nine months ended September 30, 2026, was $5.1 million, compared to a net loss of $4.8 million in the same period in 2025.
• Adjusted EBITDA for the three months ended September 30, 2026, was ($0.3) million, compared to $50,000 in the same period in 2025.
• Adjusted EBITDA for the nine months ended September 30, 2026, was ($0.7) million, compared to ($0.6) million in the same period in 2025.
• Cash, cash equivalents, and investments available-for-sale totaled $22.5 million at September 30, 2026, a decrease from $24.8 million at June 30, 2026.
• Total assets were $57.1 million at September 30, 2026, compared to $57.5 million at September 30, 2025.
• Total liabilities were $23.9 million at September 30, 2026, compared to $20.5 million at September 30, 2025.
• Total stockholders' equity was $33.1 million at September 30, 2026, compared to $37.0 million at September 30, 2025.
• Basic and diluted net loss per share was $0.59 for the three months ended September 30, 2026, compared to $0.49 in the same period in 2025.
• Basic and diluted net loss per share was $1.33 for the nine months ended September 30, 2026, compared to $1.41 in the same period in 2025.
• Adjusted EPS was ($0.07) for the three months ended September 30, 2026, compared to $0.01 in the same period in 2025.
• Adjusted EPS was ($0.18) for the nine months ended September 30, 2026, compared to ($0.18) in the same period in 2025.

Guidance and Future Outlook:

• The combination of Rockwell Medical with Vantive's global hemodialysis concentrates, hemodialysis machines, water treatment systems, and related consumables and technical services business is projected to generate annual revenue between $400 million and $450 million.
• Management expressed confidence in building on current momentum with the recently announced acquisition, stating the company is well-positioned to drive innovation and capitalize on emerging growth opportunities.

Business Segments and Product Lines:

• Net sales growth in the third quarter was driven by greater purchasing from existing customers and additional sales to new customers in the western United States.
• The company develops, manufactures, commercializes, and distributes a portfolio of hemodialysis products to dialysis providers worldwide.
• The company is advancing its quality and regulatory leadership with the appointment of Brian Cox as Vice President, Quality and Regulatory Compliance in July 2026.

Market and Competitive Landscape:

• The company operates in the hemodialysis market, serving freestanding outpatient dialysis centers, hospital-based outpatient centers, skilled nursing facilities, and home care settings.
• Rockwell Medical was named to the 2026 Fortune Best Workplaces in Manufacturing & Production List in the small & medium category for the third year in a row.
• The company is certified as a Great Place to Work for four consecutive years (2023-2026).

Risks and Challenges:

• The press release notes that actual results could differ materially from forward-looking statements due to risks and uncertainties, including those related to the proposed acquisition, integration of the acquired business, and future growth expectations.
• Specific risks are detailed in the "Risk Factors" section of the Annual Report on Form 10-K for the year ended December 31, 2025.

Management Commentary and Tone:

• Mark Strobeck, Ph.D., President and CEO, stated the company has maintained "solid upward momentum across our business, driven by robust market demand and disciplined execution."
• Management highlighted strong customer adoption and market validation of products, attributing success to a commitment to quality and reliable customer service.
• The CEO described the Vantive acquisition as a "transformational step" that will significantly expand the company's portfolio and global reach.

Other Key Points:

• On November 12, 2026, Rockwell Medical announced an Equity and Asset Purchase Agreement with Vantive Limited to acquire Vantive's hemodialysis concentrates, HD machines (including AK-98), water treatment systems, related consumables, and technical services business.
• The acquisition includes Vantive's one million square foot manufacturing campus in Medolla, Italy, located within the Mirandola Biomedical District.
• The Medolla campus currently manufactures dry concentrate cartridges, HD machines, related parts and consumables, and water treatment systems.
• The decrease in cash and cash equivalents during the quarter was primarily driven by an increase in accounts receivable and prepaid expenses, as well as capital purchases to further automate manufacturing facilities.
• Transaction-related expenses for the three and nine months ended September 30, 2026, were $847,000.