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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
CorMedix
CorMedix (CRMD) investor relations material
CorMedix Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary12 Nov, 2026
Executive summary
Q3 revenue and grant income was $54.5M, with net loss of $14.7M and adjusted EBITDA of $3.1M; quarter-end cash and equivalents were $355.2M.
Q3 revenue fell 48% YoY, mainly reflecting lower DefenCath net pricing after the CMS post-TDAPA transition; 9M revenue rose 55% to $283.9M.
Definitive agreement to acquire substantially all Heron assets would add four commercial-stage products; closing is expected in Q1 2027, subject to conditions.
Financial highlights
Q3 revenue and grant income was $54.5M vs. $104.3M YoY; 9M revenue was $283.9M vs. $183.1M.
Q3 gross profit was $30.0M; operating expenses were $36.6M vs. $41.7M, and operating loss was $6.6M.
Q3 net loss was $14.7M, or $0.19 per basic and diluted share, vs. net income of $108.6M; prior-year results included a $59.7M tax benefit.
Q3 adjusted EBITDA was $3.1M vs. $71.9M YoY; 9M operating cash flow was $218.3M vs. $80.6M.
Q3 product sales were $48.6M, down 52% YoY; 9M product sales were $264.9M, up 47%.
Outlook and guidance
FY 2026 revenue guidance remains $325M-$345M; adjusted EBITDA guidance narrowed to $130M-$140M from $125M-$140M.
FY 2026 cash-based OpEx guidance narrowed to $140M-$145M from $145M-$155M.
2027 DefenCath guidance is suspended pending visibility into utilization, pricing, add-on payments and Medicare Advantage contracting; an update is expected in early 2027.
Heron assets are expected to contribute $125M-$150M in 2027 revenue; annualized operating cost synergies of $45M-$60M are expected by end-2027.
REZZAYO prophylaxis sNDA has FDA Priority Review and a Q1 2027 target action date; promotion is planned for H2 2027 if approved.
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Latest events from CorMedix
- Heron deal adds four products, with closing targeted for Q1 2027 and $45M–$60M in synergies.CRMD
Proxy filing - Heron deal adds four marketed products, with up to $55M in earn-outs and $45M–$60M synergies projected.CRMDProxy filing
- Four marketed products expand institutional-care reach, with $45–$60 million in annual synergies targeted by 2027.CRMDM&A announcement
- Diversified portfolio, strong cash flow, and new market opportunities drive growth and expansion.CRMDWells Fargo 21st Annual Healthcare Conference
- Strong revenue growth, pipeline expansion, and financial flexibility drive continued value creation.CRMDCorporate presentation
- Q2 2026 revenue hit $101.9M, up 157%, with strong DefenCath and Melinta sales and raised guidance.CRMDQ2 2026
- Diversified portfolio and robust pipeline drive growth, targeting major unmet needs in anti-infectives.CRMDInvestor Day 2026
- DefenCath launch drove $11.5M Q3 revenue, strong margins, and expanded US dialysis access.CRMDQ3 2024
- First profitable quarter: $39.1M revenue, $20.6M net income, H1 guidance at $70M.CRMDQ1 2025
Next CorMedix earnings date
Q4 20265 Mar, 2027
CorMedix
Next CorMedix earnings date
Q4 20265 Mar, 2027
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Frequently asked questions
CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infections and other complications associated with the use of catheters in dialysis and other medical settings. The company's lead product, Defencath, is an anti-infective solution designed to reduce the risk of catheter-related bloodstream infections. CorMedix is dedicated to addressing unmet medical needs in infection prevention and enhancing patient care. The company is headquartered in Berkeley Heights, New Jersey, and its shares are listed on the NASDAQ.