CorMedix reported second quarter results on August 13 showing substantial growth across major metrics. Net revenue reached $101.9 million, exceeding the prior year’s $39.7 million, while net income totaled $26 million and adjusted EBITDA climbed to $58.7 million compared with prior year figures. Management raised its full year adjusted EBITDA guidance while maintaining its full year revenue range at $325 million to $345 million, a decision that underscored cautious sentiment despite quarterly outperformance.
DefenCath contributed $66.1 million in quarterly net revenue, driven by continued adoption among large outpatient dialysis customers. The company’s acquired Melinta portfolio added $35.8 million to the quarter. Commercial expansion accelerated as CorMedix signed a new multi-year supply agreement with a major dialysis operator, bringing all five of the largest U.S. dialysis service providers under contract. The operator has already begun placing DefenCath orders with a pilot launch anticipated in the third quarter.
Operating expenses expanded significantly, rising to $34.2 million from $18.3 million year-over-year, an increase attributed primarily to a full quarter of combined Melinta costs. Research and development spending nearly tripled to $6.7 million as the company expanded clinical trial efforts, including pediatric studies and a total parenteral nutrition indication program for DefenCath. Sales and marketing expenses climbed 95% to $12.4 million, while general and administrative costs rose 59% to $15.1 million. The company benefited from a $4.2 million credit for expected insurance reimbursement related to ongoing securities litigation costs.
On the pipeline, CorMedix expected to submit a supplemental new drug application for REZZAYO in the third quarter in partnership with Mundipharma, targeting prophylaxis of invasive fungal disease, with regulatory action anticipated in the first half of 2027. The company maintained $256.7 million in cash and short-term investments and narrowed cash operating expense guidance to $145 million to $155 million while lifting adjusted EBITDA guidance to $125 million to $140 million.
Market positioning reflected mixed sentiment. Hedge fund ownership increased to 24 funds from 17 in the prior quarter, suggesting institutional accumulation. Short interest stood at 22.30% of the float, indicating substantial bearish positioning. The stock’s forward price-to-earnings ratio of 44.64 as of September 4 reflected market expectations for significant future earnings growth, setting up potential volatility depending on upcoming results.
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