CorMedix (CRMD) Q3 2026 earnings summary

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.