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RMTI Rockwell Medical

Participants
Benjamin Wolin Chairman and Interim Principal Executive Officer
James Terwilliger Paulson Investment
David Bouchey IFS Securities
Thomas Klema Rockwell Medical
Call transcript
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Operator

Good afternoon. And welcome to the Rockwell Medical Second Quarter 2018 Business Update Conference Call.

Before we begin, I would like to note that certain matters we will discuss may be forward-looking statements intended to qualify for the Safe Harbors from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified as such because the context of the statement will include words such as we believe, anticipate, expect or words of similar import. Similarly, statements that describe our future plans, objectives, strategies or goals are also forward-looking statements. subject affect risks our are may uncertainties statements adversely materially anticipated forward-looking to and certain that These results. XXXX Form Risks not and for our limited are in fiscal XX-K to, the periodic uncertainties factors described included reports. as updated but our in our www.rockwellmed.com. available on Form is website, the our on are a through and link XX-K website of SEC's which Copies www.sec.gov located at of this statements are made date made the on call this forward-looking The of call. as

by reflect update As rebroadcast or subsequent we followed www.rockwellmed.com. Interim Officer. Ben, to call question-and-answer conference over any be forward-looking time, this to disclaim please is on for Benjamin will at events publicly go Principal I This recorded Executive these ahead. of call At and to would website a Wolin, conference The circumstances. to Board the call brief like turn statements obligation Chairman being session. Rockwell's the

Benjamin Wolin

all call. important press Medical. Thank close Today thank business Good me of the several to you and I today at underway developments out and joining getting call. plan this you, focus afternoon release the for start on for on changes to Operator. Rockwell so Apologies

the overview XX-Q the will from XXXX performance For refer and our filed and issued for company this release the quarter you before second of an the call. financial second that to press Form I quarter just respectively

updates. our business Turning to

before, and much say recognize change at maximize that me our heard we be strengthen for shareholders. to work is you done the Medical. value As There is needed to Rockwell business

will he renal Gambro he Principal the the Baxter, the dialysis to in our the our September fashion Stuart on healthcare Executive remain deeply This is taken and enhance caliber Medical purposeful X including team Director company. we of us growth. significant therapies a eager integral the as future. Officer. new Paul of and familiar businesses, running innovative development in this integral shareholders. an officially Asia-Pacific the joins $XXX of global role Rockwell Rockwell At revenue an $XXX and a billion serving to Diagnostics variety past starts was sale be pivotal of in AB of Stuart next for the our profit welcoming value Medical and to Board extremely Abbott million realizing International and Gambro million over experience brought and not ever businesses, and potential AB, to which seasoned Baxter with $X of Class CEO the has diligent to out still of the play synergies, the business with number and as appointment its brings responsible million new role better and a senior including is process. Officer. recent domestic will Stuart in Stuart revenue of XX Until hit time he $XXX combined in when position the months Interim industry the and is Stuart steps running the patients in continuing the necessary in veteran of roles on commercialization leadership Quest excited levels Directors. serving America, and and with acting of to the dialysis joins build clinical Financial of leadership team, products and profitability. integration Chief ground the Xth I'm for drive during to Rockwell and Board significant AB Medical that for Americas are Latin the our senior I as and to drug focused led and The Stuart’s driving Baxter. was company, a Laboratories, a across standing We Gambro lives of played as renal with Gambro are expertise leader Stuart international markets, selecting years operating XXXX key company billion member for the $X leadership a also

to stabilize of services is auditor. Marcum And to as with growth phase them. independent and and accounting public with the in profitability. advisory business former on commercialization will successful we a into our transition largest engaged management are the Marcum have of nation Xth, our executing and August a firms independent as accounting announced we finally, public driving dispute we leverage strategies As also team. next pleased look one We've growth and be experience the we and resolve the on registered we firm new LLP working

