Rockwell Medical Inc (RMTI) 2025 Q2 法說會逐字稿

Good morning and welcome to Rockwell Medical's second-quarter 2025 results conference call and webcast. Please note this event is being recorded.

早安，歡迎參加 Rockwell Medical 2025 年第二季業績電話會議和網路廣播。請注意，此事件正在被記錄。

At this time, I would like to turn the conference call over to Heather Hunter, Senior Vice President, Chief Corporate Affairs Officer at Rockwell Medical. Heather, please go ahead.

現在，我想將電話會議交給 Rockwell Medical 資深副總裁兼首席企業事務官 Heather Hunter。希瑟，請繼續。

Good morning, and thank you for joining us for this update on Rockwell Medical. Joining me on today's conference call are Dr. Mark Strobeck, Rockwell Medical's President and Chief Executive Officer, and Jesse Neri, Rockwell Medical's Chief Financial Officer. Before we begin, I would like to remind you that this conference call will contain forward-looking statements about Rockwell Medical within the meaning of the federal securities laws, including but not limited to, the types of statements identified as forward-looking in our annual report on Form 10-K and our subsequent periodic reports filed with the SEC. These statements are subject to risks and uncertainties that could cause actual results to differ.

早安，感謝您收看 Rockwell Medical 的最新動態。參加今天電話會議的還有 Rockwell Medical 總裁兼執行長 Mark Strobeck 博士和 Rockwell Medical 財務長 Jesse Neri。在我們開始之前，我想提醒您，本次電話會議將包含聯邦證券法所定義的有關羅克韋爾醫療的前瞻性陳述，包括但不限於我們向美國證券交易委員會提交的 10-K 表年度報告和後續定期報告中確定為前瞻性的陳述類型。這些聲明受風險和不確定性的影響，可能導致實際結果有所不同。

Please note that these forward-looking statements reflect our opinions and expectations only as of today. Except as required by law, we specifically disclaim any obligation to update or revise these forward-looking statements in light of new information or future events. Factors that could cause actual results or outcomes to differ materially from those expressed in or implied by such forward-looking statement are discussed in greater detail in our periodic reports file with the SEC. Rockwell Medical's quarterly report on Form 10-Q for the three months ended June 30, 2025, was filed prior to this call and provides a full analysis of the company's business strategy as well as the company's second quarter 2025 results. The reconciliation of non-GAAP measures we discuss on today's call can also be found in today's press release.

請注意，這些前瞻性陳述僅反映我們截至今天的觀點和預期。除法律要求外，我們明確否認有任何義務根據新資訊或未來事件更新或修改這些前瞻性聲明。我們向美國證券交易委員會提交的定期報告文件中更詳細地討論了可能導致實際結果與此類前瞻性聲明中表達或暗示的結果有重大差異的因素。Rockwell Medical 截至 2025 年 6 月 30 日的三個月的 10-Q 表季度報告已於本次電話會議之前提交，其中提供了公司業務戰略以及公司 2025 年第二季度業績的全面分析。我們在今天的電話會議上討論的非公認會計準則指標的對帳也可以在今天的新聞稿中找到。

Our Form 10-Q and other reports filed with the SEC, along with today's press release and a replay of today's conference call and webcast, can be found on Rockwell Medical's website under the Investors section. Now I would like to turn the conference call over to Rockwell Medical's President and CEO, Dr. Mark Strobeck.

我們的 10-Q 表格和向美國證券交易委員會提交的其他報告，以及今天的新聞稿和今天的電話會議和網路廣播的重播，可以在 Rockwell Medical 網站的「投資者」部分找到。現在，我想將電話會議交給 Rockwell Medical 總裁兼執行長 Mark Strobeck 博士。

Thank you, Heather. Good morning and thank you for joining us today for Rockwell Medical's second-quarter 2025 earnings conference call and webcast. We are past the midpoint of what we recognize as a transition year for Rockwell Medical. Our core objectives for 2025 have been to secure our base business with long-term contracts, right-size our organization while meeting the demands of our customers, and fill the revenue gap in the wake of our largest customer moving to another supplier. We believe that we are successfully managing through this transition.

