CorMedix (CRMD) surges Q1 2026 revenue and hikes full-year guidance
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
CorMedix Inc. reported strong first-quarter 2026 results, with net revenue of $127.4 million and net income of $38.6 million. Adjusted EBITDA reached $70.0 million, reflecting profitability after integrating the Melinta acquisition.
DefenCath generated $97.5 million of net revenue, helped by higher outpatient dialysis use and a one-time $9.0 million favorable change in sales allowance estimates, while the acquired Melinta portfolio contributed $29.9 million. The company raised full-year 2026 guidance to $325–$345 million in net revenue and $115–$135 million in adjusted EBITDA.
CorMedix also highlighted positive Phase III topline results from the ReSPECT trial of REZZAYO for prophylaxis in allogeneic stem cell transplant patients and progress in a Phase 3 taurolidine/heparin study in TPN patients. Cash and short-term investments were $178.1 million as of March 31, 2026, supporting continued growth investments.
Positive
- None.
Negative
- None.
Insights
CorMedix delivered sharp Q1 growth, higher guidance, and late-stage pipeline progress.
CorMedix posted Q1 2026 net revenue of $127.4M versus $39.1M a year earlier, driven by DefenCath and the acquired Melinta portfolio. Net income was $38.6M and adjusted EBITDA reached $70.0M, indicating strong operating leverage despite higher expenses in the larger combined company.
DefenCath contributed $97.5M of net revenue, including a one-time $9.0M favorable sales allowance adjustment, and Melinta added $29.9M. Total operating expenses rose to $41.5M, reflecting expanded R&D, selling, and administrative spending. Cash and short-term investments of $178.1M and positive operating cash flow of $42.4M support ongoing trials and commercialization.
Management raised 2026 guidance to $325–$345M in net revenue and $115–$135M in adjusted EBITDA. The ReSPECT phase 3 trial for REZZAYO showed positive topline prophylaxis data, with an sNDA filing targeted for the second half of 2026 and a potential 2027 launch. An ongoing phase 3 taurolidine/heparin TPN study is expected to complete in 2028, with enrollment being accelerated through added sites and a proposed protocol amendment.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Q1 2026 Net Revenue: $127.4M
Q1 2025 Net Revenue: $39.1M
Q1 2026 Net Income: $38.6M
+5 more
8 metrics
Q1 2026 Net Revenue
$127.4M
Net revenue for the quarter ended March 31, 2026
Q1 2025 Net Revenue
$39.1M
Net revenue for the quarter ended March 31, 2025
Q1 2026 Net Income
$38.6M
Net income for the quarter ended March 31, 2026
Q1 2026 Adjusted EBITDA
$70.0M
Non-GAAP adjusted EBITDA for Q1 2026
DefenCath Net Revenue
$97.5M
DefenCath net revenue in Q1 2026, includes $9.0M change in estimate
Melinta Portfolio Revenue
$29.9M
Revenue from acquired Melinta portfolio in Q1 2026
2026 Revenue Guidance
$325–$345M
Full-year 2026 net revenue guidance range
Cash and Short-Term Investments
$178.1M
Cash and short-term investments as of March 31, 2026
Key Terms
Adjusted EBITDA, Phase III topline results, sNDA, allogeneic hematopoietic stem cell transplantation, +2 more
6 terms
Adjusted EBITDA financial
"Q1 2026 Net Income of $38.6 million; Adjusted EBITDA of $70.0 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Phase III topline results medical
"announced positive Phase III topline results from the global ReSPECT clinical trial"
sNDA regulatory
"prepare for FDA submission of the sNDA, expected in the second half of this year"
A SNDA (Subordination, Non‑Disturbance and Attornment Agreement) is a legal pact among a property owner’s lender, the owner’s tenants, and sometimes the landlord that sets who keeps lease rights if the property is sold or a mortgage is enforced. Think of it as a rulebook that decides whether a tenant can stay and keep paying rent or must answer to a new owner after a foreclosure. For investors, an SNDA matters because it protects predictable rental income, clarifies who has priority on claims against a property, and therefore affects a property’s value and the security of related loans.
allogeneic hematopoietic stem cell transplantation medical
"for prophylaxis of invasive fungal diseases in adult patients undergoing allogeneic hematopoietic stem cell transplantation"
A procedure in which blood-forming stem cells are taken from a healthy donor and given to a patient to replace a diseased or damaged blood and immune system, similar to swapping out a failing factory’s machinery so it can produce healthy products again. Investors care because it underpins markets for related drugs, medical devices and hospital services, and outcomes — including success rates, complications and regulatory approvals — can materially affect company value and healthcare costs.