to we We continuing with clinical Triferic. The know its matters company so can business. solely firmly the to reimbursement. savings system patients. that focus resources our focus to these therapies are U.S., We to can for the maximizing healthcare the have right we in outcomes end, the the with clinics operating pursue pleased commercial we focus focused create continue opportunity with planning us on renal regard on significant behind launch on improve To that and to for while and the separate still and product remains

we to where get the Before we open want today. thank I for to those to up us take Q&A, who are moment call a helped

the and I with at filled as been I recognize First, your months this of lot appreciate period. our candid that we and Meeting a support few have extra feedback to last during our said, Annual shareholders, noise

a we your into to of change thank critical at I that board our Medical, for focus in With improving patients. to periods. the CEO, lives. as fellow you employees, questions. when new call company will commitment shared for a last Q&A. most that, have chapter detailed helping over their been leadership that progress live dedication members, of support outcomes healthier continued And and my the call thank has up clinical to vision and of our Second for observations and started Medical. now the to let’s importantly, call he and Stuart our months, the have the customers want for our made patients open your like on I reiterate over will position for coming new to focus Rockwell few financial as also to open provide more the Rockwell to Operator? underway his settles today’s the the operator for I call turn strategic priorities the his is would company

Operator

from [Operator of Instructions] first comes Crowley John line our question And [ph]. the

Unidentified Analyst

business gone My the its or customers product company what get Baxter to current relationship in out International together products, ways? working to selling terms is that are question dialysate still Hello. with of is Rockwell's separate have they is

Benjamin Wolin

your to those work excited Baxter. great remarks, for job the with I to us. across as company all of said the opportunities to and opportunities the I on a can in my Thanks continues Stuart And he question. business prepared and of going review have John, board maximizing do is for we are think

Unidentified Analyst

right. All you. Thank

Operator

[Operator line comes from Instructions] Your next of question with Terwilliger James the Paulson Investment.

James Terwilliger

Yeah. Hey, Can you guys. hear me?

Benjamin Wolin

hear can perfectly. We you Yeah.

James Terwilliger

I'm First you to taking new my shareholder. a story, questions. of thank the new all, for

sold? the any margin as to down the increase bit quickly little on provide goods on what cost Just drove to Is gross I'm the quarter. can starting this a do color in the seemed you of additional there work company, trended have additional the

Benjamin Wolin

inventory, the in will questions you on in wait occurred, steady really real and as business today the upcoming for for pretty see write-downs In the about business, quarters. core changes to we that of look steady be terms the saw that the related kind well it in as settlement remains material trends you and I the to any talk for were that financial, of that detail get obviously Stuart to

James Terwilliger

Okay.

general a and in I'm of quarter. make rule in that this, there's particular that fair? Is and as a noise looking at just So one-time sense lot items this

Benjamin Wolin

Yeah.

write-down $X.X to million million the and $X or You $X.X can of due settlement. the million see over inventory one-time the

that least those So quarter-over-quarter see if looks a a at business you pretty back should out on steady. basis you

James Terwilliger

Okay. better That trend. is

back queue. you. jump thanks But the will I Okay. guys. in Thank

Benjamin Wolin

Thank you.

Operator

Your next David from of the question comes Securities. with Bouchey IFS line

David Bouchey

of the get I be crack their it questions. questions, guys. let the will I hoping I since go asking if estimate goods I of for out from first queue, idea the for that come the good of that individual sold up at do my would what was. from ahead. I charge in cost back Triferic tail-end my near Hi, the kind with the be finally want the I investors inventory am to quarter, calculations thought than according to this say million $X.X better was would actually you a But I quarter bit a

China in do Chinese a doing lot questions? us to or United that want of has Triferic is there pleased quick would already a in drugs update is The lot about the apply been Chinese news and of two with ask market about any how work I'm in the, Calcitriol approved well, the that going? market? a have to been So Europe China, news I on States to Government faster that the the in in and for you whether not to get and first

Benjamin Wolin

And market, hear China remains to a opportunity. company around Thanks, Stuart in are has international the with other that products obviously experienced market. He well-positioned as the in very here. in on large from as the succeed you market. my very than I think Good don’t well about specific I you as I We renal would market. to both our excitement update reiterate progress obviously the have again again a Dave. It the always. tell excited is