謝謝你，希瑟。早安，感謝您今天參加 Rockwell Medical 2025 年第二季財報電話會議和網路廣播。我們已經過了羅克韋爾醫療轉型期的中點。我們 2025 年的核心目標是透過長期合約確保我們的基礎業務，在滿足客戶需求的同時調整我們的組織規模，並在我們最大的客戶轉向其他供應商後填補收入缺口。我們相信，我們正在成功度過這一轉變。

For the second quarter, we improved our cash position, our gross margin was consistent with quarter one and in line with guidance. We were only slightly negative on an adjusted EBITDA basis and were cash flow positive from operations. We continue to work on a number of significant opportunities with new and existing customers that, if successful, could be transformational for Rockwell. We find ourselves in the back half of the year in a steady state and are well-positioned for continued growth.

第二季度，我們的現金狀況有所改善，毛利率與第一季保持一致，並符合預期。我們的調整後 EBITDA 僅略為負，而經營現金流為正。我們將繼續與新舊客戶合作，尋找一系列重要機會，如果成功，這些機會可能會為羅克韋爾帶來改變。我們發現，今年下半年我們的業務處於穩定狀態，並且已為持續成長做好了準備。

Our long-standing reputation for high-quality products, a reliable supply chain, and a customer-centric approach continue to differentiate us in the hemodialysis concentrates marketplace. We remain a leading supplier that has the scalability to manufacture and deliver to the more than 12,000 individual purchasing facilities, including outpatient dialysis clinics and hospitals in the US, along with select international markets.

我們長期以來以高品質的產品、可靠的供應鏈和以客戶為中心的理念而享有盛譽，這使我們在血液透析濃縮液市場中繼續脫穎而出。我們仍然是一家領先的供應商，具有可擴展性，可以製造並向超過 12,000 個獨立採購機構（包括美國的門診透析診所和醫院）以及精選的國際市場交付產品。

Additionally, we remain the leading manufacturer and supplier of liquid bicarbonate products in the United States, which continues to hold strategic value for us. Year to date, we have signed several contracts with new customers and have renewed contracts with existing customers. Today, more than 80% of our customers are under long-term contracts, which is in stark contrast to where we were just a few years ago. This stickiness is important for Rockwell as it demonstrates stability and predictability in our business and offers strong growth opportunities in the coming years.

此外，我們仍然是美國領先的液體碳酸氫鹽產品製造商和供應商，這對我們仍然具有戰略價值。今年迄今為止，我們已經與多份新客戶簽訂了合同，並與現有客戶續簽了合約。如今，我們 80% 以上的客戶都簽訂了長期合同，這與幾年前的情況形成了鮮明對比。這種黏性對於羅克韋爾來說非常重要，因為它體現了我們業務的穩定性和可預測性，並在未來幾年提供了強勁的成長機會。

During the second quarter, we entered into a new product purchase agreement with Innovative Renal Care, formerly American Renal Associates, one of the largest dialysis service providers in the US. Under the terms of the agreement, we are supplying IRC with liquid and dry acid and bicarbonate hemodialysis concentrates as well as our dry acid concentrate mix system, which is 510(k) approved only to be used with our dry acid concentrate powders.

第二季度，我們與美國最大的透析服務提供者之一 Innovative Renal Care（前身為 American Renal Associates）簽訂了新的產品採購協議。根據協議條款，我們將向 IRC 提供液體和乾酸和碳酸氫鹽血液透析濃縮物以及我們的乾酸濃縮物混合系統，該系統僅經 510(k) 批准可與我們的乾酸濃縮物粉末一起使用。

This represents a multimillion-dollar purchase agreement with utilization commitments and will remain in effect for three years, with the option to extend an additional one-year period. Other customer wins include a product purchase agreement with the largest rural health system in the US with a two-year agreement with minimums that has the option to renew for two additional twelve-month periods.

