Rockwell Medical Inc. reported that net income for the fourth quarter of 2013 grew 21% to $2.1 million, compared to the same quarter in 2012. Sales increased 7.4% to $14 million. Research and development expenses fell 51% to 5.8 million, compared to $11.8 million in the fourth quarter of 2012.
Rockwell reported a loss of $8.3 million or $0.21 per share, a 39% reduction compared to $13.7 million or $0.66 per share in the fourth quarter of 2012.
"CitraPure now accounts for close to 70% of all Rockwell Dry Acid sales," Robert L. Chioini, Founder, Chairman and CEO of Rockwell said during an earnings call. "We expect CitraPure will soon become the new standard of care in dialysis. Going forward, we expect our sales momentum to continue."
For the year, Rockwell reported a loss of $48.8 million or $1.48 per share, a 9.7% reduction compared to $54 million or $2.65 per share in 2012.
"As you know we reported successful study results from our pivotal CRUISE-1 and CRUISE-2 trials in the second half of 2013," Chioini said about Treferic,Rockwell's investigational iron-replacement drug."Both pivotal Phase 3 studies met their primary efficacy end point and delivered exceptional safety results. We are on track to submit the NDA in the next few weeks. Once that occurs, we anticipate the FDA’s decision in approximately 12 months "Given our successful Phase 3 clinical results, demonstrating efficacy and safety, the benefit, the risk ratio for Triferic appears favorable and we expect FDA approval."