Rockwell Medical

What Rockwell Medical does

Rockwell Medical, Inc. (Nasdaq: RMTI) is a U.S.-based, vertically integrated healthcare company that develops, manufactures, commercializes, and distributes hemodialysis concentrates and related products to dialysis providers worldwide. Its core product portfolio spans citric acid-based concentrates (CitraPure, 100% acetate-free), acetic acid-based liquid and dry concentrates (RenalPure, Dri-Sate), bicarbonate concentrates (RenalPure powder, SteriLyte liquid), the 510(k) FDA-approved PureCart single-use bicarbonate cartridge (720g and 900g), and the proprietary Dry Acid Concentrate Mixer. Manufacturing is performed under cGMP, ISO 13485, and AAMI standards at four U.S. plants in Iowa, Michigan, South Carolina, and Texas, with the wholly-owned trucking subsidiary Rockwell Transportation (FMCSA Satisfactory-rated) handling direct U.S. delivery.

The company generates revenue primarily through multi-year product purchase agreements with U.S. dialysis providers, supplemented by an international distribution network covering more than 30 countries across the Caribbean, Latin America, Africa, the Middle East, and Asia-Pacific. Customer mix includes enterprise U.S. dialysis chains (DaVita is the largest historical customer), regional and family-owned providers (aQua Dialysis, Heritage Dialysis), and aQua Dialysis and Heritage Dialysis are examples of recent renewal/new contract activity in 2026. Pricing is negotiated bilaterally under multi-year contracts; recent amendments have included price increases (e.g., the DaVita second amendment, January 2026).

In 2025, the company reported net sales of $69.3M, a 31.8% decline driven by reduced DaVita purchase volume, and a $5.3M net loss; however, Q4 2025 marked the second consecutive cash-positive quarter with $1M in Adjusted EBITDA and $2.3M in operating cash flow, gross margin improved to 21%, and 2026 guidance is $70-75M with positive adjusted EBITDA. Strategic positioning reflects active customer diversification, operational streamlining (expected to deliver $3M+ annualized gross profit improvements), and product line expansion via PureCart, though the company carries a micro-cap valuation of approximately $31.9M, received a Nasdaq minimum bid price compliance notice, and shareholders approved a reverse stock split in June 2026.

Name

Rockwell Medical

Legal name

Rockwell Medical, Inc.

Website

https://rockwellmed.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

501–1,000 employees

Short description

Rockwell Medical (Nasdaq: RMTI) is a U.S. manufacturer and distributor of hemodialysis concentrates and related products, supplying dialysis providers domestically via multi-year contracts and across 30+ countries internationally through a wholly-owned trucking fleet and global partner network.

Ownership category

akta.pro rank

Product category

Hemodialysis Concentrates & Supplies

NAICS

Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers (42345)

SIC

Wholesale-Medical, Dental & Hospital Equipment & Supplies (5047)

akta.pro primary industry

Peritoneal Dialysis (PD) Systems & Supplies (HLAHAKAB)

akta.pro secondary industry

Medical Supplies & Consumables Wholesale (Non-Device) (CRAOAHAE)

Keywords

• Hemodialysis concentrates
• Dialysis supplies manufacturing
• Renal care products
• Bicarbonate cartridges
• Dialysis pharmaceuticals

Headquarters

HQ city

Wixom

HQ country

United States

HQ region

North America

Offices4 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Hemodialysis Concentrates and Related Products: Core revenue stream from the sale of a portfolio of hemodialysis products (CitraPure, Dri-Sate, RenalPure, SteriLyte liquid and dry acid concentrates, bicarbonate cartridges, dry acid mixers, and accessories) to dialysis providers worldwide. Sold under multi-year product purchase agreements (e.g., 3-year term with options for additional renewal periods) with major U.S. dialysis providers and through international distributors across 30+ countries. Recent revenue trajectory: 2025 net sales of $69.3M (a 31.8% decline from 2024 driven by reduced DaVita volume), Q4 2025 net sales of $18.3M, Q1 2026 net sales of $17.3M (8% YoY decline), and 2026 guidance of $70-75M with positive adjusted EBITDA and operating cash flow.