這是一份價值數百萬美元的購買協議，其中包含使用承諾，有效期為三年，並可選擇延長一年。其他客戶勝利包括與美國最大的農村醫療系統簽訂的產品購買協議，該協議為期兩年，最低金額可選擇續簽兩個十二個月的期限。

We have also contracted with the largest provider of inpatient dialysis in South Florida and a provider of specialized home care services to ill, disabled, and vulnerable individuals in their home and places of residence. Both of these agreements are multi-year long-term contracts with purchase minimums and renewal options.

我們還與南佛羅裡達州最大的住院透析提供者以及為家中和居住地的病人、殘疾人和弱勢群體提供專業家庭護理服務的提供者簽訂了合約。這兩份協議都是多年期長期合約，有最低購買量和續約選擇。

As for our largest customer, we are continuing to supply them well past their June 30 transition date and are working with them to find additional ways to support their business going forward. We are still in active discussions about terms for a new contract. To remain on the conservative side, we are reiterating our guidance for 2025 as follows: net sales will be $65 million and $70 million gross margin will be between 16% and 18%, and adjusted EBITDA will be between negative $500,000 and positive $500,000. I will now turn the call over to Jesse to review our second quarter 2025 financial results in further detail. Jesse?

對於我們最大的客戶，我們將在 6 月 30 日的過渡期之後繼續為他們提供服務，並與他們合作尋找其他方式來支持他們未來的業務。我們仍在積極討論新合約的條款。為了保持保守，我們重申對 2025 年的指引如下：淨銷售額將達到 6,500 萬美元，毛利率將達到 7,000 萬美元，介於 16% 至 18% 之間，調整後的 EBITDA 將介於負 50 萬美元至正 50 萬美元之間。現在我將把電話轉給傑西，讓他更詳細地回顧我們 2025 年第二季的財務表現。傑西？

Thank you, Mark. Good morning, everyone. I will now review our second-quarter 2025 financial results in greater detail. Net sales for the second quarter were $16.1 million, representing a 38% decrease over net sales of $25.8 million for the same period in 2024. The decrease in net sales was driven by our largest customer transitioning to another supplier. Net sales for the six months ended June 30, 2025, were $35 million, which represents a 28% decrease over net sales of $48.5 million for the same period in 2024.

謝謝你，馬克。大家早安。我現在將更詳細地回顧我們 2025 年第二季的財務表現。第二季淨銷售額為 1,610 萬美元，比 2024 年同期的淨銷售額 2,580 萬美元下降 38%。淨銷售額的下降是由於我們最大的客戶轉向了另一家供應商。截至 2025 年 6 月 30 日的六個月的淨銷售額為 3,500 萬美元，比 2024 年同期的淨銷售額 4,850 萬美元下降 28%。

Gross profit for the second quarter was $2.5 million, which represents a 45% decrease from $4.6 million for the same period in 2024. Gross profit for the six months ended June 30 was $5.5 million, which represents a 27% decrease over $7.6 million for the same period in 2024. Gross margin for 2025 was 16%, which was consistent with the first quarter of 2025 and represents a slight decrease from 18% for the same period in 2024. Gross margin for the six months ended June 30, 2025, was 16%, which is also consistent with the same period in 2024.

第二季毛利為 250 萬美元，較 2024 年同期的 460 萬美元下降 45%。截至 6 月 30 日的六個月的毛利為 550 萬美元，比 2024 年同期的 760 萬美元下降了 27%。2025 年毛利率為 16%，與 2025 年第一季持平，較 2024 年同期的 18% 略有下降。截至 2025 年 6 月 30 日的六個月的毛利率為 16%，與 2024 年同期持平。

Net loss for the second quarter of 2025 was $1.5 million, which was consistent with the first quarter of 2025, and represents a decrease from a net income of $300,000 for the same period in 2024. Net loss for the six months ended June 30, 2025, was $3 million compared to a net loss of $1.4 million for the same period in 2024. Adjusted EBITDA for Q2 2025 was a negative $200,000, which represents an improvement over adjusted EBITDA of negative $400,000 in Q1 of 2025, and compared to a positive adjusted EBITDA of $1.4 million for Q2 2024.

