Rockwell Medical Enters into Products Purchase Agreement with its Largest Customer, Enhancing Relationship through 2024
September 21 2023 - 6:30AM
Business Wire
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 entered into
an amended and restated products purchase agreement with its
largest customer (the "Customer").
Under the agreement, Rockwell Medical and the Customer agreed to
an increase in product pricing, effective September 1, 2023 and
continuing until December 31, 2024, and a one-time payment to
Rockwell on or after December 1, 2023. The Customer has the option
to further extend the term through December 31, 2025. In the event
of such an extension, product pricing will be increased for the
extended term.
For more details about this amended and restated products
purchase agreement, please reference the Form 8-K filed September
21, 2023.
"Our largest customer has been a long-time customer of Rockwell
Medical and this amended purchase agreement further extends this
customer's commitment to our company," said Mark Strobeck, Ph.D.,
President and CEO of Rockwell Medical. "This agreement enhances
Rockwell's business with increased purchase volumes and revenue,
which represents an increase over the revenue generated from this
customer as reported in our financial results through the second
quarter of 2023. This customer is recognized as one of the leading
providers of kidney care services and we are proud to continue to
support its dialysis centers and the patients they serve."
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 typically performed at freestanding outpatient
dialysis centers, hospital-based outpatient centers, 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 intends to become 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 SolutionsTM. 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
become the leading global supplier of hemodialysis concentrates,
attain long term viability through the amended agreement or
maintain its customer relationships going forward. 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/20230921562198/en/
Heather R. Hunter SVP, Chief Corporate Affairs Officer (248)
432-1362 IR@RockwellMed.com
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