CorMedix Q1 2025 Earnings Report

CorMedix EPS Results

• Actual EPS: $0.30
• Consensus EPS: $0.25
• Beat/Miss: Beat by +$0.05
• One Year Ago EPS: -$0.25

CorMedix Revenue Results

• Actual Revenue: $39.08 million
• Expected Revenue: $38.90 million
• Beat/Miss: Beat by +$182.00 thousand
• YoY Revenue Growth: N/A

CorMedix Announcement Details

• Quarter: Q1 2025
• Date: 5/6/2025
• Time: Before Market Opens
• Conference Call Date: Tuesday, May 6, 2025
• Conference Call Time: 8:30AM ET

CorMedix (NASDAQ:CRMD), a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure. The company was formerly known as Picton Holding Company, Inc. and changed its name to CorMedix, Inc. in January 2007. CorMedix Inc. was incorporated in 2006 and is based in Berkeley Heights, New Jersey.

CorMedix Q1 2025 Earnings Call Transcript

Key Takeaways

• CorMedix reported Q1 2025 net sales of $39.1 million and adjusted EBITDA of $23.6 million, achieving profitability with net income of $20.6 million, and narrowed H1 2025 revenue guidance to approximately $70 million.
• Orders from anchor customer U.S. Renal Care are expected to normalize in Q3 2025, and overall utilization is forecast to grow in H2 2025 as new patients and smaller outpatient and inpatient customers adopt DefenCath.
• Planning and communication with the previously announced large dialysis operator (LDO) have intensified, leaving CorMedix optimistic about a mid-year 2025 implementation start pending final purchase orders.
• The inpatient segment is being scaled up with a fully operational field team and first orders shipped to VA facilities, driving inpatient shipments to over 6% of total in April—more than double Q1 levels.
• Clinical development is advancing, highlighted by a Phase 3 CLABSI trial in TPN patients (first dosing imminent, NDA targeted late 2026/early 2027), a 2,000-patient real-world evidence study on track for mid-July, and a pediatric hemodialysis study set to begin in Q3 2025 alongside a live expanded access program.

Presentation

[Operator]

Good day, and welcome to the CorMedix Inc. First Quarter twenty twenty five Financial Results Conference Call. All participants will be in listen only mode. Please note this event is being recorded. I would now like to turn the conference over to Dan Ferry, LifeSci Advisors.

[Operator]

Please go ahead.

[Dan Ferry, Managing Director at LifeSci Advisors, LLC]

Good morning and welcome to the CorMedix first quarter twenty twenty five earnings conference call. Leading the call today is Joe Todisco, Chief Executive Officer of CorMedix. He is joined by Doctor. Matt David, Executive Vice President and CFO. That's Zelnick Kaufman, EVP and Chief Legal and Compliance Officer Liz Hurlburt, EVP and Chief Clinical Strategy and Operations Officer and Aaron Mystery, EVP and Chief Commercial Officer.

[Dan Ferry, Managing Director at LifeSci Advisors, LLC]

Before we begin, I would like to remind everyone that during the call, management may make what are known as forward looking statements within the meaning set forth in the Private Securities Litigation Reform Act of 1995. These statements are statements other than statements of historical fact regarding management's expectations, beliefs, goals and plans about the company's prospects and future financial position. Actual results may differ materially from the estimates and projections on which these statements are based due to a variety of important factors, including the risks and uncertainties described in greater detail in CorMedix's filings with the SEC, which are available free of charge at the SEC's website or upon request from CorMedix. CorMedix may not actually achieve the goals or plans described in these forward looking statements, and investors should not place undue reliance on these statements. CorMedix does not intend to update these forward looking statements except as required by law.

[Dan Ferry, Managing Director at LifeSci Advisors, LLC]

During this call, the company will discuss certain non GAAP measures of its performance. GAAP to non GAAP financial reconciliations and supplemental financial information are provided in CorMedix earnings release and the current report on Form eight ks filed with the SEC. This information is available on the Investor Relations section of CorMedix's website. At this time, it is now my pleasure to turn the call over to Joe Todisco, Chief Executive Officer of CorMedix. Joe, please go ahead.

