CorMedix's Q1 2025: Unraveling Contradictions in LDO Implementation, Patient Growth, and Partnerships

LDO implementation and timeline, patient lift due to policy change, LDO partnership progression, and patient utilization and future growth are the key contradictions discussed in CorMedix's latest 2025Q1 earnings call.



First Quarter Revenue and Profitability:
- CorMedix, Inc. reported net revenue of $39.1 million for the first quarter of 2025, led by strong sales of DefenCath.
- The company achieved profitability with a net income of $20.6 million, compared to a net loss of $14.5 million in the first quarter of 2024.
- The growth was driven by increasing utilization with existing anchor customers and new utilization with smaller outpatient dialysis operators and inpatient hospitals.

Inpatient Segment Expansion:
- The company's inpatient hospital ordering accounted for more than 6% of shipments in April, up more than double from the first quarter.
- This expansion is attributed to the dedicated inpatient sales team now fully operational and the partnership with WSI for promotion to federal facilities, including VA facilities.

Clinical Developments and Market Opportunities:
- CorMedix initiated a Phase 3 clinical study for reducing central line–associated bloodstream infections in adult patients receiving Total Parenteral Nutrition.
- The company is optimistic about opportunities in new therapeutic indications, such as pediatric hemodialysis and expanded access programs, which could potentially expand the market for DefenCath.

Cash Position and Financial Guidance:
- CorMedix had cash and cash equivalents of $77.5 million as of March 31, 2025.
- The company expects full-year 2025 cash operating expenses to be approximately $72 million to $78 million, with increased R&D spending supporting its clinical initiatives.