Pricing tiers

Go-to-market motion4 records

Distribution channels5 records

Marketing channels5 records

Core offering

Rockwell Medical develops, manufactures, commercializes, and distributes a portfolio of hemodialysis concentrates and related products for dialysis providers worldwide. The portfolio includes citric acid and acetic acid-based acid concentrates (CitraPure, RenalPure, Dri-Sate) in liquid and dry powder formats, liquid and dry bicarbonate concentrates (SteriLyte, RenalPure Bicarbonate), the 510(k)-cleared PureCart single-use bicarbonate cartridge, the proprietary Dry Acid Concentrate Mixer, and supporting cleaning agents and accessories. Products are manufactured under cGMP at four U.S. facilities and delivered domestically through the wholly-owned Rockwell Transportation fleet and internationally via a distributor network in 30+ countries.

Product overview

Rockwell Medical (Nasdaq: RMTI) is a healthcare company that develops, manufactures, commercializes, and distributes a single-product-line portfolio of hemodialysis concentrates and related products for dialysis providers worldwide. The portfolio is organized around three core acid/bicarbonate concentrate families: CitraPure (citric acid liquid and dry powder), RenalPure / Dri-Sate (acetic acid liquid and dry powder), and SteriLyte (liquid bicarbonate) — together with the RenalPure dry bicarbonate powder line. On top of this core line, Rockwell distributes the PureCart single-use bicarbonate cartridge (510(k)-cleared, 720g and 900g sizes) and sells supporting equipment and accessories, including the proprietary Dry Acid Concentrate Mixer (designed exclusively for use with CitraPure and Dri-Sate dry products) and Concentrates Cleaner and Salt Pellets (cleaning agents, 5% Acetic Acid cleaner, citric acid descale, filtration salts). Domestic distribution is performed primarily through the company's wholly-owned subsidiary Rockwell Transportation, a truck fleet rated Satisfactory by the FMCSA, and the company holds regulatory clearances such as FDA 510(k) approval and ISO 13485 certification, with all manufacturing performed at cGMP-regulated facilities in Iowa, Michigan, South Carolina, and Texas.

Differentiator

Problem solved

Functional benefit

Brands

• CitraPure: Citric acid-based, 100% acetate-free hemodialysis acid concentrate, packaged as both liquid (55-gallon drums, 1-gallon jugs) and dry powder forms.
• Dri-Sate
• RenalPure
• SteriLyte
• PureCart

Products and services

• CitraPure Hemodialysis Concentrate

Quantifiable outcome

• 4th consecutive Great Place to Work certification (2026)
• +6 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Four partnerships are on record, tiered core, minor and flagship.