Non-GAAP financial measures financial
"This release includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
contingent consideration financial
"Change in contingent consideration | (4,199) | | | -"
Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.
Earnings Snapshot
Net Revenue: $127.4M · Guidance included
Q1 2026
Net Revenue
$127.4M
Net Income
$38.6M
Adjusted EBITDA
$70.0M
Guidance
Full-year 2026 net revenue guidance increased to $325–$345 million and adjusted EBITDA guidance raised to $115–$135 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 14, 2026
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||
Registrant’s telephone number, including area code: (908) 517-9500
300 Connell Drive, Suite 4200, Berkeley Heights, NJ 07922
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2, below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On May 14, 2026, CorMedix Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information in this Item 2.02 (including Exhibit 99.1) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits
| Exhibit No. | Description | |||||||
| 99.1 | Press Release dated May 14, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |||||||
1
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CORMEDIX INC. | ||||||||
May 14, 2026 | /s/ Joseph Todisco | |||||||
| Name: | Joseph Todisco | |||||||
| Title: | Chief Executive Officer | |||||||
2
Exhibit 99.1
CORMEDIX THERAPEUTICS REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE
‒ Q1 2026 Net Revenue of $127.4 million ‒
‒ Q1 2026 Net Income of $38.6 million; Adjusted EBITDA of $70.0 million ‒
‒ Company raises FY 2026 Revenue and Adjusted EBITDA Guidance ‒
‒ Conference Call Scheduled for Today at 8:30 a.m. Eastern Time ‒
Parsippany, NJ – May 14, 2026 – CorMedix Therapeutics (Nasdaq: CRMD) today announced financial results for the first quarter ended March 31, 2026 and provided an update on its business.
Recent Corporate Highlights:
•CorMedix announces $127.4 million of net revenue for the first quarter of 2026, reflecting strong first quarter execution and positive underlying demand trends. The Company also recognized net income of $38.6 million and adjusted EBITDA of $70.0 million.(1) Basic and fully diluted EPS were $0.48 and $0.43 per share, respectively, for the quarter.
•DefenCath® (taurolidine and heparin) sales contributed $97.5 million of net revenue in the quarter, bolstered by higher utilization of DefenCath by outpatient dialysis customers as well as a non-recurring $9.0 million favorable change in estimate related to certain sales allowances. The acquired Melinta portfolio contributed $29.9 million, reflecting typical, first quarter purchasing patterns for the anti-infective portfolio.
•CorMedix updates previously established guidance for 2026 net revenue and adjusted EBITDA. The Company increases full-year 2026 net revenue guidance to a range of $325 to $345 million, and full-year adjusted EBITDA guidance to a range of $115 to $135 million.
•On April 27, 2026, CorMedix announced positive Phase III topline results from the global ReSPECT clinical trial evaluating REZZAYO® (rezafungin for injection) for prophylaxis of invasive fungal diseases in adult patients undergoing allogeneic hematopoietic stem cell transplantation. CorMedix is actively working together with its global partner to
prepare for FDA submission of the sNDA, expected in the second half of this year, and targeting for a potential commercial launch for the expanded indication in 2027.
•The ongoing Phase 3 study of taurolidine/heparin catheter lock solution in TPN patients continues to enroll patients and is currently trending to completion in 2028. The Company is taking appropriate steps to accelerate enrollment trajectory, including the opening of new study sites and the submission of a protocol amendment to FDA, which, if approved, would remove certain exclusion criteria and broaden patient enrollment.
•Cash and short-term investments, excluding restricted cash, at March 31, 2026 totaled $178.1 million.
Joseph Todisco, CorMedix Chairman & CEO, commented, “CorMedix has entered 2026 with strong momentum across all areas of our business. DefenCath continues to exceed expectations despite pending TDAPA expiration and demonstrates strong underlying utilization demand. In addition, we are advancing a pipeline of late-stage opportunities, including REZZAYO for prophylaxis, which we expect will meaningfully expand our long-term revenue opportunity. Lastly, we have delivered significant profitability and cash generation, allowing us to reinvest in growth, as well as shareholder value creation through stock repurchases, while preserving financial flexibility for new business development initiatives."
(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.
First Quarter 2026 Financial Highlights
For the first quarter of 2026, CorMedix recorded $127.4 million in net revenue, comprised of $97.5 million in sales of DefenCath and $29.9 million in revenue associated with the acquired Melinta portfolio, an increase from $39.1 million in net revenue in the comparable period of 2025. DefenCath sales in the quarter were positively impacted by a non-recurring $9.0 million change in estimate related to certain sales allowances. DefenCath sales increased year over year largely due to the onboarding of a large dialysis organization in mid-2025. As the Melinta acquisition occurred in August 2025, the first quarter of 2025 included net revenue from only sales of DefenCath.
