Rockwell Medical (RMTI) saw its loss narrow to $5.05 million, or $0.10 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.77 million, or $0.12 a share.     

Revenue during the quarter dropped 5.26 percent to $13.39 million from $14.13 million in the previous year period. Gross margin for the quarter expanded 30 basis points over the previous year period to 14.85 percent. Operating margin for the quarter stood at negative 39.30 percent as compared to a negative 42.90 percent for the previous year period.

Operating loss for the quarter was $5.26 million, compared with an operating loss of $6.06 million in the previous year period.

Mr. Robert L. Chioini, chairman and chief executive officer of Rockwell stated, "We are pleased and excited with our progress to obtain transitional add-on reimbursement for Triferic. Our effort and movement on the add-on reimbursement front has been very strong and we feel we are closer to our goal of securing it. We continue to garner support from key stakeholders for add-on reimbursement for Triferic. We are also very pleased with the response, and the positive clinical findings being reported from dialysis providers using Triferic through our drug sample program. Our marketing and education efforts on Triferic have been well received and continue to be very effective." Mr. Chioini also stated, “We have advanced our clinical development work for Triferic in both the China and India markets, while implementing the necessary clinical steps to advance the use of Triferic in the Peritoneal dialysis, Total Parenteral Nutrition and Cancer markets."

The company has spent $1.64 million cash to meet investing activities during the year as against cash outgo of $21.14 million in the last year. It has incurred net capital expenditure of $0.35 million on net basis during the year, down 56.27 percent or $0.46 million from year ago.

Cash flow from financing activities was $0.08 million for the year, down 97.12 percent or $2.70 million, when compared with the last year.

Cash and cash equivalents stood at $17.18 million as on Dec. 31, 2016, down 44.93 percent or $14.02 million from $31.20 million on Dec. 31, 2015.

Working capital declines
Rockwell Medical has witnessed a decline in the working capital over the last year. It stood at $68.36 million as at Dec. 31, 2016, down 10.68 percent or $8.17 million from $76.53 million on Dec. 31, 2015. Current ratio was at 7.74 as on Dec. 31, 2016, down from 10.46 on Dec. 31, 2015.