Rockwell Medical
RMTINASDAQUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $7.31 Prior regular-session close from the quote source.
- $7.02–$7.55 Regular-session low and high so far today.
- 20.4K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $4.89–$12.90 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own RMTI if its dialysis-supply niche proves sticky enough to restore scale economics and cash breakeven after the 2025 setback.
RMTI price history
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Investment thesis
What must happen next
Dialysis providers’ need for qualified, reliable recurring supply keeps Rockwell relevant despite its small scale, but this claim needs calibration because customer concentration and contract terms are not supplied.HoldingMateriality: High
GAAP annual revenue remained material at $69.258 million in FY2025 despite the decline from $101.489 million in FY2024. If the relationships are sticky, revenue can recover without Rockwell buying growth; if they are not, the business remains a low-margin commodity supplier.
Watch: Large dialysis organizations shift purchasing to vertically integrated or lower-cost suppliers such as Fresenius Medical Care, Baxter/Vantive, or other concentrate manufacturers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue remained material at $69.258 million in FY2025 despite the decline from $101.489 million in FY2024.
Open source ↗Rockwell’s value creation depends on price/mix, procurement, and manufacturing execution restoring gross-profit dollars after input, freight, or customer-pricing pressure.HoldingMateriality: High
GAAP annual gross profit improved from $4.077 million in FY2022 to $8.704 million in FY2023 and $17.484 million in FY2024. Revenue growth is not enough; the company needs each dollar of sales to carry enough gross profit to cover the fixed operating base.
Watch: Raw material, packaging, labor, or freight inflation returns before Rockwell can pass costs through to dialysis customers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit improved from $4.077 million in FY2022 to $8.704 million in FY2023 and $17.484 million in FY2024.
Open source ↗The turnaround requires Rockwell’s manufacturing, quality, and public-company cost base to scale over a higher gross-profit pool rather than absorbing new compliance or commercial expense.HoldingMateriality: Medium
GAAP annual operating income improved from a loss of $16.780 million in FY2022 to a loss of $6.670 million in FY2023 and positive $0.608 million in FY2024. If operating leverage returns, small revenue and gross-profit improvements can materially change earnings; if not, the company stays structurally loss-making.
Watch: FDA, quality-system, facility, or remediation requirements force a step-up in fixed costs before volume recovers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income improved from a loss of $16.780 million in FY2022 to a loss of $6.670 million in.
Open source ↗Rockwell must keep the turnaround close to self-funded so that customer wins and margin recovery accrue to existing shareholders rather than being financed through distressed dilution.HoldingMateriality: Medium
GAAP annual operating cash flow improved from negative $16.929 million in FY2022 to negative $9.412 million in FY2023 and positive $4.202 million in FY2024. For a small unprofitable company, cash discipline determines whether the operating recovery becomes per-share value or merely funds survival.
Watch: Working-capital needs rise materially because new customer onboarding requires inventory builds or longer receivable collection cycles.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow improved from negative $16.929 million in FY2022 to negative $9.412 million in FY2023 and positive.
Open source ↗The balance sheet must provide enough runway for management to renegotiate, win, and fulfill dialysis-supply contracts without accepting punitive financing terms.HoldingMateriality: Medium
Cash was $10.711 million at FY2025 year-end versus $15.662 million at FY2024 year-end. A liquidity cushion gives the turnaround time; a shrinking cushion transfers upside to new capital providers or forces strategic retrenchment.
Watch: Operating losses widen before contract recoveries arrive, accelerating cash burn.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
Cash was $10.711 million at FY2025 year-end versus $15.662 million at FY2024 year-end.
Open source ↗
Full investment case & evidence
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Original research
Dialysis providers’ need for qualified, reliable recurring supply keeps Rockwell relevant despite its small scale, but this claim needs calibration because customer concentration and contract terms are not supplied. If the relationships are sticky, revenue can recover without Rockwell buying growth; if they are not, the business remains a low-margin commodity supplier.