Total operating expenses in the first quarter of 2026 were $41.5 million, compared with $17.4 million in the first quarter of 2025, an increase of approximately 139%. The increase of $24.1 million over the prior period was driven primarily by the contribution of operating expenses from the Melinta acquisition for the full quarter and reflects the larger combined company.
Research and development (R&D) expenses in the first quarter of 2026 were $7.2 million, compared with $3.2 million for the same period in 2025. The increase in R&D was primarily due to an increase in personnel and clinical trial services in support of the ongoing clinical programs,
including pediatric studies for several of our brands and the continued investment in the development of DefenCath for the TPN indication.
Selling and marketing expense increased approximately 180% to $12.5 million in first quarter of 2026 from $4.5 million in the first quarter of 2025. The increase was primarily due to higher personnel cost associated with the larger product portfolio and related marketing programs.
General and administrative expenses increased approximately 124% to $21.7 million in the first quarter of 2026 from $9.7 million in the first quarter of 2025. The increase was primarily attributable to higher costs associated with operating as a combined company following the acquisition, including higher personnel, information technology, branded prescription drug, legal and facilities costs.
CorMedix recorded net income of $38.6 million, or $0.48 and $0.43 per basic and diluted share, respectively, in the first quarter of 2026, compared with net income of $20.6 million, or $0.32 and $0.30 per basic and diluted share, respectively, in the first quarter of 2025. Also for the first quarter of 2026, CorMedix reported adjusted EBITDA of $70.0 million, compared to adjusted EBITDA of $23.6 million in the first quarter of 2025.
The Company reported cash and cash equivalents of $178.1 million at March 31, 2026, excluding restricted cash. The Company believes that it has sufficient resources to fund operations for at least twelve months from the issuance of the Company’s Quarterly Report on Form 10-Q.
Conference Call Information
The management team of CorMedix will host a conference call and webcast today, May 14, 2026, at 8:30AM Eastern Time, to discuss recent corporate developments and financial results. Call details and dial-in information are as follows:
May 14, 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; synergy estimates and timing; accretion estimates; Adjusted EBITDA estimates; 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; expectations regarding product utilization and sales; 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 and expectations 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
Dan Ferry
Managing Director
LifeSci Advisors
daniel@lifesciadvisors.com
(617) 430-7576
(617) 430-7576
CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In Thousands, Except Per Share Data)
(Unaudited)
For the Three Months Ended March 31, | ||||||||||||||
2026 | 2025 | |||||||||||||
Revenue: | ||||||||||||||
Product sales, net | $ | 121,916 | $ | 39,082 | ||||||||||
Contract revenue | 5,511 | - | ||||||||||||
Total Revenue | $ | 127,427 | $ | 39,082 | ||||||||||
Cost of sales (exclusive of amortization of intangibles) | $ | 12,005 | 1,545 | |||||||||||
Amortization of intangibles | 10,300 | 52 | ||||||||||||
Gross profit | $ | 105,122 | $ | 37,485 | ||||||||||
Operating Expenses: | ||||||||||||||
Research and development | $ | 7,212 | $ | 3,193 | ||||||||||
Selling and marketing | 12,532 | 4,474 | ||||||||||||
General and administrative | 21,720 | 9,693 | ||||||||||||
Total Operating Expenses | $ | 41,464 | $ | 17,360 | ||||||||||
Income From Operations | $ | 63,658 | $ | 20,125 | ||||||||||
Other (Expense) Income: | ||||||||||||||
Unrealized loss on marketable security | $ | (3,546) | $ | - | ||||||||||
Change in contingent consideration | (4,199) | - | ||||||||||||
Other non-operating (expense) income, net | (268) | 519 | ||||||||||||
Total Other (Expense) Income | $ | (8,013) | $ | 519 | ||||||||||
Income before income taxes | $ | 55,645 | $ | 20,644 | ||||||||||
Tax expense | 17,044 | — | ||||||||||||
Net Income | $ | 38,601 | $ | 20,644 | ||||||||||
Net Income Per Common Share – Basic | $0.48 | $0.32 | ||||||||||||
Net Income Per Common Share - Diluted | $0.43 | $0.30 | ||||||||||||
Weighted Average Common Shares Outstanding – Basic | 79,509 | 65,244 | ||||||||||||