2025 年第二季淨虧損為 150 萬美元，與 2025 年第一季持平，較 2024 年同期的 30 萬美元淨收入減少。截至 2025 年 6 月 30 日的六個月淨虧損為 300 萬美元，而 2024 年同期淨虧損為 140 萬美元。2025 年第二季的調整後 EBITDA 為負 20 萬美元，比 2025 年第一季的調整後 EBITDA 負 40 萬美元有所改善，而 2024 年第二季的調整後 EBITDA 為正 140 萬美元。

Adjusted EBITDA for the six months ended June 30, 2025, was a negative $700,000 compared with a positive adjusted EBITDA of $900,000 for the same period in 2024. Cash, cash equivalents, and investments available for sale at June 30, 2025 was $18.4 million, an increase from $17.3 million at the end of Q1. The increase in cash was driven by $1.8 million in cash flow from operations.

截至 2025 年 6 月 30 日的六個月的調整後 EBITDA 為負 700,000 美元，而 2024 年同期的調整後 EBITDA 為正 900,000 美元。截至 2025 年 6 月 30 日的現金、現金等價物和可供出售投資為 1,840 萬美元，較第一季末的 1,730 萬美元有所增加。現金的增加是由 180 萬美元的營運現金流推動的。

Now I'll turn the call back over to Mark.

現在我將把電話轉回給馬克。

Thank you, Jesse. Operator, please open the phone lines for any questions.

謝謝你，傑西。接線員，如有任何疑問，請打開電話線。

(Operator Instruction) Ram Selvaraju, HC Wainwright

（操作員指示）Ram Selvaraju，HC Wainwright

I just wanted to ask about your expansion plans in the Western United States and if you can provide us with any additional granularity regarding how those initiatives are proceeding and when we might see additional customer acquisition in those territories?

我只是想問一下您在美國西部的擴張計劃，您是否可以向我們提供有關這些計劃進展情況的更多詳細信息，以及何時我們可能會在這些地區看到更多客戶？

Yes. Thanks, Ram, for the question. So we continue to believe the West is a significant opportunity for Rockwell as there is only one provider of concentrates within that marketplace and we believe it represents an approximate $100 million opportunity. Our focus right now has been not only in sort of working through this transition period but also lining up larger customers for that expansion. I think we'll be able to give greater visibility towards that as we get later into the year and some of the discussions that we have ongoing now with DaVita, Fresenius, and others begins to play out.

是的。謝謝 Ram 提出這個問題。因此，我們仍然相信西部對羅克韋爾來說是一個重大機遇，因為該市場中只有一家精礦供應商，我們認為這代表著約 1 億美元的機會。我們目前的重點不僅是度過這個過渡期，還要為擴張爭取更大的客戶。我認為，隨著今年稍後我們與 DaVita、Fresenius 和其他公司正在進行的一些討論開始發揮作用，我們將能夠更清楚地了解這一點。

But it is still our intent and it's still our belief that does represent a large opportunity for us and we should be able to give more clarity at that point.

但這仍然是我們的意圖，我們仍然相信這對我們來說確實代表著一個巨大的機會，我們應該能夠在這一點上給出更清晰的解釋。

The second question I wanted to ask pertains to the negotiations you continue to have with your largest customer. I was wondering if you could give us some sense of what the open questions or key parameters are around potentially reaching a new deal with this customer, if this might ultimately take the form of a long-term agreement like the ones you have in place with the majority of your other customers now. And if by the time we get to the end of those negotiations, such an agreement might be reached in time to have a meaningful upside impact on your 2025 revenue guidance? Thank you.

我想問的第二個問題與您與最大客戶正在進行的談判有關。我想知道您是否可以告訴我們，與這位客戶達成新協議的潛在問題或關鍵參數是什麼，這最終是否可能採取長期協議的形式，就像您現在與大多數其他客戶達成的協議一樣。如果到談判結束時，我們能夠及時達成這樣的協議，從而對您 2025 年的收入預期產生有意義的正面影響？謝謝。

So our discussions continue in earnest with DaVita. As I think everyone knows, DaVita had alerted us at the beginning of the year that they were going to begin to transition away with a goal to move away from Rockwell by the middle of the year. DaVita continues to be a purchaser of products from Rockwell beyond that point. It is clear that will continue through the remainder of the year. We are working with DaVita now on putting in place a long-term supply arrangement.