Rockwell’s value creation depends on price/mix, procurement, and manufacturing execution restoring gross-profit dollars after input, freight, or customer-pricing pressure. Revenue growth is not enough; the company needs each dollar of sales to carry enough gross profit to cover the fixed operating base.
The turnaround requires Rockwell’s manufacturing, quality, and public-company cost base to scale over a higher gross-profit pool rather than absorbing new compliance or commercial expense. If operating leverage returns, small revenue and gross-profit improvements can materially change earnings; if not, the company stays structurally loss-making.
Rockwell must keep the turnaround close to self-funded so that customer wins and margin recovery accrue to existing shareholders rather than being financed through distressed dilution. For a small unprofitable company, cash discipline determines whether the operating recovery becomes per-share value or merely funds survival.
The balance sheet must provide enough runway for management to renegotiate, win, and fulfill dialysis-supply contracts without accepting punitive financing terms. A liquidity cushion gives the turnaround time; a shrinking cushion transfers upside to new capital providers or forces strategic retrenchment.
All standing thesis claims
Original report summary
its dialysis-supply niche proves sticky enough to restore scale economics and cash breakeven after the 2025 setback.
Bull case and bear case
Bull case and bear case for Rockwell Medical
Where the evidence on Rockwell Medical stands: Holding on the latest evidence (Nov 9, 2026). Of its 5 thesis points, 5 holding.
Bull case: what the evidence supports
Dialysis providers’ need for qualified, reliable recurring supply keeps Rockwell relevant despite its small scale, but this claim needs calibration because customer concentration and contract terms are not supplied.
Rockwell’s value creation depends on price/mix, procurement, and manufacturing execution restoring gross-profit dollars after input, freight, or customer-pricing pressure.
The turnaround requires Rockwell’s manufacturing, quality, and public-company cost base to scale over a higher gross-profit pool rather than absorbing new compliance or commercial expense.
Rockwell must keep the turnaround close to self-funded so that customer wins and margin recovery accrue to existing shareholders rather than being financed through distressed dilution.
The balance sheet must provide enough runway for management to renegotiate, win, and fulfill dialysis-supply contracts without accepting punitive financing terms.
Bear case: what would count against it
Large dialysis organizations shift purchasing to vertically integrated or lower-cost suppliers such as Fresenius Medical Care, Baxter/Vantive, or other concentrate manufacturers.
Raw material, packaging, labor, or freight inflation returns before Rockwell can pass costs through to dialysis customers.
FDA, quality-system, facility, or remediation requirements force a step-up in fixed costs before volume recovers.
Thesis-Break Engine
Thesis-break watch · Rockwell Medical
No break has crossed Rockwell Medical’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedEntered a material definitive agreement.
Rockwell Medical filed an SEC 8-K on 2026-11-03: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedRegulation FD disclosure.
Rockwell Medical filed an SEC 8-K on 2026-08-13: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Rockwell Medical filed an SEC 8-K on 2026-08-13: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large dialysis organizations shift purchasing to vertically integrated or lower-cost suppliers such as Fresenius Medical Care, Baxter/Vantive, or other concentrate manufacturers.
- Raw material, packaging, labor, or freight inflation returns before Rockwell can pass costs through to dialysis customers.
- FDA, quality-system, facility, or remediation requirements force a step-up in fixed costs before volume recovers.
- Working-capital needs rise materially because new customer onboarding requires inventory builds or longer receivable collection cycles.
- Operating losses widen before contract recoveries arrive, accelerating cash burn.
RMTI news
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Financial statements
RMTI income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
RMTI: quick answers
- When does Rockwell Medical (RMTI) report earnings next?
- Rockwell Medical's next results were projected for November 11, 2026, from the dates of its own results filings with the SEC, and it has not filed them yet. It last reported on August 13, 2026. Earnings calendar
- What is RMTI's short interest?
- As of October 30, 2026, 35,533 RMTI shares were sold short, down 49.3% from the count before. At the stock's average daily volume that is 1.4 days to cover. FINRA publishes the count twice a month. RMTI short interest history