I front. can well of front, and and the that of development well companies Asia him at, accelerate that the he in the that clinical international on as business really had that all our Latin on was think so development the he reasons been -- progress recently America, he on brought we that as as front think as on we experience one

David Bouchey

want of on the to new the Triferic. with you drug to see last U.S. an FDA? we is And a an give when version about announcement Excellent. of us Can filing update application I the question might ask IV expect

Benjamin Wolin

the I well U.S., great that's expand for abroad. as a on timeline to But No. on specific to don't think share we call. in again, team and the have that today's hard is as here offering at company a front, opportunity our work No. the

David Bouchey

I to filing. right. have this is NDA just an be This And sure actual

So drug? looking IV basically at new Triferic the is FDA as a

Benjamin Wolin

Yes.

David Bouchey

Okay. Can And the that of have to mixing. are centralized where formulation they as you in abroad? market there lot still, well IV the used. is well, drugs in an U.S., you IV impossible U.S. IV it as are a even Can use

Benjamin Wolin

as Yes. preferred using Triferic. so the methodology of would I that clinics their believe be with some that

David Bouchey

are I will there And Thank some just will them. I for and back you right. in much. way other make hopefully All very who are investors -- queue. out the

Operator

question line Hearing, next the Investor. Randy of comes Your Private from

Unidentified Analyst

doing you are How guys. today? Hey,

Benjamin Wolin

Good.

Unidentified Analyst

dialysis provide about, maybe it’s huge patients. front? Can us miracle has you seeing say wouldn’t color, and you I mean, but some potential as some give Good. investor of Good. about a the Could community to to traction on start drug, from improve some drug I the talk have you renal, we lives heard renal, on the Fresenius, and uptake such maybe DaVita, customers U.S. color when also the American speak might just

Benjamin Wolin

for the Thanks question. Yeah.

not is products free been I for is program the update think, now. place in years report, right now market. in There no has there to that a several sample

from in So positive as results free program feedback received the patients, clinics and as we sales. well very sample but no the that we from them, commercial see both data anecdotal

Washington. I as as in to of the from when well priority to that’s top to board, obviously market, Stuart think as standpoint bring to Triferic a continue be gets transitional going on look pursue pricing we list

stay tuned on So front. that

on bullish the start can But the with the you when the we eager in will with day those end We to very the and be are proof some of we generating is numbers the share opportunity results. at real drug.

Unidentified Analyst

same what the on to when think, I any that question ask would seeing would you it? I and going start front, are anticipate Calcitriol, on we Well, traction

Benjamin Wolin

The I will gets on best Calcitriol anticipate Stuart really with opportunity maximize opportunity. that evaluate front. way Again, until traction the Stuart would immediate to on in and the that board, team

he gets that able articulate plan on to we as he make progress the the be ground, able be So expect that soon on the will to to and as front. feet stabilize,

Unidentified Analyst

questions. my taking for you Thank much. so you Thank

Benjamin Wolin

Thank Yeah. you.

Operator

of question Warsaw Investor. Jim comes the from next [ph], Your line Private

Unidentified Analyst

have and Dave, the more Hi. like And David in I in regulatory India was already there? question I and question. process this to at when curious was like China then the asked the we similar I what’s timeline where that. after enter is My one queue, to

Benjamin Wolin

although and both the specific timelines in gets experience, don't today. there we he deep to on represents and those mean, a come rest opportunities. But Yeah. he opportunities, on Again, be commercial I on China on will taking really Stuart to a happens. have to won’t around about and India, -- the until I his China clinical again opportunity, share expect does assured excited of here I above prioritize start development. advantage But opportunity and share hand can else large the front to that I'm as and much that. until be focused wrap prioritize his everybody can those very international that

Unidentified Analyst

it Like, in Ben, to long we approved takes are you and know China in how at that process? where get

Benjamin Wolin

-- are do the share to have of definitely are in have on there, that. will we Again, soon this again, as share we in where that we on terms obviously we nothing we a to where detail process, partner but as share of call