[Dan Ferry, Managing Director at LifeSci Advisors, LLC]

Thanks, Dan.

[Joe Todisco, Chief Executive Officer at CorMedix]

Good morning, everyone, and thank you for joining us on this call. CorMedix continues to have solid momentum with the launch of DefendCath, highlighted by strong first quarter net sales of $39,100,000 in line with our earlier preannounced results. Adjusted EBITDA for the first quarter of twenty three point six million dollars was slightly above our earlier preannouncement. We continue to see steady utilization growth with existing anchor customer U. S.

[Joe Todisco, Chief Executive Officer at CorMedix]

Renal Care, IRC and DCI, as well as new utilization with smaller outpatient dialysis operators and inpatient hospitals and health systems. For the month of April, as an example, inpatient hospital ordering accounted for more than 6% of shipments, up more than double from the first quarter. In early April, we updated our net revenue guidance for DEFENCATH sales to existing customers for the first half of the year and we guided to a range of $62,000,000 to $70,000,000 which implied second quarter twenty twenty five net revenue guidance of $23,000,000 to $31,000,000 based upon first quarter results. I'm happy to say that based on order trends and inventory tracking, we're able to further narrow our guidance toward the upper end of that range and currently project net revenue of approximately $70,000,000 from existing purchasing customers over the first half of the year. As we stated on our previous call, the moderate sequential decline in revenue anticipated between Q1 and Q2 of this year is largely due to the timing of shipments to U.

[Joe Todisco, Chief Executive Officer at CorMedix]

S. Renal Care, in which they purchased a few additional weeks of inventory in both the fourth quarter of twenty twenty four and first quarter of twenty twenty five respectively. We expect that beginning in the third quarter of this year for order volumes from U. S. Renal Care to normalize and more closely track patient utilization.

[Joe Todisco, Chief Executive Officer at CorMedix]

To that extent, we do anticipate utilization growth in the back half of twenty twenty five as new patients initiate therapy at existing customers and as we add new customers in both the inpatient and outpatient settings. A large variable for our potential full year financial outlook is the timing and scale of uptake by our previously announced large dialysis operator customer. Over the last few weeks, we have seen increased levels of communication and planning related activities with medical and operations staff at the customer. And to that extent, we are optimistic of achieving our target for a mid year twenty twenty five implementation start. We intend to update investors once we have more definitive timeline from the customer.

[Joe Todisco, Chief Executive Officer at CorMedix]

Turning back to the inpatient market, our dedicated inpatient sales team is now fully staffed, trained and operational in the field and we are hopeful to increase penetration as we move throughout 2025. Our partnership with WSI for promotion to federal facilities is also fully operational and we received and shipped our first orders to VA facilities in the first quarter. Focusing now on our clinical developments, we have begun our Phase three clinical study for the reduction of central line associated bloodstream infections or CLABSIs in adult patients receiving total parenteral nutrition or TPN through a central venous catheter. Site selection began in February and I'm happy to report that our first site is operational and actively screening patients and we expect our first patient to be dosed over the next few days. As a reminder, this is a twelve month study in less than 150 patients and we are targeting completion of the study and submission of a new drug application to FDA by the end of twenty twenty six or beginning of twenty twenty seven.

[Joe Todisco, Chief Executive Officer at CorMedix]

We recently submitted to FDA an application for orphan drug status for this indication and are awaiting FDA's determination of eligibility. The company's goal for TPN is to obtain FDA approval for an expanded use of our Tyroldine and heparin catheter lock solution in the late twenty twenty seven to early twenty twenty eight timeframe. And we estimate annual peak sales potential in this indication to be in the range of 150,000,000 to $200,000,000 based off a total addressable market size of $500,000,000 to $750,000,000 We will provide investors with updates on progress in this important area of unmet need as we move forward. Our other clinical initiatives also continue to make solid progress. Our real world evidence study that is being run-in cooperation with our study partner, U.