因此，我們與 DaVita 的討論仍在繼續。我想大家都知道，DaVita 在今年年初就通知我們，他們將開始轉型，目標是在今年年中脫離 Rockwell。此後，DaVita 繼續購買 Rockwell 的產品。顯然，這種情況將持續到今年剩餘時間。我們目前正在與 DaVita 合作制定長期供應協議。

Rockwell is not in the business of single small projects of supply in an effort to fill gaps or to supplement other suppliers. We are in the business of putting in place long-term supply arrangements. That message has been communicated, and we feel optimistic that we will come out of those discussions with a long-term supply agreement. That I think will certainly ideally impact financials towards the end of the year, but will certainly impact our financials going forward. I think it's also fair to say that we are working with two other incredibly large suppliers, one being the largest dialysis provider in the world, on a supply arrangement that if completed would have a meaningful impact on fourth-quarter financials.

羅克韋爾並未從事單一的小型供應項目，以填補空白或補充其他供應商。我們的業務是建立長期供應安排。這一訊息已經傳達出去，我們樂觀地認為我們將透過這些討論達成長期供應協議。我認為這肯定會對年底的財務狀況產生影響，但肯定會對我們未來的財務狀況產生影響。我認為也可以公平地說，我們正在與另外兩家非常大的供應商合作，其中一家是世界上最大的透析供應商，如果完成供應安排，將對第四季度的財務產生重大影響。

So we've got a number of I think really great opportunities and that is a result of the fact that Rockwell continues, despite the changes in the marketplace, to be a reliable consistent supplier of products that are safe, that are of the highest quality, and the marketplace knows that.

因此，我認為我們擁有許多非常好的機會，這是因為儘管市場發生了變化，羅克韋爾仍然是一家可靠的、始終如一的產品供應商，提供安全、高品質的產品，市場也知道這一點。

And just two other very quick things. Firstly, with respect to the available cash on hand, can you give us a sense of how you're thinking about prioritization with respect to allocation of capital? In particular, how you look at the partitioning of capital allocation between debt pay down, debt repayment and investment into new customer acquisition activities?

還有另外兩件非常簡單的事。首先，關於手頭上可用的現金，您能否告訴我們，您是如何考慮資本分配的優先順序的？具體來說，您如何看待債務償還、債務清償和新客戶獲取活動投資之間的資本分配劃分？

And also, if you can give us a sense of given the shift towards ensuring that you have long-term relationships and long-term agreements in place with your key customers. How that might translate into greater predictability of revenue in 2026? Thank you.

此外，如果您能讓我們了解一下，鑑於您已轉向確保與主要客戶建立長期關係和長期協議，您認為如何？這如何轉化為 2026 年收入的更大可預測性？謝謝。

Yes. So as far as capital allocation, right now, the primary focus is the use of that capital in continuing to invest in capital equipment that allows us to further automate our manufacturing processes and reduce the cost of manufacturing our products. That is exclusively where our resources are being focused, all in an effort to be able to make our products more efficiently. We've obviously modeled out the next five years and certainly believe we've got enough resources and based on the performance of the business to have cash sufficient to satisfy our debt obligation and our lenders certainly firmly believe that as well.

是的。因此，就資本配置而言，目前的主要重點是利用這些資本繼續投資於資本設備，這使我們能夠進一步實現製造流程的自動化並降低產品製造成本。我們的資源集中在那裡，一切都是為了能夠更有效率地生產我們的產品。我們顯然已經規劃了未來五年的發展，並且確信我們擁有足夠的資源，並且根據業務表現，我們有足夠的現金來償還債務，我們的貸方也堅信這一點。

So -- but as far as allocation right now, it's primarily in capital equipment and customer, new customer acquisition. As far as your second question, the number one objective for this organization is to create a reliable and reproducible business that is consistently performing and generating positive cash flow and profitability. All of the arrangements that we've established with our customers, which is a change in direction as we've mentioned previously from not but a couple of years ago is to continue to create that reliable revenue source and that reliable performance of our business.

