Why Did CorMedix Stock Plunge 12.26% Despite Strong Earnings?

On March 25, 2025, CorMedix's stock price dropped 12.26% in pre-market trading.

CorMedix reported strong financial results for the fourth quarter and full year of 2024, with net revenue of $31.2 million for Q4 and $43.5 million for the full year. The company achieved its first profitable commercial quarter, with a net income of $13.5 million and adjusted EBITDA of $15.3 million. This success was driven by the successful implementation of DefenCath in outpatient dialysis settings.

The company has also made significant strides in expanding its sales and marketing efforts. CorMedix has partnered with Syneos Health to build a dedicated inpatient sales team, which is expected to commence activity in the second quarter of 2025. Additionally, the company has partnered with WSI to provide marketing and promotional support for DefenCath in VA facilities, with activities already underway in the first quarter of 2025.

CorMedix is also advancing its clinical studies, with plans to commence patient enrollment for its Phase 3 study of DefenCath in patients receiving Total Parenteral Nutrition (TPN) in the second quarter of 2025. The company has submitted an application for Orphan Drug Status for this indication to the FDA.

Looking ahead, CorMedix has provided preliminary net revenue guidance for the first half of 2025, projecting $50 – $60 million, with more than $33 million expected in the first quarter. The company also reiterates its previously announced cash operating expense guidance for 2025 of $72 – $78 million.