[Joe Todisco, Chief Executive Officer at CorMedix]

S. Renal Care has eclipsed two thousand patients and will hit its midpoint in July. Our hope with this study in which we expect to evaluate patient outcomes over a twenty four month period is to generate real world evidence around the impact of DEFENCATH utilization on the cost of patient care, infection rates, hospitalizations, mortality and multiple other metrics such as lost chair time and CRBSI related antibiotic use. Data from this study will be critical to our objective of making DefenCath standard of care catheter lock in the outpatient hemodialysis setting. In addition to our adult TPN and real world evidence studies, our study of DEFENCATH in the pediatric hemodialysis population is on target to begin in the third quarter of this year.

[Joe Todisco, Chief Executive Officer at CorMedix]

And our expanded access program for high risk populations, including but not limited to pediatric TPN, peritoneal dialysis patients with refractory peritonitis and neutropenic oncology patients utilizing a CVC is now live. I would now like to turn the call over to Matt to discuss the company's first quarter financial results and financial position. Matt?

[Matt David, Executive VP & CFO at CorMedix]

Thanks, Joe, and good morning, everyone.

[Matt David, Executive VP & CFO at CorMedix]

I am

[Matt David, Executive VP & CFO at CorMedix]

pleased to be here today to provide an overview of our first quarter twenty twenty five financial results as well as an update on CorMedix's cash position. The company has filed its quarterly report on Form 10 Q for the quarter ended 03/31/2025. I urge you to read the information contained in the report for a more complete discussion of our financial results. With respect to our first quarter of twenty twenty five financial results, our net revenue for the first quarter of twenty twenty five amounted to $39,100,000 CorMedix achieved profitability for the first quarter as our net income was $20,600,000 or $0.32 per share compared with a net loss of $14,500,000 or $0.25 per share in the first quarter of twenty twenty four. The net income recognized in 2025 was driven by the gross profits associated with the net sales of DefenCap.

[Matt David, Executive VP & CFO at CorMedix]

Operating expenses in the first quarter of twenty twenty five increased approximately 9% to $17,400,000 compared with $15,900,000 in the first quarter of twenty twenty four. R and D expense increased by approximately 281% to $3,200,000 from approximately $800,000 in the first quarter of twenty twenty four, driven by the increase in personnel and clinical trial services in support of our ongoing clinical programs. Selling and marketing expense decreased 29% to $4,500,000 in the first quarter of twenty twenty five compared with $6,300,000 in the first quarter of twenty twenty four. G and A expense increased 11% to $9,700,000 in the first quarter of twenty twenty five versus $8,700,000 in the first quarter of twenty twenty four. The decrease in selling and marketing expense is considered temporary and related to the timing of our prior internal sales force versus the ramping of costs related to our outsourced sales force.

[Matt David, Executive VP & CFO at CorMedix]

We expect those costs to be normalized for the second quarter. The increase in G and A expense was primarily driven by non cash charges for stock based compensation. We recorded net cash provided by operations during the first quarter of twenty twenty five of 19,700,000.0 compared with net cash used in operations of $17,300,000 in the first quarter of twenty twenty four. The increase is driven by our net income for the period versus a net loss in the comparison period. The company has cash and cash equivalents of $77,500,000 as of 03/31/2025.

[Matt David, Executive VP & CFO at CorMedix]

As described previously, we are guiding to 2025 cash operating expenses of approximately $72,000,000 to 78,000,000 The increase over 2024 spending levels is expected to be largely driven by an increase in R and D spending on our clinical initiatives. I will now turn the call back over to Joe for closing remarks. Joe?

[Joe Todisco, Chief Executive Officer at CorMedix]

Thanks, Matt. CorMedix is working diligently on all fronts to increase our existing customer base as well as expanding its DEFENCATH to new therapeutic indications. I appreciate everyone's continued support in CorMedix and I'm happy to take questions.