Weighted Average Common Shares Outstanding – Diluted | 92,985 | 68,975 | ||||||||||||
CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
(In Thousands)
March 31 | December 31, | |||||||||||||
2026 | 2025 | |||||||||||||
(Unaudited) | (Audited) | |||||||||||||
ASSETS | ||||||||||||||
Cash and cash equivalents | $ | 178,087 | $ | 144,837 | ||||||||||
Short-term investments | — | 3,694 | ||||||||||||
Trade receivables, net | 154,807 | 171,233 | ||||||||||||
Inventories | 30,731 | 29,716 | ||||||||||||
Goodwill and intangible assets | 398,774 | 409,074 | ||||||||||||
Deferred tax assets | 3,312 | 16,276 | ||||||||||||
Other current and long-term assets | 49,926 | 51,312 | ||||||||||||
Total Assets | $ | 815,637 | $ | 826,142 | ||||||||||
Total Liabilities | $ | 378,588 | $ | 420,835 | ||||||||||
Stockholders' Equity | 437,049 | 405,307 | ||||||||||||
Total Liabilities and Stockholders’ Equity | $ | 815,637 | $ | 826,142 | ||||||||||
CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
For the Three Months Ended March 31, | ||||||||||||||
2026 | 2025 | |||||||||||||
Cash Flows from Operating Activities: | ||||||||||||||
Net income | $ | 38,601 | $ | 20,644 | ||||||||||
Net cash provided by (used in) operating activities | 42,382 | 19,737 | ||||||||||||
Net cash (used in) provided by investing activities | 2,965 | (195) | ||||||||||||
Net cash provided by financing activities | $ | (12,097) | 6,093 | |||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | $ | 33,250 | $ | 25,635 | ||||||||||
Cash, Cash Equivalents and Restricted Cash - Beginning of Period | $ | 145,825 | $ | 40,756 | ||||||||||
Cash, Cash Equivalents and Restricted Cash - End of Period | $ | 179,075 | $ | 66,391 | ||||||||||
CORMEDIX INC. AND SUBSIDIARIES
Non-GAAP Reconciliations
(In Thousands)
(Unaudited)
For the Three Months Ended March 31, | ||||||||||||||
2026 | 2025 | |||||||||||||
Net income | $ | 38,601 | $ | 20,644 | ||||||||||
Adjusted to add (deduct): | ||||||||||||||
Interest (income) expense, net | 182 | (557) | ||||||||||||
Provision for income taxes | 17,044 | - | ||||||||||||
Depreciation and amortization | 10,544 | 162 | ||||||||||||
EBITDA (Non-GAAP) | $ | 66,371 | $ | 20,249 | ||||||||||
Adjusted to add (deduct): | ||||||||||||||
Change in estimate for sales allowances | (8,983) | - | ||||||||||||
Stock-based compensation expense | 4,582 | 3,500 | ||||||||||||
Merger-related and reorganization costs | 183 | (146) | ||||||||||||
Other (income) expense | 7,831 | 38 | ||||||||||||
Adjusted EBITDA (Non-GAAP) | $ | 69,984 | $ | 23,641 | ||||||||||
FAQ
How did CorMedix (CRMD) perform financially in Q1 2026?
CorMedix reported strong Q1 2026 results with net revenue of $127.4 million and net income of $38.6 million. Adjusted EBITDA was $70.0 million, reflecting profitable operations following the Melinta acquisition and growth in DefenCath sales.
What drove CorMedix’s revenue growth in the first quarter of 2026?
Revenue growth came mainly from DefenCath, which generated $97.5 million, and the acquired Melinta portfolio contributing $29.9 million. DefenCath benefited from higher outpatient dialysis utilization and a non-recurring $9.0 million favorable change in sales allowance estimates.
Did CorMedix (CRMD) change its 2026 financial guidance?
Yes. CorMedix increased its full-year 2026 net revenue guidance to $325–$345 million and raised adjusted EBITDA guidance to $115–$135 million. The higher ranges reflect strong Q1 performance and expectations for the combined DefenCath and Melinta portfolios.
What were CorMedix’s key profitability metrics in Q1 2026?
CorMedix generated $63.7 million of income from operations and net income of $38.6 million in Q1 2026. Adjusted EBITDA reached $70.0 million, up from $23.6 million in Q1 2025, highlighting improved profitability alongside higher operating expenses.
How strong is CorMedix’s (CRMD) balance sheet and cash position?
As of March 31, 2026, CorMedix held $178.1 million in cash and cash equivalents and reported total assets of $815.6 million. Stockholders’ equity was $437.0 million, and the company stated it has resources to fund operations for at least twelve months.
What late-stage clinical programs did CorMedix highlight in this update?
CorMedix highlighted positive Phase III topline results from the ReSPECT trial of REZZAYO for prophylaxis in allogeneic stem cell transplant patients and continued enrollment in a Phase 3 taurolidine/heparin catheter lock study in TPN patients, expected to complete in 2028.