Rockwell Med (RMTI) AI Stock Analysis

• Market Cap: $42.16M
• Dividend Yield: N/A
• Average Volume (3M): 520.77K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.87
• Revenue Growth: -23.60%
• EPS Growth: -179.33%
• Country: US
• Employees: 244
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): -0.05
• Shares Outstanding: 39,405,300
• 10 Day Avg. Volume: 418,188
• 30 Day Avg. Volume: 520,771
• PEG Ratio: 1.42
• Price to Book (P/B): 1.94
• Price to Sales (P/S): 0.62
• P/FCF Ratio: 19.86
• Enterprise Value/Market Cap: 1.04
• Enterprise Value/Revenue: 0.58
• Enterprise Value/Gross Profit: 3.81
• Enterprise Value/Ebitda: -16.27
• 1Y Price Target: $3.75
• Price Target Upside: 228.95% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 42 Neutral
• Price Target: $1.00 ▼(-12.28% Downside)

The score is held down primarily by weak financial performance (declining revenue, ongoing losses, and negative operating/free cash flow). Technicals also lean bearish with price below key moving averages and negative MACD. Partially offsetting these are improved cash levels and contract visibility from the earnings call, plus a positive DaVita contract extension with pricing uplift.

Positive Factors

Long-term Contracts

Having over 80% of customers on long-term agreements materially raises revenue visibility and reduces churn risk. This durable contract base supports steadier demand for Triferic, aids multi‑period planning, and strengthens negotiating leverage with payors and providers over the next several quarters.

Strategic DaVita Extension

Extending and repricing the DaVita supply agreement secures a key commercial channel and demonstrates pricing power with a major dialysis provider. This structural win supports recurring revenue, improves medium‑term cash predictability, and reinforces market position in the core dialysis customer segment.

Improved Liquidity

A larger cash balance alongside adjusted EBITDA profitability provides a stronger runway to execute commercial initiatives and navigate customer transitions. Improved liquidity reduces near‑term refinancing risk and gives management flexibility to invest in sales, R&D, or strategic partnerships over the coming quarters.

Negative Factors

Revenue Decline

A 44% YoY sales drop signals structural demand or share loss that impairs scale economics. Sustained top‑line contraction pressures margins, R&D and commercial budgets, and limits the firm's ability to invest in market expansion, making recovery and durable growth more challenging over the medium term.

Negative Cash Flow

Persistent negative operating and free cash flows weaken financial flexibility and increase reliance on external financing or equity dilution. Over months, this can constrain investments in commercialization, limit buffer for contract transitions, and elevate solvency risk if revenue recovery stalls.

Customer Concentration Risk

Dependence on a few large dialysis customers creates material volatility; a 12% customer shift already drove a significant sales decline. Such concentration means contract renewals or supplier switches can cause outsized revenue swings, undermining stable cash flow and long‑term planning.

Rockwell Med Business Overview & Revenue Model

Company Description

Rockwell Medical, Inc., together with its subsidiaries, operates as a biopharmaceutical company that targets end-stage renal disease and chronic kidney disease with therapies and products for the treatment of iron deficiency and hemodialysis in the United States and internationally. The company offers Triferic Dialysate and Triferic AVNU, an iron therapy that replaces iron and maintains hemoglobin in dialysis patients without increasing iron stores. It also manufactures, sells, delivers, and distributes hemodialysis concentrates, such as CitraPure citric acid concentrate, Dri-Sate dry acid concentrate, RenalPure liquid acid concentrate, dry acid concentrate mixer, and RenalPure and SteriLyte powder bicarbonate concentrate; and ancillary products, including blood tubing, fistula needles, dialyzers, drugs, specialized component kits, dressings, cleaning agents, filtration salts, and other supplies used by hemodialysis providers. The company's dialysis concentrate products are used to maintain human life by removing toxins and replacing critical nutrients in the dialysis patient's bloodstream. It is also developing other therapeutic product candidates for the treatment of hospitalized patients with acute heart failure; and home infusion therapy that allows patients to receive intravenous medications at home. Its target customers include medium and small sized dialysis chains and independent dialysis centers. Rockwell Medical, Inc. was incorporated in 1996 and is headquartered in Wixom, Michigan.

How the Company Makes Money

Rockwell Medical generates revenue primarily through the sale of its proprietary product Triferic, which is marketed to dialysis clinics and healthcare providers. The company earns income from both direct sales and potential partnerships with larger pharmaceutical companies that can help in distribution and market reach. Additionally, RMTI may benefit from collaborations in research and development, which can lead to new product offerings or enhancements to existing therapies. The company's revenue model is also supported by ongoing efforts to expand its market presence and increase adoption rates among healthcare providers, thereby driving sales growth.

Rockwell Med Financial Statement Overview

Summary

Weak fundamentals driven by declining revenue (TTM revenue growth -14.08%), ongoing profitability pressure (negative net profit and EBIT margins), and stressed cash generation (negative operating and free cash flow). Modest positives include slightly improving gross margin and improved leverage (debt-to-equity 0.46).

