h3 Rockwell Medical Reports Financial Results for Q2 2024h3p Rockwell Medical Inc NASDAQ RMTI a lead
Intellectia.AI1970-01-01
Rockwell Medical Reports Financial Results for Q2 2024
Rockwell Medical, Inc. (NASDAQ: RMTI), a leading supplier of hemodialysis products, today announced its financial results for the second quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Y-o-Y Change | Consensus Estimates Q2 2024 |
|---|---|---|---|---|
| Total Revenue | $25.8 million | $18.1 million | +42.5% | $22.92 million |
| Earnings Per Share (EPS) | Not provided | Not provided | N/A | -$0.03 |
In the second quarter of 2024, Rockwell Medical reported a substantial 42.5% year-over-year increase in revenue, driven by the addition of new customers through the Evoqua asset acquisition, as well as increased sales and price increases to existing customers. The revenue exceeded Wall Street consensus estimates of $22.92 million.
Revenue Performance by Segment
| Segment | Q2 2024 | Q2 2023 | Y-o-Y Change |
|---|---|---|---|
| Product Revenue | $25.8 million | $18.0 million | +43.3% |
| Non-Product Revenue | Not material | Not material | N/A |
The company's product revenue saw a robust 43.3% year-over-year growth, primarily due to contributions from the newly acquired customers through the Evoqua asset acquisition along with sales and price increases to existing customers.
Comments from Company Officers
As of now, no specific comments from company officers were provided in the earnings release.
Dividends and Share Repurchase Program
There was no mention of any dividends or share repurchase program in the earnings release.
Forward Guidance
The earnings release did not provide any forward guidance.
Stock Price Movement
Following the earnings release, Rockwell Medical's stock price saw a significant post-event percentage change, increasing by 10.169%.
In summary, Rockwell Medical delivered strong financial performance in the second quarter of 2024, with substantial year-over-year revenue growth, driven by its strategic acquisitions and increased sales to its existing customer base. The company's stock price reflected the positive market reaction to these results.
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