Rockwell Medical Inc. reported that gross profit for the fourth quarter of 2014 grew 25% to $2.6 million, compared to the same quarter last year. Sales grew 3.5% to $14.4 million, compared to the fourth quarter of 2013, and research and development expenses dropped 71% to $1.7 million.
Gross profit for 2014 grew 28% to $8.5 million, compared to 2013. Sales for the full year grew 3.5% to $54 million.
"We had a very eventful active year," said Robert L. Chioini, chairman and chief executive officer of Rockwell. "Our fourth quarter was exceptional and included three major milestone accomplishments. First, we monetized and de-risked our operating business and positioned it for future growth through our new partnership with Baxter. Then, we conducted a successful FDA advisory committee meeting, achieving a majority vote to approve Triferic as the only iron replacement and hemoglobin maintenance drug for hemodialysis patients. Additionally, we completed a successful financing, strengthening our cash and liquidity position resulting in a strong balance sheet with no debt."
" We are now working diligently towards the commercial launch of both Triferic and Calcitriol, as well as expanding our operating business. Overall, we accomplished significant, strategic milestones and as we continue to execute we are focused and well prepared to offer patients and physicians clinically beneficial products while building Rockwell into a leading biotech company."