Income Statement

Rockwell Med's income statement shows a declining revenue trend with a negative revenue growth rate of -14.08% in the TTM period. The company has struggled with profitability, as indicated by negative net profit and EBIT margins. However, the gross profit margin has slightly improved over time, suggesting some cost management improvements.

Balance Sheet

The balance sheet reflects moderate leverage with a debt-to-equity ratio of 0.46 in the TTM period, which is an improvement from previous years. However, the return on equity remains negative, indicating ongoing challenges in generating returns for shareholders. The equity ratio is not explicitly provided, but the overall financial health suggests a need for stronger equity growth.

Cash Flow

Cash flow analysis reveals significant challenges, with negative operating and free cash flows in the TTM period. The free cash flow growth rate is also negative, highlighting cash management issues. The operating cash flow to net income ratio is low, indicating inefficiencies in converting income into cash.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	75.58M	101.49M	83.61M	72.81M	61.93M	62.20M
Gross Profit	11.45M	17.48M	8.70M	4.08M	-2.42M	2.73M
EBITDA	-2.68M	2.95M	-4.69M	-16.17M	-27.80M	-26.72M
Net Income	-5.52M	-480.00K	-8.44M	-18.68M	-32.67M	-30.89M
Balance Sheet
Total Assets	57.49M	59.21M	52.17M	46.63M	48.57M	77.75M
Cash, Cash Equivalents and Short-Term Investments	23.71M	21.60M	10.94M	21.49M	22.44M	58.68M
Total Debt	13.13M	13.54M	13.44M	16.36M	28.89M	23.94M
Total Liabilities	20.47M	26.62M	30.88M	32.53M	46.04M	43.58M
Stockholders Equity	37.02M	32.59M	21.29M	14.11M	2.54M	34.17M
Cash Flow
Free Cash Flow	-2.94M	3.19M	-9.70M	-17.21M	-34.06M	-30.69M
Operating Cash Flow	-2.08M	4.20M	-9.41M	-16.93M	-33.53M	-29.64M
Investing Cash Flow	-4.75M	-4.87M	-3.04M	-2.40M	311.00K	3.21M
Financing Cash Flow	8.10M	7.35M	11.34M	16.15M	-2.18M	63.32M

Rockwell Med Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 1.14
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For RMTI, the sentiment is Positive. The current price of 1.14 is above the 20-day moving average (MA) of 1.05, above the 50-day MA of 0.96, and above the 200-day MA of 1.08, indicating a bullish trend. The MACD of 0.05 indicates Negative momentum. The RSI at 58.05 is Neutral, neither overbought nor oversold. The STOCH value of 29.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for RMTI.

Rockwell Med Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ASRT	53 Neutral	$75.59M	-2.60	-24.48%	―	9.21%	58.12%
CPIX	53 Neutral	$56.09M	-16.56	-13.08%	―	12.21%	69.91%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SCYX	45 Neutral	$29.84M	-1.38	-53.29%	―	-65.77%	38.61%
RMTI	42 Neutral	$42.16M	-7.15	-16.67%	―	-23.60%	-179.33%
KALA	40 Underperform	$14.76M	-0.09	―	―	―	52.39%

Rockwell Med Corporate Events

Rockwell Medical Extends DaVita Supply Agreement with Price Increase

On December 31, 2025, Rockwell Medical, Inc. and DaVita, Inc. entered into a second amendment to their existing products purchase agreement, extending its term by one year to December 31, 2026, effective as of December 23, 2025. The amendment also introduces a price increase on products sold during the extended term, which is likely to support Rockwell Medical’s revenue profile while reinforcing its commercial relationship with a key dialysis provider customer, with implications for contract stability and pricing power in its core market.

The most recent analyst rating on (RMTI) stock is a Hold with a $0.88 price target. To see the full list of analyst forecasts on Rockwell Med stock, see the RMTI Stock Forecast page.

Rockwell Med Appoints Joseph Dawson to Board

On November 17, 2025, Andrea Heslin Smiley resigned from the Board of Directors of Rockwell Medical, Inc., and was replaced by Joseph H. Dawson as a Class II director. Mr. Dawson, an independent consultant with a background in medical corporations, will serve until the 2026 Annual Meeting of Stockholders and has been appointed to the Nominating and Corporate Governance Committee. He will receive a pro-rated annual cash retainer and equity awards, which will vest in 2026, as part of his compensation.

The most recent analyst rating on (RMTI) stock is a Buy with a $2.50 price target. To see the full list of analyst forecasts on Rockwell Med stock, see the RMTI Stock Forecast page.

Rockwell Med Releases Updated Corporate Presentation

On November 12, 2025, Rockwell Medical, Inc. released an updated corporate presentation. This update is part of their ongoing efforts to provide stakeholders with current information, though it is not considered filed under the Securities Exchange Act of 1934.

The most recent analyst rating on (RMTI) stock is a Hold with a $1.00 price target. To see the full list of analyst forecasts on Rockwell Med stock, see the RMTI Stock Forecast page.