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Shares of hemodialysis product manufacturer Rockwell Medical (NASDAQ:RMTI) traded higher on Thursday after announcing deals to expand its global distribution network.
Its new five-year distribution agreement with Dominican Republic-based medical products company BioNuclear allows for the sale and distribution of its products concentrated products for hemodialysis in the country.
Santo Domingo-based BioNuclear will have the option to extend the agreement for another five years.
Rockwell Medical (RMTI) also announced an amended distribution agreement with Bermuda-based Atlantic Medical International (“AMI”) to expand the list of hemodialysis products AMI is purchasing from the company.
In 2022, the company signed a five-year agreement with AMI for the sale of its medical products. The revised deal is expected to generate a profit margin in line with its 2024 gross margin outlook, Rockwell Medical (RMTI) said.
The newly announced deals are expected to help the company add approximately $1 million in annual revenue.