[Operator]

We will now begin the question and answer session. Our first question comes from Gregory Renza from RBC Capital. Please go ahead.

[Gregory Renza, Senior Biotechnology Analyst at RBC Capital Markets]

Great. Thanks. Good morning, Joe and Matt. Congrats on the progress and thanks for taking my questions. Joe, maybe just starting with the LDO partnership, it sounds like at the top you mentioned just some degree of optimism in progress.

[Gregory Renza, Senior Biotechnology Analyst at RBC Capital Markets]

Just curious if you could just provide how that has how your perceptions and your engagement there has evolved since we've last spoken in last quarter or so? And what do you think the LDO wants to see just operationally and with respect to outcomes before perhaps opening up to that broader population. I know that's longer term, but just want to see how you're driving to support those goals.

[Joe Todisco, Chief Executive Officer at CorMedix]

No. Thanks, Greg. And with regard to the size of the population, I'm not to speak for on behalf of the LDO. They haven't given us any updated guidance in terms of number of patients, right? We're still working off of prior feedback and that's what we're prepared for, but also have the ability to scale up quite quickly should we need As I said in the script, over the last few weeks, we've seen heightened levels of kind of preparatory activity, the types of things that would need to be done, right to initiate utilization.

[Joe Todisco, Chief Executive Officer at CorMedix]

Certainly nothing is ever set in stone, right with customers and we're waiting for an implementation date. But as I said, we're optimistic or cautiously optimistic as you want to take it. And we're ready to go as soon as they hopefully pull the trigger on a purchase order.

[Gregory Renza, Senior Biotechnology Analyst at RBC Capital Markets]

Got it. And just maybe just on inventory control, obviously, this is the key priority for operators and you've commented on some of that lumpiness. Maybe just some comments, Joe, on kind of the policy and macro volatility that many sectors are experiencing. How are you reacting to that? Is there anything that you think is unpredictable or could be that could affect some of the usual kind of lumpiness when it comes to selling into it and providing DefendCat to the Yes.

[Joe Todisco, Chief Executive Officer at CorMedix]

No, thanks, Greg. The macro level issues right now that are kind of going on, call it worldwide, whether it's tariff related or other kind of supply chain constraints aren't really an issue for us, right? Our lumpiness was entirely largely caused by just a price incentive that a customer had to kind of move some inventory or take a little bit of inventory earlier, right? And they're working through that inventory now, which is why we encouraged investors to look at the first half of the year kind of as a lump sum period. From an inventory prep standpoint, we've got a significant amount of active pharmaceutical ingredient on hand for both heparin and tiraldine that should or will cover not only our current demand run rate for more than a year, but also a good amount of scale up should we need support any increased customer demand.

[Joe Todisco, Chief Executive Officer at CorMedix]

We've also got a good runway of finished dosage inventory manufactured. We have two finished dosage manufacturers that have been qualified by the FDA. So we have some flexibility there. So overall, inventory is really not a constraint for us or something that I would foresee causing any fluctuations in our earnings.

[Gregory Renza, Senior Biotechnology Analyst at RBC Capital Markets]

Got it. It makes sense. Congrats again. I'll hop back into the queue.

[Joe Todisco, Chief Executive Officer at CorMedix]

Thanks, Craig.

[Operator]

Thank you. Your next question comes from Ruana Ruiz from Leerink Partners. Please go ahead.

[Roanna Ruiz, Senior Managing Director, Biotechnology Analyst at Leerink Partners]

Hey, morning everyone. So a couple from me. First one, could you talk a bit more about the main drivers behind the 1Q revenue number, especially given the successful implementation? I was curious, did some of that strength come from U. S.

[Roanna Ruiz, Senior Managing Director, Biotechnology Analyst at Leerink Partners]

Renal or some of the small and medium dialysis centers? And what metrics are giving you more confidence to point to the top end of your first half guidance?

