CorMedix (CRMD) Q1 2026 earnings summary

Executive summary

• Net revenue reached $127.4 million in Q1 2026, up from $39.1 million in Q1 2025, driven by strong DefenCath demand and the Melinta acquisition.

• Net income increased to $38.6 million, with adjusted EBITDA of $70 million, both significantly higher year-over-year.

• Melinta portfolio contributed between $24.4 million and $29.9 million in Q1 2026.

• Positive Phase III topline results for REZZAYO in a new indication, supporting an FDA sNDA submission in H2 2026 and targeting commercialization in 2027.

• Entered 2026 with strong momentum, focusing on pipeline advancement and profitability.

Financial highlights

• Q1 2026 net revenue: $127.4 million, up from $39.1 million in Q1 2025.

• DefenCath revenue: $97.5 million; Melinta portfolio: up to $29.9 million.

• Net income: $38.6 million ($0.48 basic, $0.43 diluted EPS) vs. $20.6 million ($0.32 basic, $0.30 diluted) in Q1 2025.

• Adjusted EBITDA: $70 million, up from $23.6 million year-over-year.

• Gross profit grew to $105.1 million, with gross margin impacted by Melinta integration.

Outlook and guidance

• Full-year 2026 net revenue guidance raised to $325–$345 million.

• Full-year adjusted EBITDA guidance increased to $115–$135 million.

• DefenCath full-year guidance raised to $175–$195 million, excluding upside from new customers or Medicare Advantage.

• Anticipates lower DefenCath net pricing in H2 2026 due to CMS reimbursement changes, with potential improvement in 2027.

• Cash OpEx guidance for 2026: $145–$160 million, reflecting commercial readiness for REZZAYO.