Rockwell Medical Acquires Hemodialysis Concentrates Business from Evoqua Water Technologies
11 Julio 2023 - 5:00AM
Business Wire
Adds profitable business that generates
approximately $18 million in annual revenue and will add over $3.3
million in annual EBITDA for Rockwell Medical.
Significantly expands Rockwell Medical's
geographic footprint, customer base, and product offerings; Adds
fully automated manufacturing know-how and capacity.
Rockwell Medical increases its 2023 revenue
guidance to between $82.0 million and $86.0 million.
Conference call and webcast will be held
today at 8:00am ET
Rockwell Medical, Inc. (the "Company") (Nasdaq: RMTI), a
healthcare company that develops, manufactures, commercializes, and
distributes a portfolio of hemodialysis products to dialysis
providers worldwide, today announced that the Company acquired the
hemodialysis concentrates business from Evoqua Water Technologies
("Evoqua") for $11 million up front in cash plus two milestone
payments of $2.5 million each at 12- and 24-months from the closing
of the transaction. Rockwell Medical purchased this business
through its cash balance. At closing of the transaction, Rockwell
Medical had approximately $15.3 million in cash and cash
equivalents.
Under the terms of the agreement, Rockwell Medical acquired
Evoqua's concentrates business which includes all contracts, all
intellectual property, all U.S. Food and Drug Administration 510(k)
clearances, and all assets primarily associated with, and related
to, Evoqua's concentrates business nationwide including liquid and
powder bicarbonate and liquid acid.
Evoqua's operations are fully automated and afford Rockwell the
valuable opportunity to manufacture its hemodialysis concentrates
products at a lower cost and add significant capacity to the
Company's production line. By assuming responsibility for Evoqua’s
concentrates customer contracts, Rockwell will further expand its
footprint in the United States and assume a larger market share of
the already growing hemodialysis concentrates market. Additionally,
the Company will now become the leading supplier of liquid
bicarbonate products to dialysis centers in the United States.
"We are excited by this acquisition and believe that the
transaction is transformative for our business," said Mark
Strobeck, Ph.D., President and CEO of Rockwell Medical. "Evoqua's
hemodialysis concentrates business is profitable, complementary to
Rockwell's business, and immediately accretive to our top and
bottom line. Additionally, this transaction enhances Rockwell's
presence in the hemodialysis marketplace and offers us
technological solutions that will enable us to automate our
processes and add significant capacity to our production line. This
is the first of many opportunities that we plan to pursue so that
we can serve more clinics and in turn, more patients."
Conference Call and Webcast Details Rockwell Medical will
host a live conference call and webcast today at 8:00am ET to
discuss this acquisition. A replay will be available online for
thirty (30) days.
Date: Tuesday, July 11, 2023
Time: 8:00am ET Live Number: (888) 210-2212 //
(International) 1 (646) 960-0390 Conference Call ID: 9066444
Webcast and Replay: www.RockwellMed.com/Acquisition
About Rockwell Medical Rockwell Medical, Inc. (Nasdaq:
RMTI) is a healthcare company that develops, manufactures,
commercializes, and distributes a portfolio of hemodialysis
products for dialysis providers worldwide. Rockwell Medical's
mission is to provide dialysis clinics and the patients they serve
with the highest quality products supported by the best customer
service in the industry. Rockwell is focused on innovative,
long-term growth strategies that enhance its products, its
processes, and its people, enabling the Company to deliver
exceptional value to the healthcare system and provide a positive
impact on the lives of hemodialysis patients. Hemodialysis is the
most common form of end-stage kidney disease treatment and is
usually performed at freestanding outpatient dialysis centers, at
hospital-based outpatient centers, at skilled nursing facilities,
or in a patient’s home. Rockwell Medical's products are vital to
vulnerable patients with end-stage kidney disease, and the Company
is relentless in providing unmatched reliability and customer
service. Rockwell Medical is the second largest supplier of acid
and bicarbonate concentrates for dialysis patients in the United
States and has the vision of becoming the leading global supplier
of hemodialysis concentrates. Certified as a Great Place to Work®
in 2023, Rockwell Medical is Driven to Deliver Life-Sustaining
Dialysis Solutions™. For more information, visit
www.RockwellMed.com.
Forward-Looking Statements Certain statements in this
press release may constitute "forward-looking statements" within
the meaning of the federal securities laws. Words such as, "may,"
"might," "will," "should," "believe," "expect," "anticipate,"
"estimate," "continue," "could," "can," "would," "develop," "plan,"
"potential," "predict," "forecast," "project," "intend," "look
forward to," "remain confident," “are determined,” “are on track,”
“are resolute in our vision,” "work to," "drive towards," “focused
on,” or the negative of these terms, and similar expressions, or
statements regarding intent, belief, or current expectations, are
forward looking statements. There can be no assurance that Rockwell
Medical will: achieve its projected total revenue and gross profit
for 2023; achieve projected synergies and associated EBITDA
addition; be able to manufacture its concentrates at a lower cost;
attain and retain a lager share of the hemodialysis concentrates
market; be successful in evaluating and pursuing potential business
development opportunities. While Rockwell Medical believes these
forward-looking statements are reasonable, undue reliance should
not be placed on any such forward-looking statements, which are
based on information available to us on the date of this release.
These forward-looking statements are based upon current estimates
and assumptions and are subject to various risks and uncertainties
(including, without limitation, those set forth in Rockwell
Medical's SEC filings), many of which are beyond our control and
subject to change. Actual results could be materially different.
Risks and uncertainties include, but are not limited to those risks
more fully discussed in the "Risk Factors" section of our Annual
Report on Form 10-K for the year ended December 31, 2022, as such
description may be amended or updated in any future reports we file
with the SEC. Rockwell Medical expressly disclaims any obligation
to update our forward-looking statements, except as may be required
by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230710753826/en/
Heather R. Hunter SVP, Chief Corporate Affairs Officer (248)
432-1362 IR@RockwellMed.com
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