Rockwell Medical, Inc. (the "Company") (Nasdaq: RMTI), a commercial healthcare company focused on providing life-sustaining products for patients suffering from blood disorders and diseases associated with the kidney, announced that the Company signed a three-year product purchase agreement with Concerto Renal Services ("Concerto"), the largest provider of dialysis in skilled nursing facilities in the United States. Under the terms of the agreement, Rockwell Medical will be the primary supplier of liquid and dry acid and bicarbonate concentrates to Concerto through a three-year commitment that includes supply and purchasing minimums. Concerto operates in eleven states — Illinois, Maryland, Kansas, Missouri, Indiana, Michigan, Ohio, Wisconsin, Georgia, Pennsylvania, and Delaware — and is launching operations in several additional states.
Founded by nursing home operators who grew frustrated with both the quality of in-house dialysis care and the risks of transporting patients offsite for renal care, Concerto Renal Services began in 2015 with a vision of 'Giving Life to People on Dialysis'. Based in Chicago, Concerto provides in-house services to more nursing home residents than any other provider in America. Concerto believes that dialysis care for nursing home residents should accommodate their lifestyle and conform to their schedule. The result is improved and extended lives, while dramatically reducing the overall costs of these patients to the healthcare system.
"We are thrilled to partner with Concerto and add another new customer to our growing hemodialysis concentrates business," said Mark Strobeck, Ph.D., President and CEO at Rockwell Medical. "This is the second agreement that we have established over the past several weeks that will generate millions of dollars in revenue, annually, for Rockwell Medical. The hemodialysis concentrates market is rapidly growing and our partnership with Concerto offers us the platform to advance innovative, proactive solutions that serve patients suffering from end-stage kidney disease. We are on track to achieving profitability in 2024 and are resolute in our vision to become the global leader in the hemodialysis market."
In the United States, the in-center hemodialysis concentrates market is currently valued at $380 million and is anticipated to grow to approximately $500 million by 2026, driven primarily by an increasing number of patients suffering from end-stage kidney disease. Rockwell is the second largest supplier of life-sustaining hemodialysis concentrates products to dialysis clinics in the United States. An indispensable player in this large and expanding market, Rockwell Medical is one of only two suppliers that has the manufacturing scalability and transportation infrastructure to service the over 7,500 dialysis clinics in the United States along with select international markets.
About Rockwell Medical
Rockwell Medical, Inc. (Nasdaq: RMTI) is a commercial healthcare company focused on providing life-sustaining products for patients suffering from blood disorders and diseases associated with the kidney. Rockwell is an innovative leader in producing and delivering a portfolio of hemodialysis products, including concentrates (solutions and powders) and related ancillaries, to dialysis providers in the United States and internationally. Rockwell is the second largest supplier of acid and bicarbonate concentrates for dialysis patients in the United States. The Company is dedicated to providing the hemodialysis community with the highest quality products supported by the most reliable delivery service in the industry. For more information, visit www.RockwellMed.com.
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,” 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’s hemodialysis business will grow, Rockwell will reach profitability in 2024, Rockwell will become the global leader in hemodialysis concentrates, the in-center hemodialysis concentrates market will increase in size or that Rockwell Medical will be able to access the expected market opportunity. 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, 2021, 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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The hemodialysis concentrates market is rapidly growing and our partnership with Concerto offers us the platform to advance innovative, proactive solutions that serve patients suffering from end-stage kidney disease.
Heather R. Hunter
SVP, Chief Corporate Affairs Officer