• aQua Dialysis, LLPcoreChannel Partner/ Reseller/ Distributor · 20 May 2026aQua Dialysis is a leading independent dialysis services provider operating in Texas. On May 20, 2026, Rockwell Medical announced the renewal and extension of its product purchase agreement with aQua Dialysis for two years, with options to renew for two additional one-year periods. Under the renewed agreement, Rockwell continues to supply liquid and dry hemodialysis concentrates (RenalPure, SteriLyte) and other essential dialysis products. The renewal reflects aQua's confidence in Rockwell's product quality and operational reliability, and the long-standing customer relationship.
• Heritage DialysisminorChannel Partner/ Reseller/ Distributor · 14 May 2026Heritage Dialysis is a Michigan-based family-owned dialysis provider serving patients in skilled nursing facilities, assisted living, senior living communities, and homes. On May 14, 2026, Rockwell Medical announced a new three-year product purchase agreement with Heritage Dialysis, with options to renew for three additional one-year periods. Under the deal, Rockwell supplies its 720g PureCart bicarbonate cartridge, RenalPure, SteriLyte, and ancillary products to support Heritage's multi-environment home dialysis operations across Michigan.
• DaVitaflagshipChannel Partner/ Reseller/ Distributor · 5 January 2026DaVita is one of the largest dialysis providers in the United States and Rockwell Medical's largest historical customer. On January 5, 2026, Rockwell entered into a second amendment to the Amended and Restated Product Purchase Agreement with DaVita, extending the term by one year through December 31, 2026, with a price increase for hemodialysis products sold during the extension period. The reduction in DaVita purchase volume was the primary driver of Rockwell's 31.8% net sales decline in 2025. The relationship is supply-driven: Rockwell ships hemodialysis concentrates (RenalPure, SteriLyte, etc.) to DaVita, which then provides dialysis services to end-stage kidney disease patients.
• Evoqua Water TechnologiesflagshipStrategic or Co-development Partner · 12 July 2023On July 12, 2023, Rockwell Medical acquired the hemodialysis concentrates business from Evoqua Water Technologies for $11M in cash, including milestone payments. The transaction transferred key manufacturing assets, customer contracts, intellectual property, and FDA clearances to Rockwell, expanding its market share, manufacturing capacity, and geographic reach. The deal was described as immediately accretive and aligned with Rockwell's growth and market leadership objectives. The acquired business added to Rockwell's existing U.S. manufacturing footprint.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Outset Medical: Nasdaq-listed company (OM) commercializing the Tablo hemodialysis system, primarily targeted at home and acute care. Comparable to Rockwell as a U.S.-focused renal-care player with overlap in the home-dialysis and acute-care channels, but it is a device platform rather than a concentrates supplier.

Broad incumbents

• Terumo Corporation: Japanese medical-device company with a renal business that includes dialyzers and hemodialysis systems. Active in the same U.S. and international dialysis consumables market as Rockwell, though as part of a far larger hospital-products portfolio.
• Baxter International: Diversified medical-products company with a renal-care franchise that includes hemodialysis concentrates, dialyzers, and PD solutions. Comparable to Rockwell in the concentrates category, though it operates a much broader medtech and pharma portfolio.
• B. Braun: German medical-device and pharmaceutical company with an established hemodialysis concentrates and dialysis devices portfolio. Sells into the same U.S. dialysis-provider customer base as Rockwell, but as part of a much larger global medtech portfolio.
• Asahi Kasei Medical: Subsidiary of Asahi Kasei Corporation manufacturing dialyzers and other dialysis consumables for global sale. Comparable to Rockwell as a dialysis consumables supplier serving multinational providers, with a broader product range.
• Cantel Medical (now part of Steris) - Medivators dialysis water business: STERIS, via the legacy Cantel/Medivators franchise, supplies dialysis water purification and disinfectant products to U.S. dialysis centers. Adjacent to Rockwell in serving the same providers with complementary products (water treatment vs. concentrates and bicarbonate cartridges).

Direct peers

• Fresenius Medical Care: Global leader in dialysis products and services, manufacturing dialyzers, hemodialysis concentrates, and operating the largest network of dialysis clinics. Directly comparable to Rockwell as a producer and global distributor of hemodialysis concentrates and a major buyer/seller in the same U.S. accounts.
• Nipro Corporation: Japanese medical-device manufacturer producing dialyzers, hemodialysis bloodlines, and related dialysis consumables. Direct competitor in the dialyzer and consumables market and active in U.S. renal care, with similar OEM/contract supply relationships to large dialysis providers.

Regional players

• Diaverum: European-headquartered global dialysis-services provider operating clinics in Europe, Latin America, the Middle East, and Asia. Comparable to Rockwell as a buyer of hemodialysis concentrates for its clinic network and a renal-care counterpart in many of the same international markets.
• Innovative Renal Care (formerly American Renal Associates): U.S. mid-market dialysis-services provider operating outpatient clinics that purchase hemodialysis concentrates and supplies. Comparable to Rockwell as a U.S. dialysis-provider customer in the same mid-market channel as Heritage Dialysis and aQua Dialysis.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/RockwellMedical
• Facebookfacebook.com/233515733472782
• LinkedInlinkedin.com/company/rockwell-medical

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Subsidiaries1 record

Funding overview

Funding rounds5 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rockwell Medical