[Joe Todisco, Chief Executive Officer at CorMedix]

Thanks, Rona. Look, I think we have a number in the queue exactly what percentage our customers or our top customer accounts for. I do believe that U. S. Renal in the first quarter was still more than 80% of shipments.

[Joe Todisco, Chief Executive Officer at CorMedix]

So obviously, is a large driver. They're currently our biggest anchor customer. But we did see good growth in the first quarter, as I said, with smaller customers, with hospitals. On the inpatient side, I think first quarter overall was around 3% of shipments, but a little bit larger percentage of dollars, right? There's a little bit better pricing in the hospital inpatient segment at this point of time.

[Joe Todisco, Chief Executive Officer at CorMedix]

When we talk about guidance and kind of our thoughts around it being at the top end of the range, we're doing a pretty good analysis now on inventory, certainly at U. S. Renal Care, but a couple of the other customers have begun sharing inventory reports. We have a little bit of visibility now into what their weekly dispensing utilization is. So we're basically making a projection, right, of what they have on hand, what the rundown is going to be and what we think new orders are going to be over the next couple of weeks.

[Roanna Ruiz, Senior Managing Director, Biotechnology Analyst at Leerink Partners]

Got it. And one last follow-up for me. I was also curious, thinking about the outstanding LDO, any updates there on what you're thinking about or what they might want to see to get more comfortable or just implement more, using DefendCast and enter a contract etcetera?

[Joe Todisco, Chief Executive Officer at CorMedix]

Yes. As I said to Greg, I'm not going to speak for them in terms of what they might or might not be looking at in terms of implementation or timing. I can only speak to the questions that we're being asked and what we're being asked to provide. Essentially are all of the same things that we provided to other customers, right, as we've ramped up toward implementation. So as I get more information, I'm certainly going update investors.

[Joe Todisco, Chief Executive Officer at CorMedix]

But right now, as I said, I'm comfortable and we're optimistic that we're on the timelines that we've communicated previously.

[Roanna Ruiz, Senior Managing Director, Biotechnology Analyst at Leerink Partners]

Got it. Thank you.

[Operator]

Thank you. Your next question comes from Les Soulevskiy from Truist Securities. Please go ahead.

[Les Sulewski, VP - Biotech Equity Research at Truist Securities]

Good morning. Thank you for taking my questions and congrats on the progress guys. So Joe, perhaps maybe you can talk about U. S. Renal, start there.

[Les Sulewski, VP - Biotech Equity Research at Truist Securities]

You expect the order rates to normalize. I guess maybe can you provide a sense of what patient pool or percent of their patient pool is on DEFENCAF? Are there additional cohorts that could be further implemented? And then in regards to other customers, have they notified you on when they start they will start taking in shipments? And then just kind of your ability to foresee the utilization tracking.

[Les Sulewski, VP - Biotech Equity Research at Truist Securities]

I know you kind of shared some insights into customers providing you some of that, but, are you able to kind of differentiate what's utilization versus inventory buildup? And then I have a follow-up as well on reimbursement.

[Joe Todisco, Chief Executive Officer at CorMedix]

All right. Thanks, Les. I'm going try and go through these. So when we talk about U. S.

[Joe Todisco, Chief Executive Officer at CorMedix]

Renal Care and kind of order rates normalizing, and I think what you're really asking is kind of what's the runway for growth over the back part of the year. I think there's some runway for growth. I think we're probably more a little bit more than 80% implemented right within the kind of the eligible patient population based on the criteria they set up. But I do think there's still opportunity and there's always new patients right that come in and begin dialysis that meet the criteria. So So I'd say with the other kind of midsized customers, there's a little bit more runway, I'd say, for growth.

[Joe Todisco, Chief Executive Officer at CorMedix]

We've obviously implemented more recently, right? So we're still kind of in the ramping phase, I think, with both IRC and DCI as well as with a number of the smaller customers. On utilization tracking, would say, at least with U. S. Renal Care, which and I'll correct the number I gave before, I think for this quarter was 78 percent of shipments in the first quarter or of revenue in first quarter.

