Start here if you're new
what it is
Rockwell Medical makes dialysis concentrates and delivers them to treatment sites.
how it gets paid
Last year Rockwell Medical made $101M in revenue. Liquid bicarbonate concentrates was the main engine at $38M, or 38% of sales.
what just happened
Rockwell posted $51M of revenue, while EPS stayed at -$0.14 and gross margin was 15.4%.
At a glance
C+ balance sheet — struggling to keep the lights on
40/100 earnings predictability — expect surprises
0.4% return on capital — nothing to write home about
-$0.03 fy2024 eps est
$102M fy2024 rev est
xvary composite: 29/100 — weak
What they do
Rockwell Medical makes dialysis concentrates and delivers them to treatment sites.
Rockwell is the No. 1 U.S. supplier of liquid bicarbonate concentrates and No. 2 in acid and dry bicarbonate. Dialysis clinics order the same fluids again and again, so your buyer does not switch brands for fun. The company runs 244 employees across FDA-regulated plants, meaning regulators watch the process, in Michigan, Texas, and Iowa.
How they make money
$101M
annual revenue
Liquid bicarbonate concentrates
$38M
Acid concentrates
$27M
Dry bicarbonate concentrates
$15M
Ancillary dialysis products
$11M
Delivery and service
$10M
The products that matter
manufactures dialysis concentrates
Hemodialysis Concentrates
$15.9M last quarter · down from $28.3M
This is the core operating line, and the latest quarter fell 44% from a year ago. When your main engine nearly halves, every other talking point becomes secondary.
44% drop
sells dialysis drugs and related products
Drugs & Other Products
$59.7M disclosed revenue bucket
This bucket is doing more of the revenue lifting in the figures shown here than concentrates — $59.7M versus $15.9M. That matters because a recovery plan built on one shrinking line is not much of a plan.
bigger than core line
Key numbers
$101M
annual sales
That is more sales than its $35M market cap suggests.
3.2%
operating margin
You keep 3.2 cents of every sales dollar before interest and taxes.
0.4%
return on capital
The business earns almost nothing on the money put into it.
$11M
long-term debt
Debt is 24% of capital, so the balance sheet is not loose.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $11M (24% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for RMTI right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Rockwell posted $51M of revenue, while EPS stayed at -$0.14 and gross margin was 15.4%.
Revenue rose 220% from a year ago. The catch is that -$0.14 EPS and 15.4% gross margin still leave the business in the red.
$51M
revenue
-$0.14
eps
15.4%
gross margin
the number that mattered
Revenue rose 220% vs. prior year to $51M. That is the headline, but 15.4% gross margin shows the engine still runs hot and thin.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
The central risk is simple: Rockwell needs concentrate revenue to stop falling before cash, margin, and investor patience do.
med
core sales keep shrinking
Hemodialysis Concentrates fell to $15.9M from $28.3M. That is a 44% drop from a year ago in the line that is supposed to anchor the business.
If that line does not stabilize, the turnaround case is mostly presentation software.
med
thin margin structure leaves almost no buffer
Gross margin is 15.4%, operating margin is -9.95%, and net profit margin is -7.3%. Those numbers do not give you much room for pricing pressure, manufacturing issues, or customer mix shifts.
A few bad quarters can damage the balance sheet faster than management can explain them.
med
cash looks decent until losses make it do real work
The company had $23.7M in cash and $11M in long-term debt. That is workable for now. It is not abundant when the equity value is only about $35M and the business is still losing money.
If sales stay weak, the balance sheet becomes the whole story very quickly.
med
the 25% gross margin target stays a target
Management has pointed to 25% gross margin by 2026. Against a current 15.4%, that is a real jump, not a rounding exercise.
Missing that target would not just hurt profitability. It would tell you the recovery math was too optimistic.
The bear case is not complicated. Revenue stays shaky, margins stay thin, cash stops feeling comfortable, and the stock keeps trading like a distressed microcap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next catalyst
q4 and fy2025 earnings on march 26, 2026
You need that report to confirm whether preliminary q4 net sales of about $18M were real traction or just a better patch inside a messy year.
margin math
15.4% gross margin versus a 25% target
That gap is the whole operating story. If margin cannot move meaningfully higher, revenue growth alone will not rescue the income statement.
customer trend
30 new western customers need to show up in reported sales
New accounts sound good. You want to see them large enough to matter against a prior $12.4M drop in the concentrate line.
balance sheet
cash at $23.7M is a metric, not a comfort blanket
Watch the cash line against continued losses and low price stability. In microcaps, funding pressure can show up before the thesis gets a fair trial.
Analyst rankings
earnings predictability
40 / 100
in human-speak, analysts do not trust this company to produce clean, repeatable quarters yet.
risk rank
5
That means safer than 5% of stocks. Put differently: 95% of the market grades as less risky than this one.
price stability
5 / 100
The stock moves like a microcap under pressure because the business still looks like one under pressure.
source: institutional data
Institutional activity
institutional ownership data for RMTI is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive