Cormedix Therapeutics Reports Second Quarter 2026 Financial Results and Provides Business Update
Rhea-AI Summary
CorMedix Therapeutics (Nasdaq: CRMD) reported Q2 2026 consolidated revenue of $101.9 million, up from $39.7 million a year earlier, with DefenCath contributing $66.1 million and the acquired Melinta portfolio $35.8 million. Net income was $26.0 million, with adjusted EBITDA of $58.7 million and basic/diluted EPS of $0.33/$0.29.
The company signed a multi-year DefenCath supply agreement with a large dialysis operator, extending its commercial footprint to all top five U.S. dialysis providers. CorMedix, with cash and equivalents of $256.7 million, maintained 2026 consolidated revenue guidance of $325–$345 million and raised adjusted EBITDA guidance to $125–$140 million. In collaboration with Mundipharma, it plans an sNDA submission in Q3 2026 for REZZAYO prophylaxis, with potential FDA action anticipated in H1 2027 if accepted for review.
Positive
- Q2 2026 consolidated revenue reached $101.9 million
- DefenCath Q2 2026 net sales were $66.1 million
- Melinta portfolio added $35.8 million revenue in Q2 2026
- Q2 2026 net income was $26.0 million
- Q2 2026 adjusted EBITDA increased to $58.7 million from $22.4 million
- Raised 2026 adjusted EBITDA guidance to $125–$140 million
- Maintained 2026 consolidated revenue guidance of $325–$345 million
- Cash and equivalents at June 30, 2026 totaled $256.7 million
- Operating cash flow for first half 2026 was $128.6 million
- New multi-year DefenCath supply deal with a large dialysis operator
- Commercial contracts now cover all top five U.S. dialysis providers
- Planned Q3 2026 sNDA filing for REZZAYO prophylaxis indication
Negative
- Total Q2 2026 operating expenses rose 87% to $34.2 million
- Q2 2026 selling and marketing expense increased 95% to $12.4 million
- Q2 2026 general and administrative expense rose 59% to $15.1 million
- Amortization of intangibles increased to $10.3 million in Q2 2026
- Tax expense rose to $12.7 million in Q2 2026 from $0.5 million
- Change in contingent consideration reduced other income by $6.7 million in Q2 2026
News Explained
The newly signed dialysis supply agreement has moved beyond signing: the large dialysis operator has commenced ordering DefenCath and is scheduled to begin a pilot in the third quarter, making the commercial relationship active before the pilot begins.
Market reaction after Q2 2026 earnings report: CRMD +10.30%
Following this news, CRMD has gained 10.30%, reflecting a significant positive market reaction. Our momentum scanner has triggered 5 alerts so far, indicating moderate trading interest and price volatility. The stock is currently trading at $7.83. Trading volume is exceptionally heavy at 34.8x the average, suggesting very strong buying interest.
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Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 14 | Q1 earnings report | Positive | +5.7% | Revenue, EBITDA, guidance, and clinical update accompanied a positive 5.73% reaction. |
| Mar 05 | FY2025 earnings report | Positive | -11.5% | Strong quarterly results and share repurchase announcement accompanied an 11.52% decline. |
| Jan 08 | FY2026 guidance update | Negative | -11.5% | Reimbursement transition and pricing concerns accompanied a 32.77% decline. |
| Nov 12 | Q3 earnings report | Positive | +0.0% | Higher revenue, profitability, guidance, and clinical progress accompanied a 2.06% gain. |
| Nov 12 | Portfolio financing | Negative | -1.8% | Private placement financing and reduced expense guidance accompanied a 1.84% decline. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Matched earnings events produced mixed reactions, with an average move of -7.67%.
Key Terms
adjusted ebitda financial
snda regulatory
prophylaxis medical
non-gaap financial measure financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
‒ Q2 2026 Consolidated Revenue of
‒ Q2 2026 Net Income of
‒ Company Maintains FY 2026 Revenue and Raises Adjusted EBITDA Guidance ‒
‒ Conference Call Scheduled for Today at 8:30 a.m. Eastern Time ‒
PARSIPPANY, N.J., Aug. 13, 2026 (GLOBE NEWSWIRE) -- CorMedix Therapeutics (Nasdaq: CRMD) today announced financial results for the second quarter ended June 30, 2026, and provided an update on its business.
Recent Corporate Highlights:
- CorMedix announces
$101.9 million of total revenue and grant income (“consolidated revenue”) for the second quarter of 2026, reflecting strong second quarter execution and positive underlying demand trends. The Company also recognized net income of$26.0 million and adjusted EBITDA of$58.7 million (1). Basic and fully diluted EPS were$0.33 and$0.29 per share, respectively, for the quarter. - DefenCath® (taurolidine and heparin) sales contributed
$66.1 million of net revenue in the second quarter, driven by continued utilization of DefenCath by large outpatient dialysis customers. The acquired Melinta portfolio contributed$35.8 million . - CorMedix announced today that in collaboration with our global development partner Mundipharma, the company anticipates FDA submission of the sNDA for an expanded indication of REZZAYO for the prophylaxis of invasive fungal disease in the third quarter of this year. Provided the application is accepted for FDA review, the Company anticipates agency action on the application in H1 2027.
- The Company signed a new multi-year commercial supply agreement for DefenCath® with a Large Dialysis Operator (LDO), expanding the company’s commercial contract footprint to include all of the top 5 providers of dialysis services in the U.S. market. The LDO has commenced ordering of DefenCath® and will begin a pilot in the third quarter this year.
- The Company maintains full-year 2026 consolidated revenue guidance of
$325 t o$345 million , and raises full-year adjusted EBITDA guidance to a range of$125 t o$140 million . Cash OpEx guidance is narrowed to a range of$145 t o$155 million . - Cash and short-term investments, excluding restricted cash, at June 30, 2026 totaled
$256.7 million .
Joseph Todisco, CorMedix Chairman & CEO, commented, “CorMedix delivered a strong second quarter, generating
(1) Adjusted EBITDA is a non-GAAP financial measure and excludes non-cash items such as depreciation, amortization, stock-based compensation, interest and other income and expense, taxes and certain non-recurring items. See “Non-GAAP Financial Measures” on the following pages for additional information regarding the use of EBITDA and Adjusted EBITDA and a reconciliation to the most comparable GAAP measure.
Second Quarter 2026 Financial Highlights
For the second quarter of 2026, CorMedix recorded
Total operating expenses in the second quarter of 2026 were
Research and development (R&D) expenses in the second quarter of 2026 were
Selling and marketing expense increased approximately
General and administrative expenses increased approximately
CorMedix recorded net income of
The Company reported cash and cash equivalents of
Conference Call Information
CorMedix will host a conference call and webcast today, August 13, 2026, at 8:30AM Eastern Time, to discuss recent corporate developments and financial results. Call details and dial-in information are as follows:
August 13, 2026 @ 8:30am ET
Domestic: 1-844-676-2922
International: 1-412-634-6840
Webcast: Webcast Link
About CorMedix
CorMedix Therapeutics is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases in the United States. CorMedix is focused on selling and marketing products in institutional settings of care in the US and has field based medical and commercial infrastructure deployed in hospitals, clinics and infusion centers. For more information visit: www.cormedix.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as amended (the “Exchange Act”), that are subject to risks and uncertainties. Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions or variations intended to identify forward-looking statements. All statements, other than statements of historical facts, regarding management’s expectations, beliefs, goals, plans or CorMedix’s prospects should be considered forward-looking statements including, but not limited to statements regarding financial and business guidance; sales, revenue and operating expense estimates; Adjusted EBITDA estimates; expectations regarding product utilization and sales; the risk that topline data from CorMedix’s and its partners’ clinical trials, including the ReSPECT study, that CorMedix announces or publishes from time to time may change as more patient data become available or may be interpreted differently if additional data is disclosed; estimates of total addressable market size; failure to successfully conduct future clinical trials, including due to CorMedix’s or its partners’ potential inability to enroll or retain sufficient patients to conduct and complete the trials or generate data necessary for regulatory approval, among other things; development of unexpected safety or efficacy concerns related to CorMedix’s product candidates; expectations and timing regarding clinical trials and development, performance expectations and revenue opportunities of CorMedix’s product pipeline; expectations regarding implementation and perceived benefits of CorMedix’s products; continued pricing pressures and the impact of actions of governmental and private payers affecting pricing of, reimbursement for, and patient access to pharmaceuticals and reporting obligations related thereto; the expiration of intellectual property protection for certain of the company's products and competition from generic and biosimilar products. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important factors, and readers are directed to the Risk Factors identified in CorMedix’s filings with the SEC, including its most recent Annual Report on Form 10-K, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from CorMedix. CorMedix may not actually achieve the goals or plans described in its forward-looking statements, and such forward-looking statements speak only as of the date of this press release. In addition, pro forma financial information does not necessarily reflect the actual results that we would have achieved had the pro forma transaction been consummated as of the date indicated nor does it reflect the potential future results of the combined company. Investors should not place undue reliance on these statements. CorMedix assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with GAAP. Management uses these non-GAAP measures internally to evaluate and manage the Company’s operations and to better understand its business because they facilitate a comparative assessment of the Company’s operating performance relative to its performance based on results calculated under GAAP. These non-GAAP measures also isolate the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company’s operations and underlying operational performance.
The Company believes that these non-GAAP measures also provide useful information to investors regarding certain financial and business trends relating to the Company’s financial condition and operating results, which facilitates an evaluation of the financial performance of the Company and its operations on a consistent basis. Providing this information therefore allows investors to make independent assessments of the Company’s financial performance, results of operations and trends while viewing the information through the eyes of management.
These non-GAAP measures are subject to limitations. The non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies because other companies may not calculate one or more in the same manner. Additionally, the non-GAAP performance measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements; do not reflect changes in, or cash requirements for, working capital needs. Further, our historical adjusted results are not intended to project our adjusted results of operations or financial position for any future period. To compensate for these limitations, management presents and considers these non-GAAP measures in conjunction with the Company’s GAAP results; no non-GAAP measure should be considered in isolation from or as alternatives to any measure determined in accordance with GAAP. Readers should review the reconciliations included below, and should not rely on any single financial measure to evaluate the Company’s business.
Investor Contact:
Dan Ferry
Managing Director
LifeSci Advisors
daniel@lifesciadvisors.com
(617) 430-7576
| CORMEDIX INC. AND SUBSIDIARIES | ||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||
| (In Thousands, Except Per Share Data) | ||||||||||||||
| (Unaudited) | ||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | |||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||
| Revenue and Grant Income: | ||||||||||||||
| Product sales, net | $ | 94,341 | $ | 39,736 | $ | 216,257 | $ | 78,818 | ||||||
| Contract revenue | 4,966 | - | 8,048 | - | ||||||||||
| Grant income | 2,624 | - | 5,053 | - | ||||||||||
| Total Revenue and Grant Income | $ | 101,931 | $ | 39,736 | $ | 229,358 | $ | 78,818 | ||||||
| Cost of sales (exclusive of amortization of intangibles) | 14,505 | 1,810 | 26,510 | 3,355 | ||||||||||
| Amortization of intangibles | 10,300 | 52 | 20,600 | 104 | ||||||||||
| Gross profit | $ | 77,126 | $ | 37,874 | $ | 182,248 | $ | 75,359 | ||||||
| Operating Expenses: | ||||||||||||||
| Research and development | $ | 6,684 | $ | 2,442 | $ | 13,896 | $ | 5,635 | ||||||
| Selling and marketing | 12,447 | 6,384 | 24,979 | 10,858 | ||||||||||
| General and administrative | 15,085 | 9,504 | 36,805 | 19,197 | ||||||||||
| Total Operating Expenses | $ | 34,216 | $ | 18,330 | $ | 75,680 | $ | 35,690 | ||||||
| Income From Operations | $ | 42,910 | $ | 19,544 | $ | 106,568 | $ | 39,669 | ||||||
| Other (Expense) Income: | ||||||||||||||
| Unrealized gain (loss) on marketable equity security | 2,546 | - | (1,000 | ) | - | |||||||||
| Change in contingent consideration | (6,652 | ) | - | (10,851 | ) | - | ||||||||
| Other non-operating (expense) income, net | (71 | ) | 806 | (339 | ) | 1,325 | ||||||||
| Total Other (Expense) Income | (4,177 | ) | 806 | (12,190 | ) | 1,325 | ||||||||
| Income before income taxes | 38,733 | 20,350 | 94,378 | 40,994 | ||||||||||
| Tax expense | 12,745 | 522 | 29,789 | 522 | ||||||||||
| Net Income | $ | 25,988 | $ | 19,828 | $ | 64,589 | $ | 40,472 | ||||||
| Net Income Per Common Share – Basic | $ | 0.33 | $ | 0.29 | $ | 0.81 | $ | 0.60 | ||||||
| Net Income Per Common Share - Diluted | $ | 0.29 | $ | 0.28 | $ | 0.72 | $ | 0.58 | ||||||
| Weighted Average Common Shares Outstanding – Basic | 78,444 | 67,928 | 78,949 | 66,593 | ||||||||||
| Weighted Average Common Shares Outstanding – Diluted | 92,479 | 71,919 | 92,543 | 70,354 | ||||||||||
| CORMEDIX INC. AND SUBSIDIARIES | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEET DATA | ||||||
| (In Thousands) | ||||||
| June 30, | December 31, | |||||
| 2026 | 2025 | |||||
| (Unaudited) | (Audited) | |||||
| ASSETS | ||||||
| Cash and cash equivalents | $ | 256,692 | $ | 144,837 | ||
| Short-term investments | - | 3,694 | ||||
| Trade receivables, net | 161,305 | 171,233 | ||||
| Inventories | 38,583 | 29,716 | ||||
| Goodwill and intangible assets | 388,474 | 409,074 | ||||
| Deferred tax assets | - | 16,276 | ||||
| Other current and long-term assets | 58,998 | 51,312 | ||||
| Total Assets | $ | 904,052 | $ | 826,142 | ||
| Total Liabilities | $ | 443,219 | $ | 420,835 | ||
| Stockholders' Equity | 460,833 | 405,307 | ||||
| Total Liabilities and Stockholders’ Equity | $ | 904,052 | $ | 826,142 | ||
| CORMEDIX INC. AND SUBSIDIARIES | ||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (In Thousands) | ||||||||
| (Unaudited) | ||||||||
| For the Six Months Ended June 30, | ||||||||
| 2026 | 2025 | |||||||
| Net income | $ | 64,589 | $ | 40,472 | ||||
| Net cash provided by (used in) operating activities | $ | 128,619 | $ | 49,728 | ||||
| Net cash (used in) provided by investing activities | $ | 2,404 | $ | (20,407 | ) | |||
| Net cash provided by financing activities | $ | (19,168 | ) | 89,336 | ||||
| Net Increase (Decrease) in Cash and Cash Equivalents | $ | 111,855 | $ | 118,658 | ||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | $ | 145,825 | $ | 40,756 | ||||
| Cash, Cash Equivalents and Restricted Cash - End of Period | $ | 257,680 | $ | 159,414 | ||||
| CORMEDIX INC. AND SUBSIDIARIES | |||||||||||||||
| Non-GAAP Reconciliations | |||||||||||||||
| (In Thousands) | |||||||||||||||
| (Unaudited) | |||||||||||||||
| For the Three Months Ended June 30, | For the Six Months Ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net income | $ | 25,988 | $ | 19,828 | $ | 64,589 | $ | 40,472 | |||||||
| Adjusted to add (deduct): | |||||||||||||||
| Interest expense (income) | 63 | (822 | ) | 245 | (1,379 | ) | |||||||||
| Provision for income taxes | 12,745 | 522 | 29,789 | 522 | |||||||||||
| Depreciation and amortization | 10,540 | 163 | 21,084 | 325 | |||||||||||
| EBITDA (Non-GAAP) | $ | 49,336 | $ | 19,691 | $ | 115,707 | $ | 39,940 | |||||||
| Adjusted to add (deduct): | |||||||||||||||
| Change in estimate for sales allowances | - | - | (8,983 | ) | - | ||||||||||
| Stock-based compensation expense | 4,084 | 2,677 | 8,666 | 6,177 | |||||||||||
| Merger related and reorg costs | 1,202 | - | 1,385 | (146 | ) | ||||||||||
| Other expense | 4,114 | 16 | 11,945 | 54 | |||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 58,736 | $ | 22,384 | $ | 128,720 | $ | 46,025 | |||||||