所以 — — 但就目前的分配而言，主要集中在資本設備和客戶以及新客戶獲取方面。至於您的第二個問題，組織的首要目標是創建一個可靠且可複製的業務，持續表現並產生正現金流和盈利能力。我們與客戶建立的所有安排，正如我們幾年前提到的那樣，都是方向的改變，是為了繼續創造可靠的收入來源和可靠的業務表現。

Had we not had the change in our largest customer, I think we were well on our way to doing that. And I think you can look historically over the last 2.5, 3 years and seen a very consistently reliable growing revenue base. With this change, it has certainly altered that for the period. We have now gone through that transition. We've restabilized the base and are now positioned for further growth to, I would say, get back to growing at a steady and consistent level, but with a highly reliable and reproducible revenue stream.

如果我們最大的客戶沒有發生變化，我想我們就會順利實現這一目標。我認為，你可以回顧過去 2.5 到 3 年的歷史，你會看到收入基礎持續可靠地成長。隨著這一變化，這段時期的情況確實發生了變化。我們現在已經經歷了這個轉變。我們已經重新穩定了基礎，現在已準備好進一步成長，我想說，我們將恢復到穩定和持續的成長水平，但同時擁有高度可靠和可重複的收入來源。

Jeremy Pearlman, Maxim Group.

傑里米·珀爾曼，馬克西姆集團。

Just the first question related to gross margins. You were able to keep them relatively flat quarter over quarter even though revenue declined. Maybe just talk a little about what the actions you're taking and what's going behind that to keep these gross margins stability.

第一個問題與毛利率有關。儘管收入下降，但您仍能夠保持季度環比增長相對平穩。也許只是稍微談談您正在採取哪些行動以及背後的原因，以保持這些毛利率的穩定。

Thanks, Jeremy. So we've right-sized the organization really at the beginning of -- towards the end of Q1 and the beginning of Q2. We've had some staff reductions as it relates to operations, to further decline, you know, in line with essentially our new revenue base. We've also invested in some new equipment, which has increased our efficiency, which is also helping, and we're expecting to see more results, better results from that in the future.

謝謝，傑里米。因此，我們在第一季末和第二季初就對組織規模進行了調整。我們在營運方面進行了一些裁員，這與我們新的收入基礎基本一致，進一步減少了員工數量。我們也投資了一些新設備，這提高了我們的效率，也有幫助，我們期待未來能看到更多、更好的結果。

Yes. And I might also add to Jesse's comments. As we've said previously, the gross margin and profit we were making on our largest customer was not a significant piece driving our overall business, right? That has proven itself out by the fact that revenue has been reduced as a result of them moving away, and it hasn't ultimately significantly affected our gross margin.

是的。我可能還會補充傑西的評論。正如我們之前所說，我們從最大客戶那裡獲得的毛利率和利潤並不是推動我們整體業務的重要因素，對嗎？事實證明，由於他們的離開，我們的收入減少了，但最終並沒有對我們的毛利率產生重大影響。

So I think that's consistent with what Jesse has said, this is another factor here. I think looking forward, I think we are in an incredibly good position, and we've already begun to see even this month, a tick up in our gross margin and our gross profit. And I think that's as a result of the changes that Jesse just outlined that we are making. So I think we're well-positioned as we go through the second half of the year to be able to maximize that even further.

所以我認為這與傑西所說的一致，這是另一個因素。我認為展望未來，我們處於非常有利的地位，本月我們已經開始看到我們的毛利率和毛利上升。我認為這是傑西剛才概述的我們正在進行的改變的結果。因此，我認為我們已做好準備，在今年下半年進一步實現這一目標。

And maybe also prior to when you had the largest customer on board fully, there was a high customer concentration risk that has -- how much has that been mitigated now that contract technically ended at the middle of this year? Or is there still some concentration risk? Are there still some major customers that make up the bulk of the revenue, or has that really been spread out?

也許在您完全擁有最大的客戶之前，存在很高的客戶集中風險 - 現在合約在技術上在今年年中結束，這種風險得到了多大程度的緩解？或仍存在一些集中風險？是否仍有一些主要客戶構成了大部分收入，還是這些收入已經分散了？

I'll say it's been spread out. So back in this time last year, DaVita represented about 40% or 45% of our revenue base. Now they're down to 10%. And the other -- we have two other larger large customers, but they're both around, I would say, 10% to 12% of our revenue. So that concentration risk has gone way down.

