CorMedix (NASDAQ:CRMD) Issues Earnings Results

Key Points

• CorMedix beat Q1 expectations, reporting earnings of $0.43 per share versus the $0.35 consensus and revenue of $127.4 million, well above estimates of $104.96 million. Revenue rose 226.1% year over year.
• The company raised full-year guidance, boosting projected 2026 net revenue to $325 million-$345 million and adjusted EBITDA to $115 million-$135 million. It also increased DefenCath guidance to $175 million-$195 million on strong utilization.
• CorMedix said preliminary REZZAYO phase III data were positive, meeting the primary endpoint and showing non-inferiority to standard therapy, supporting a planned sNDA filing in the second half of 2026 and a possible 2027 launch.

CorMedix (NASDAQ:CRMD - Get Free Report) released its quarterly earnings data on Thursday. The company reported $0.43 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.08, Zacks reports. CorMedix had a net margin of 52.31% and a return on equity of 52.30%. The company had revenue of $127.43 million during the quarter, compared to analysts' expectations of $104.96 million. During the same quarter in the previous year, the company earned $0.30 earnings per share. The firm's revenue for the quarter was up 226.1% on a year-over-year basis.

Here are the key takeaways from CorMedix's conference call:

• CorMedix reported Q1 2026 net revenue of $127.4 million and adjusted EBITDA of $70 million, both reflecting strong execution and ahead of expectations. Management said the quarter benefited from durable DefenCath demand and the full-quarter contribution from the Melinta portfolio.
• The company raised full-year guidance, increasing net revenue to $325 million-$345 million and adjusted EBITDA to $115 million-$135 million. It also lifted DefenCath guidance to $175 million-$195 million, citing continued utilization strength.
• Management expects DefenCath revenue variability in the second half of 2026 as TDAPA reimbursement expires and the product moves to the post-TDAPA add-on phase. The company expects a higher net selling price in 2027 and said its near-term priority is to maintain or grow patient utilization.
• Preliminary top-line results from the ReSPECT phase III study showed REZZAYO met its primary endpoint and was non-inferior to standard antifungal therapy, with a favorable safety profile. CorMedix said the data support pursuing an sNDA submission in the second half of 2026 and a potential commercial launch in 2027.
• The Nutri-Guard TPN study is progressing slowly, with enrollment at only about one-third of the level needed for the interim analysis and completion now trending toward 2028. CorMedix plans to add sites and seek an FDA protocol amendment to broaden eligibility and speed enrollment.

CorMedix Trading Up 8.3%

NASDAQ:CRMD traded up $0.63 during trading hours on Thursday, hitting $8.13. The company had a trading volume of 3,609,281 shares, compared to its average volume of 2,001,647. The company has a current ratio of 2.11, a quick ratio of 1.94 and a debt-to-equity ratio of 0.36. The company has a 50-day moving average of $7.07 and a 200 day moving average of $8.69. The company has a market cap of $637.33 million, a P/E ratio of 4.05 and a beta of 1.46. CorMedix has a 1 year low of $6.13 and a 1 year high of $17.43.

Institutional Trading of CorMedix

Several hedge funds have recently made changes to their positions in CRMD. Comerica Bank grew its stake in shares of CorMedix by 454.6% in the 3rd quarter. Comerica Bank now owns 2,690 shares of the company's stock valued at $31,000 after buying an additional 2,205 shares during the period. Canada Pension Plan Investment Board purchased a new position in shares of CorMedix during the 2nd quarter worth approximately $42,000. Kestra Advisory Services LLC purchased a new position in CorMedix during the 4th quarter valued at about $49,000. Caitong International Asset Management Co. Ltd boosted its holdings in CorMedix by 666.6% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 4,385 shares of the company's stock valued at $51,000 after acquiring an additional 3,813 shares during the period. Finally, Northwestern Mutual Wealth Management Co. acquired a new stake in shares of CorMedix in the third quarter valued at $55,000. Hedge funds and other institutional investors own 34.18% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on CRMD. Royal Bank Of Canada reaffirmed an "outperform" rating and issued a $14.00 price objective (up from $13.00) on shares of CorMedix in a report on Tuesday, April 28th. Weiss Ratings restated a "hold (c)" rating on shares of CorMedix in a research report on Wednesday, January 21st. Zacks Research cut CorMedix from a "hold" rating to a "strong sell" rating in a research report on Tuesday, February 10th. Citizens Jmp restated a "market outperform" rating and issued a $19.00 price objective on shares of CorMedix in a research report on Tuesday, April 28th. Finally, Needham & Company LLC boosted their target price on shares of CorMedix from $14.00 to $15.00 and gave the stock a "buy" rating in a research note on Monday, April 27th. Six investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, CorMedix currently has an average rating of "Moderate Buy" and a consensus target price of $15.00.

CorMedix announced that its Board of Directors has initiated a stock buyback plan on Monday, February 2nd that authorizes the company to repurchase $75.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 12.3% of its stock through open market purchases. Stock repurchase plans are often an indication that the company's leadership believes its shares are undervalued.

About CorMedix

CorMedix Inc is a clinical-stage biopharmaceutical company focused on developing and commercializing novel therapies to reduce inflammation and prevent infection in critically and chronically ill patient populations. The company's lead product candidate, Neutrolin, is a catheter lock solution that combines taurolidine, heparin and citrate to prevent catheter-related bloodstream infections (CRBSIs) in patients undergoing hemodialysis. Neutrolin has received market authorization in the European Union under the CE Mark and is positioned to address a significant unmet medical need for infection prevention in dialysis centers.

In addition to its lead asset, CorMedix is advancing a biochemical portfolio aimed at mitigating complications associated with peritoneal dialysis and other high-risk procedures.

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