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CorMedix (CRMD) investor relations material
CorMedix Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary12 Nov, 2025
Executive summary
Closed the acquisition of Melinta Therapeutics in August 2025, expanding the commercial portfolio with six infectious disease products and a cardiovascular product, and rebranded as CorMedix Therapeutics.
Achieved record Q3 2025 financial results, with net revenue of $104.3M and net income of $108.6M, driven by strong DefenCath sales and Melinta contribution.
Integration of CorMedix and Melinta operations progressed ahead of schedule, with $30M in annual synergies expected by end of 2025.
Launched DefenCath in both inpatient and outpatient settings, securing major commercial supply agreements covering 60% of the U.S. outpatient dialysis market.
Strategic minority investment in Talphera, Inc., securing a board seat and right of first negotiation for acquisition post-phase III results.
Financial highlights
Q3 2025 net revenue was $104.3M, up 810% year-over-year; pro forma net revenue was $130.8M.
Net income for Q3 2025 was $108.6M, or $1.26 per diluted share, compared to a net loss of $2.8M in Q3 2024.
Adjusted EBITDA for Q3 2025 was $71.9M, up from a loss of $2M in Q3 2024.
Gross profit for Q3 2025 was $93.1M, with a gross margin of approximately 89%.
Q3 included a $59.7M tax benefit from realization of deferred tax assets (NOLs).
Outlook and guidance
FY 2025 pro forma net revenue guidance raised to $390M–$410M; Q4 2025 net revenue guidance set at $115M–$135M.
FY 2025 fully synergized pro forma adjusted EBITDA guidance increased to $220M–$240M.
Projected year-end 2025 cash balance of approximately $100M, with $55.7M in cash and equivalents at Q3 end.
Top-line data for REZZAYO prophylaxis expected in Q2 2026; phase III Nutri-Guard study for DefenCath in TPN patients to complete by end of 2026 or early 2027.
Management expects to fund operations for at least 12 months with current cash and future operating cash flows.
Plan for remaining Melinta synergy capture
Niyad Phase 3 data timeline
DefenCath TPN CLABSI study progress
Why is Rezzayo prophylaxis undervalued by market?
How will DefenCath address post-TDAPA pricing?
What is the Niyad commercialization strategy?
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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.
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