CorMedix (CRMD) Q3 2025 earnings summary

Executive summary

• Closed the acquisition of Melinta Therapeutics in August 2025, expanding the portfolio with six marketed infectious disease products and a cardiovascular product, and targeting $30 million in annual synergies by year-end 2025.

• Achieved record Q3 2025 net revenue of $104.3 million and net income of $108.6 million, driven by strong DefenCath sales and Melinta asset contribution.

• Rebranded as CorMedix Therapeutics, unifying employees under a new name and logo to reflect commitment to novel therapies.

• Raised full-year 2025 pro forma revenue guidance to $390–$410 million and adjusted EBITDA guidance to $220–$240 million.

• Completed a strategic minority investment in Talphera, securing a board seat and right of first negotiation for acquisition post-phase III results.

Financial highlights

• Q3 2025 net revenue was $104.3 million, up 810% year-over-year, with $88.8 million from DefenCath and $15.5 million from Melinta.

• Net income for Q3 2025 was $108.6 million, or $1.26 per diluted share, compared to a $2.8 million loss in Q3 2024.

• Adjusted EBITDA for Q3 2025 was $71.9 million, up from a $2 million loss in Q3 2024.

• Gross profit for Q3 2025 was $93.1 million, with a gross margin of approximately 89%.

• Operating expenses for Q3 2025 were $41.7 million, including $12.7 million in non-recurring acquisition and integration costs.

Outlook and guidance

• FY 2025 pro forma net revenue guidance raised to $390–$410 million and adjusted EBITDA to $220–$240 million.

• Q4 2025 net revenue expected in the range of $115–$135 million, with projected year-end cash of ~$100 million.

• Management expects to fund operations for at least 12 months with $55.7 million in cash and future operating cash flows.

• Top-line data for REZZAYO prophylaxis expected in Q2 2026; phase III completion for DefenCath in TPN patients anticipated by end of 2026 or early 2027.