CorMedix (NASDAQ:CRMD) Releases Earnings Results, Misses Expectations By $0.07 EPS

Key Points

• CorMedix reported quarterly EPS of ($0.19), missing expectations by $0.07, while revenue of $54.52 million topped the $51.76 million consensus estimate.
• The company agreed to acquire substantially all of Heron Therapeutics’ assets, which management expects to contribute $125 million–$150 million in 2027 revenue and $45 million–$60 million in annualized cost synergies by year-end 2027.
• CorMedix maintained its 2026 revenue outlook of $325 million–$345 million and narrowed adjusted EBITDA guidance to $130 million–$140 million. DefenCath’s phase III TPN study remains behind schedule, and the company has not yet provided 2027 product guidance.

CorMedix (NASDAQ:CRMD - Get Free Report) posted its quarterly earnings data on Thursday. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.12) by ($0.07), FiscalAI reports. CorMedix had a net margin of 40.49% and a return on equity of 40.52%. The firm had revenue of $54.52 million for the quarter, compared to the consensus estimate of $51.76 million.

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

• CorMedix agreed to acquire substantially all of Heron Therapeutics’ assets, which management expects to add approximately $125 million–$150 million in 2027 revenue and generate $45 million–$60 million in annualized cost synergies by the end of 2027. The deal is expected to be immediately accretive to earnings and free cash flow, subject to closing conditions.
• DefenCath utilization at large dialysis customers largely held steady after the post-TDAPA reimbursement change, and management expects the 2027 add-on payment to remain above the current $2.37 rate. However, the quarterly payment framework and unresolved customer pricing and Medicare Advantage arrangements leave the company unable to provide 2027 DefenCath guidance yet.
• Third-quarter revenue was $54.5 million and adjusted EBITDA was $3.1 million; DefenCath sales were $17.2 million, including a $5 million favorable adjustment to sales allowances. CorMedix maintained its 2026 revenue outlook at $325 million–$345 million and narrowed adjusted EBITDA guidance to $130 million–$140 million, while ending the quarter with $355.2 million in cash.
• The FDA accepted REZZAYO’s supplemental application for prophylaxis with priority review and a target decision in the first quarter of 2027. CorMedix is preparing for a potential launch in the second half of 2027 if approved.
• Enrollment in the phase III TPN study for DefenCath remains meaningfully behind schedule despite added sites and a protocol amendment. Management is evaluating alternative FDA pathways and expects to decide on the study strategy before its next quarterly update.

CorMedix Stock Down 7.9%

CorMedix stock traded down $0.42 during mid-day trading on Thursday, hitting $4.88. The company had a trading volume of 2,287,805 shares, compared to its average volume of 1,613,383. The company has a current ratio of 2.56, a quick ratio of 2.36 and a debt-to-equity ratio of 0.31. The stock's 50 day moving average price is $7.33 and its two-hundred day moving average price is $7.60. CorMedix has a 12 month low of $4.84 and a 12 month high of $13.02. The company has a market capitalization of $380.37 million, a PE ratio of 2.28, a price-to-earnings-growth ratio of 1.00 and a beta of 1.48.

Wall Street Analysts Forecast Growth

CRMD has been the subject of a number of research reports. Royal Bank Of Canada increased their price objective on CorMedix from $14.00 to $15.00 and gave the stock an "outperform" rating in a report on Tuesday. Weiss Ratings cut shares of CorMedix from a "hold (c+)" rating to a "hold (c)" rating in a report on Tuesday. Needham & Company LLC upped their target price on shares of CorMedix from $12.00 to $14.00 and gave the stock a "buy" rating in a research report on Tuesday. Oppenheimer started coverage on shares of CorMedix in a research note on Wednesday, September 23rd. They issued an "outperform" rating and a $15.00 price target for the company. Finally, Citigroup reissued a "market outperform" rating on shares of CorMedix in a research report on Tuesday. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $15.44.

About CorMedix

CorMedix Inc. is a biopharmaceutical company focused on products for infectious and inflammatory diseases. Its lead product, DefenCath, is an antimicrobial catheter-lock solution containing taurolidine and heparin. The U.S. Food and Drug Administration approved it to reduce catheter-related bloodstream infections in adults with kidney failure who receive chronic hemodialysis through a central venous catheter. CorMedix expanded its business in 2024 by acquiring Melinta Therapeutics, adding marketed antibiotics to its portfolio.

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