CorMedix (CRMD) 44th Annual J.P. Morgan Healthcare Conference summary

Financial performance and guidance

• 2025 was a record year with over $400 million in revenue, driven by DefenCath and the Melinta acquisition.

• 2026 revenue guidance is $300–$320 million, with EBITDA projected at $100–$125 million.

• 2026 is a transitional year due to the end of the TDAPA reimbursement period for DefenCath, impacting revenue timing.

• 2027 revenue guidance was issued early, reflecting confidence in post-TDAPA reimbursement recovery.

• Cash position is strong at $150 million, with close to zero net debt and sustained profitability expected through 2026.

Product portfolio and pipeline

• DefenCath is approved for reducing catheter-related bloodstream infections in hemodialysis, with strong real-world and clinical results.

• Rezzayo, a long-acting antifungal, is in phase 3 for prophylaxis in immunocompromised patients, with a readout expected in Q2.

• Expanded indications for DefenCath in TPN and ongoing phase 2 studies for Rezzayo in Pneumocystis and Aspergillus are progressing.

• Melinta products Minocin and Vabomere are growing, with patent protection through 2032 and 2039, respectively.

• The Tavara transaction provides a minority stake and right of first negotiation for Niyad, an anticoagulant in late-stage development.

Market opportunity and reimbursement

• DefenCath targets a concentrated US hemodialysis market, with 90% of volume in outpatient centers and four of the top five operators implementing the product.

• The TDAPA reimbursement system provides five years of add-on payments, with a transition to a bundled add-on in mid-2026.

• Rezzayo's prophylaxis indication could address a $2 billion US market, while DefenCath for TPN targets a $750 million market.

• Real-world data show DefenCath reduces hospitalizations by 70%, offering significant cost savings to Medicare.

• Medicare Advantage contracting and potential legislative changes could provide further upside to revenue.