Unidentified Analyst

a end or said be the your too bit, significant That’s million was be mind revenues significant? in I right. fair. little – there this Calcitriol by of not Triferic the All that’s any that but with more curious Could or a you year? is to That’s there going fair like enough. -- in

Benjamin Wolin

Again, to give. I number have a don’t

are We we we and are and much what or as to going as build to to a down real of business progress you are heads me we make quickly the QX, it here. it’s and going be from whether going as QX can is make should that best and we hear can

be predation So of no on but I going and think revenue are give good or able products it. forecast to to we have something we make to front, the

Unidentified Analyst

All fair. right. That’s

be be or So zero significant million? you could could a

Benjamin Wolin

best Yeah. But Again, I it. going on have don't the today's make you are to number a of specific call. to no, we give

Unidentified Analyst

leadership you for done. Thank thank everything for you your and you. have Thank you Okay.

Benjamin Wolin

your you the for questions. Thank Thanks feedback. for

Operator

from with a comes Emas line Your Investor. Private question of next the Joe [ph]

Unidentified Analyst

think Good got day, times. in, the plan. of Rockwell the lot emailed invested. Ben. have to capital couple money the you were a they of the were attributed western year They skeletons I have Baxter that investing I that account company of I a to there was I'm to in in some the the reserve private in Appreciate in also couple closet last was a from feedback. investing and interested that

in So $XX it Baxter's that you part my is of roughly amounted commitment? down estimate What $XX about million, the million.

Benjamin Wolin

cash hand Baxter. on that’s filings. cash Baxter available made publicly what the In we in on We hand and from company's has was had nothing terms of that more that the our disclosed. all on than been commitment There a front

Unidentified Analyst

All right.

current anything that now repay So no financial there to is right commitment commitment to to Baxter time?

Benjamin Wolin

the don't any Baxter detail more I have share right agreement on No. to now.

Unidentified Analyst

that. I Okay. appreciate

You have Appreciate day. Good a done. great everything luck. you've

Benjamin Wolin

you. Thank

Operator

line Instructions] Tish [Operator Your Joseph [ph]. of next question comes from the

Unidentified Analyst

Good afternoon.

thank you Before for to appreciate several and I past as to you I shareholder ask the steps transparency during taken question, have long-term all and – for that months really investors my you done that. the have have provided the the I wanted that a specially you

Benjamin Wolin

you. Thank

Unidentified Analyst

more results have investment coverage? we that as question any you that our is My coverage community in don't planned have in steps are know will and planning stock you all we the much or with

Benjamin Wolin

Yeah.

for for support. you you Yeah. the thank So the question thank and

would for on relationships and IFS business the company that both path and in be coverage that from towards and stability think grateful get. the products analysts, also result very well as with hopefully the support I see develop forward, some but will in and we've partners the expect can also that the should now been with So us, interested banks. has that we market investors a the its more expanding driving bring us you is given coverage starting as can And that be company, more our to I business real generating to results would as

to will is happen So, quarters. something we on and that should the but in focused again, coming call, that on be to report nothing start today's

Unidentified Analyst

you. Okay. Thank

Benjamin Wolin

Thank you.

Operator

next Smith line Instructions] from question comes Your [Operator of [ph]. Lyle the

Unidentified Analyst

common lot their clinics can and now the I Yes. of the walk I want a clinics payments Hello, some Triferic government say dialysis of sense pay for have ignoring a gentlemen. physician if under U.S. patients pay? willing now, allow Thank Tell treatment if on seems of can and Triferic. for high-end they retail adequate then And course where a will some so second inventory to just now the will and now on, questions, cash you. and then to the really single needed dialysis they me use patient guidance that I the price have me are or that it by there what's things there's right that and use could is, and question check? that right is

