CorMedix 2025 Q3 Earnings Record Net Income Surges 4,009.6%

CorMedix (CRMD) delivered a record-breaking quarter, reporting $104.28 million in revenue and $108.56 million in net income. The company exceeded expectations and raised full-year guidance, reflecting strong execution and strategic momentum.

Revenue

Net sales accounted for $104.28 million in Q3 2025, with product sales contributing $101.55 million and contract revenue adding $2.73 million. The surge in revenue was driven by robust demand for DefenCath and integration of the Melinta portfolio.

Earnings/Net Income

CorMedix returned to profitability with EPS of $1.42, reversing a 2024 Q3 loss of $0.05. Net income soared 4,009.6% to $108.56 million from a $2.78 million loss, marking a historic turnaround and the highest Q3 net income in 11 years. This performance underscores the company’s operational leverage and strategic success.

Price Action

CRMD’s stock edged down 2.73% on the latest trading day but gained 2.33% for the week and 7.94% month-to-date.

Post-Earnings Price Action Review

The strategy of buying CRMD after a revenue miss and holding for 30 days faced initial volatility, with a 13.46% decline over three months. However, the stock stabilized as the biotech sector’s resilience and CorMedix’s strong fundamentals—such as its R&D pipeline and Melinta synergies—supported recovery. Market overreaction to the earnings beat, combined with management’s confident guidance of $220–$240 million pro forma adjusted EBITDA, indicated long-term potential. Disciplined risk management remained critical given sector risks like clinical trial uncertainties.

CEO Commentary

CEO Joseph Todisco highlighted record Q3 performance, driven by DefenCath adoption, Melinta integration, and synergies. The rebrand to CorMedix Therapeutics and a $30M+ synergy capture by year-end were emphasized, alongside catalysts like Rezzayo’s 2026 Phase III data and DefenCath’s TPN expansion.

Guidance

Full-year 2025 pro forma revenue guidance was raised to $390–$410 million (from ≥$375 million), with adjusted EBITDA now targeting $220–$240 million. Q4 revenue is expected between $115–$135 million.

Additional News

CorMedix completed the $300 million Melinta Therapeutics acquisition in August, accelerating integration and capturing $30M+ in annual synergies. The rebrand to CorMedix Therapeutics solidified its identity as a diversified specialty pharma company. Additionally, a $5 million strategic investment in Talphera secured exclusive acquisition rights post-2026 Phase III results, expanding its critical care pipeline.