[Joe Todisco, Chief Executive Officer at CorMedix]

We do have pretty good visibility as to what is utilization versus what is inventory. And that's the basis for which we've amended our guidance and now we're guiding toward the upper end of our range.

[Les Sulewski, VP - Biotech Equity Research at Truist Securities]

Got it. Very helpful. On the reimbursement front, so now maybe kind of looking ahead, Medicare Advantage being a bigger share. Can we kind of, I guess, assume there's a potential for a reimbursement negotiation with Medicare Advantage in the early phases of the TDAPA period? Or is this more of a kind of a concrete decision that will coincide with end of TDAPA coverage?

[Joe Todisco, Chief Executive Officer at CorMedix]

Look, think we're our expectation is to enter into negotiations with EMA plans while TDAPA is still in force, right? And whether that ends up impacting reimbursement in year three or year four, we don't know yet. I don't know that there's a lot of precedent for TDAPA launches entering into direct contracts with MA plans. So that's something we're looking to engage in. Obviously, real world evidence study is a big piece of the data that we're hoping to utilize for those negotiations.

[Joe Todisco, Chief Executive Officer at CorMedix]

What I could say now that's certainly promising when we look at our claims data, about 40% of our claims are currently MA plans, a large number of plans currently providing reimbursement. That's from our view all positive.

[Les Sulewski, VP - Biotech Equity Research at Truist Securities]

Great. And just maybe last one on that front of 40%. What would you expect that to grow to or change to by the end of your TDAPA coverage?

[Joe Todisco, Chief Executive Officer at CorMedix]

Thank

[Joe Todisco, Chief Executive Officer at CorMedix]

you. Well, I wouldn't expect it to grow past fifty-fifty, right, because MA is about fifty percent of the Medicare based ESRD population. Most of these patients are Medicare. It's about half fee for service traditional and half MA. So that's about what I would expect.

[Joe Todisco, Chief Executive Officer at CorMedix]

So that's why I said, I think it's pretty positive that about forty percent of our claims are Medicare Advantage and that's combined with a little bit of commercial and probably some Medicaid as well.

[Les Sulewski, VP - Biotech Equity Research at Truist Securities]

Got it. Okay. That's helpful. Thank you.

[Operator]

Perfect. Thank you. Our next question comes from Serge Belanger from Needham and Company. Please go ahead.

[Serge Belanger, Senior Analyst at Needham & Company]

Hi, good morning. Joe, I guess a couple of questions first on the inpatient segment. You've now been in that market for a year, I think since last April. So just curious how you think about the overall opportunity a year later and how much of the business it could represent relative to the outpatient segment? And then secondly, are there any efforts to modify or improve to that reimbursement process at this

[Serge Belanger, Senior Analyst at Needham & Company]

point? Thanks.

[Joe Todisco, Chief Executive Officer at CorMedix]

Thanks, Sergio. I'll take the first question first. Yes, we did launch in the inpatient segment last year. But as we've talked about on prior calls, it's a really long ramp, right? To get the product in front of P and T committee, through P and T committee, right?

[Joe Todisco, Chief Executive Officer at CorMedix]

Build champions within these institutions. A lot of them very academic minded and want to see what's going on in other institutions. So it's taken a long time to kind of build a little bit of critical mass there. And now we're starting to see some progress. And now we've got a dedicated inpatient team that is now three weeks, I think, in the field and fully operational.

[Joe Todisco, Chief Executive Officer at CorMedix]

So we're we do think we've got good runway there and an opportunity to grow the business. What it could grow to as a percentage of our business is kind of hard to pin down. Overall, if you look at in terms of the total market opportunity, the TAM about 10% of the unit volume flows through inpatient. As we said in the past, think there's a little bit more durable pricing perhaps on the inpatient side that could lead to a higher dollar value. And I had mentioned that we essentially for April, we kind of doubled our rate of shipments, right, from it was 3% of our shipments in the first quarter, inpatients about 6% so far leading into in the second quarter.