Benjamin Wolin

Yeah. Thank you question. for the

the Triferic question, before hands I revenue very that. are but of maybe their profit, drive to think focused specific level we get on patients, agree would to that say answering the and want to we not the we and improve in I -- just lives highest

we that, pursue we would I that, made -- go we when that wait bundle. we pricing a parallel clear commercial the Board direct which to transitional but down think will a path would selling no strategy at the in within pursue just wanted that also announced longer we still

to thing with we -- program. patients strategy. of of It’s through with our price now So purchase a is right But consider where the patient getting in same line available in now now of right terms only certainly the free our – can the the program. can commercial is and go patients. one product product There the the the the on that point. in hands sample along product are the retail no just that sample we have the Right are access sales only

Unidentified Analyst

therapy just needed right silly can’t patients shareholder seems in it it's the limited that am be comment and now? and only on pocketbook the they to to free a going pay except would have circumstances. away sense, go soon my of and out of I common again quickly Well, a their part sample extremely is program

Benjamin Wolin

from the probably a that well. Board as the changes bring to team. of think our on actions patients management this we've hands get to I to in that has get new terms the taken seen the and Listen market, product the desire you Yeah. in of desire have into want We made

right in We for want are we about are product we to it aligned. hands set in the absolutely thoughtful the way of price product, So get but the we the the do sure obviously want that patients. we to make and very

Unidentified Analyst

All taking call. my for right. Well, thanks

Benjamin Wolin

Thank you.

Operator

from comes question next Abrothman Your line Mark of [ph]. the

with line [ph] your comes Gary Your the Choi, open. Mr. from next question Choi of line Acumen. is

Your line Medical. Klema Thomas comes of the next with Rockwell question from

Thomas Klema

about years backlog grey, the have turning investor on we a I have been D? XX private do Vitamin for any orders

Benjamin Wolin

of So, with first company your definitely on It’s the noted was now just the that your patience and all, I approved appreciate -- with Calcitriol. support the and company. right

We to Triferic bringing are market.

So that’s think to to we I than you the to results what is I committed front. I share driving seen, start going plan are and make that Board But forward the gave the think this that what on more you the able or and have in to action to company remarks. don't have progress should detailed see specific be We prepared in committed future. to

Thomas Klema

all and support. have you you my Thank

You job. did a great

Benjamin Wolin

All you. to the With make please? right. final it this Thank that, Operator, last you. Thank for I question. one am going leave question

Operator

final your Tom will Astad comes with from question Gloton [ph]. And Certainly.

Unidentified Analyst

the call first over … would have prior quarters after the question. been

So your thanks for patience.

free clinical showing experiencing what sample for the the disseminate community, free the have investment on program? the data to that of the patients on results can is of sample last this program, there years any been terms information you In

Benjamin Wolin

The is terms we the drive the your of company’s patience. thinking focused something look a price don't transparency, and the right tell around public that would think market. I It have that in how the for can mean, anything There program whether when data. can really and place free to committed on. it's the do should and share now. and news be your question We you is for I isn’t succeeding data a logical program enter up patients question is But of and is we as very specific bad we free definitely to how packaged thanks the can best really will, Tom, obviously sample to data great are that good sample with repository the or company we share. is are that I

share, will that have So data a when format that definitely can in we we we

Unidentified Analyst

coming grey Well, is, Great. transitional so XXXX, new areas, online add-on are be one question that thank January of about what And going part effective law what It’s kind of a or proposal/lost add-on. then? they are you. the exactly to quick transitional all drugs is

Benjamin Wolin

on formalized that is Nothing front.

comment you has a that nothing We been are drug what that – that, finalized terms new front. available post in would we on asserted -- all XXXX for yet haven’t of period. be but even entered Certainly what

on So happens planning same focused We definitely commercial we will But time definitely attention and there. of are keep own the or are not you resting at with paying pretty posted. regardless we CMMI CMS. laurels on are our our what

Unidentified Analyst

Great. Well our for behalf. on you. your efforts Thank thanks

Benjamin Wolin

you going support it Okay. weeks. I up. to We the Thank continued questions and time look with with coming are wrap you. the that and And chatting and folks your to days we in appreciate of of all the the really again forward company.

Operator

This call. concludes today’s

now disconnect. may You