我會說它已經傳播開了。去年這個時候，DaVita 約占我們營收的 40% 或 45%。現在已降至 10%。另外，我們還有兩個較大的客戶，但我想說，他們大約占我們收入的 10% 到 12%。因此，集中風險已大幅下降。

Yeah. And I think to follow on from that, I mean, we knew when we started this about three years ago that one of the major risks within this business was so much of our business was concentrated with a single customer. We've worked continuously to diversify that by adding new customers, by completing the acquisition of Metivators, by doing a number of other things to try to dilute that.

是的。我認為，接下來的問題是，我們在大約三年前開始這項業務時就知道，這項業務的主要風險之一是我們大部分的業務都集中在一個客戶身上。我們不斷努力實現多元化，透過增加新客戶、完成對 Metivators 的收購以及採取其他一些措施來淡化這種多元化。

The work that we completed in an effort to do that, I think, is what creates the base that allows us to go through that transition of losing our largest customer, while still being able to maintain a sizable business. Had that occurred three years ago, I don't think we would be sitting in this position.

我認為，我們為此所做的工作為我們奠定了基礎，使我們能夠度過失去最大客戶的轉變期，同時仍然能夠維持相當大的業務。如果這件事發生在三年前，我想我們就不會處於這樣的境地。

So all of the work that we've done has been essentially to address that, right? The fact that we continue to exist and continue to be able to grow this business in a meaningful way, I think speaks to all of the things that we've done. But as Jesse points out, we are not going to find ourselves in that position again going forward.

所以我們所做的所有工作本質上都是為了解決這個問題，對嗎？事實上，我們能夠繼續存在並繼續以有意義的方式發展這項業務，我認為這說明了我們所做的一切。但正如傑西指出的那樣，我們今後不會再陷入這種境地。

Okay. Great. And then just last question. In the beginning of April, one of your competitors had a voluntary recall of contaminated product. Have you been able to, I mean, I know to, you know, utilize that to any advantage when you're negotiating with customers since then? I mean, it's been four months now.

好的。偉大的。接下來是最後一個問題。四月初，你們的一家競爭對手自願召回了受污染的產品。從那時起，當您與客戶談判時，您是否能夠，我的意思是，我知道，利用這一點來獲得任何優勢？我的意思是，現在已經四個月了。

Yes. It's a great question. Yes. Unfortunately, the organization that our largest customer shifted towards did have a significant issue in the manufacturing of their liquid products. As you pointed out, there was a significant recall of all of their liquid products. Unfortunately, there was contamination associated with the products that led to not only serious health consequences to patients but apparently according to what we learned in the Federal Register actually unfortunately killed the patient.

是的。這是一個很好的問題。是的。不幸的是，我們最大的客戶所轉向的組織在液體產品的製造方面確實存在重大問題。正如您所指出的，他們所有的液體產品都被大規模召回。不幸的是，產品受到污染，這不僅給患者帶來了嚴重的健康後果，而且根據我們在《聯邦公報》上了解到的情況，這實際上不幸導致患者死亡。

So we are obviously working quite closely with them to supplement their supply as well as working with our largest customer to make sure that there is continuous supply of liquid both acid and bicarbonate products in an effort to maintain patient care and the ability of patients to continue to access dialysis treatments.

因此，我們顯然正在與他們密切合作以補充他們的供應，同時與我們最大的客戶合作，以確保持續供應液體酸和碳酸氫鹽產品，以維持患者護理和患者繼續接受透析治療的能力。

(inaudible) there are no further questions. I'll turn the call back over to Dr. Strobeck.

（聽不清楚）沒有其他問題了。我會把電話轉回給 Strobeck 博士。

Thank you for joining us today for an update on Rockwell Medical. We look forward to providing you with more updates next quarter.

感謝您今天加入我們，了解 Rockwell Medical 的最新動態。我們期待下個季度為您提供更多更新。

This concludes today's call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。