[Joe Todisco, Chief Executive Officer at CorMedix]

As a percentage of our overall business, it will really depend upon, right, the timing and scale of bringing on new customers, right? Specifically, if an LDO customer comes on and is driving higher volumes, inpatient will be a smaller percentage of the business. But that doesn't necessarily mean that it's not going to be material or meaningful, right, as a growth driver. So it's hard to kind of pin down a number of what we expect it to be. It really depends on a lot of variables.

[Joe Todisco, Chief Executive Officer at CorMedix]

Just kind of changing gears on to DAPA in terms of efforts to modify to DAPA. I'd say there's a few efforts that are currently ongoing. Of the things that we're keeping an eye on in July, proposed rule for 2026 should come out from CMS. Stakeholders have submitted a large number of comments, in terms of potential changes to DAPA. I think we're hopeful to see something in that proposed rule for next year that we would view as an improvement for TDAPA.

[Joe Todisco, Chief Executive Officer at CorMedix]

We're keeping an eye on that. Separately, there are some legislative initiatives that are going on with stakeholders, working with members of the Hill, to hopefully get a bill brought forward later this year that would codify to DAPA in law and also make improvements to the DAPA. Legislation is always an uphill fight certainly in this Congress. But there is a lot of, I'd say, momentum amongst stakeholders that want to see changes to DAPA to make it either longer in duration, more sustainable over time and perhaps better drive utilization of innovative therapies.

[Serge Belanger, Senior Analyst at Needham & Company]

Thanks.

[Operator]

Thank you. Now I'll turn the conference over to Dan Ferry for written questions from the audience.

[Dan Ferry, Managing Director at LifeSci Advisors, LLC]

Thank you, operator. Joe, we do have one written question from the audience here. Can you provide any feedback from providers or customers on their experience with DefendCast to date?

[Joe Todisco, Chief Executive Officer at CorMedix]

Okay. That's a good question, Dan. I'm going to actually ask, Liz to kind of touch on that from a medical standpoint in terms of what we've heard and seen from customers. Go ahead.

[Liz Hurlburt, EVP, Chief Clinical Strategy and Operations Officer at CorMedix]

Sure. So I would say our customer feedback has been very positive overall. Our clinical implementation and excellence team works really closely with our customers to ensure a smooth transition to DefendCath. I think many have been surprised how easily DefendCath fits into their current workflow, The clinicians overall have been pretty quick to adopt and introduce patients. I also think our reimbursement support services with Perspectus have been instrumental in supporting customers with the nuances of TDAPA and NTAP claims, taking that unknown factor out of the aspect.

[Liz Hurlburt, EVP, Chief Clinical Strategy and Operations Officer at CorMedix]

Overall, it's been really positive.

[Dan Ferry, Managing Director at LifeSci Advisors, LLC]

Thanks Liz.

[Joe Todisco, Chief Executive Officer at CorMedix]

Thanks Liz.

[Dan Ferry, Managing Director at LifeSci Advisors, LLC]

Joe, with that said, I don't have any other further questions from the audience. That said, operator, you may close the call.

[Operator]

Perfect. Thank you.

[Joe Todisco, Chief Executive Officer at CorMedix]

All right.

[Joe Todisco, Chief Executive Officer at CorMedix]

Well, thank everybody.

[Operator]

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

Participants

Executives

• Joe Todisco, Chief Executive Officer
• Matt David, Executive VP & CFO
• Liz Hurlburt, EVP, Chief Clinical Strategy and Operations Officer

Analysts

• Dan Ferry, Managing Director at LifeSci Advisors, LLC
• Gregory Renza, Senior Biotechnology Analyst at RBC Capital Markets
• Roanna Ruiz, Senior Managing Director, Biotechnology Analyst at Leerink Partners
• Les Sulewski, VP - Biotech Equity Research at Truist Securities
• Serge Belanger, Senior Analyst at Needham & Company