CorMedix (CRMD) plummets 32.77% as revised revenue guidance and reimbursement shifts spark selloff

CorMedix (CRMD) plummeted 32.7663% in pre-market trading on January 9, 2026, marking a significant drop amid investor concerns over its financial outlook and operational challenges. The biotech firm’s shares have fallen over 50% from their 52-week high, reflecting growing unease about its near-term prospects.

The selloff follows CorMedix’s revised 2026 revenue guidance of $300–320 million, a notable decline from its 2025 pro forma revenue of $400 million. The cut primarily stems from anticipated reimbursement cuts for DefenCath, its flagship catheter lock solution, as the product transitions from a favorable TDAPA reimbursement model to a less advantageous post-TDAPA adjustment in July 2026. This shift is expected to reduce institutional reimbursement for dialysis providers and compress CorMedix’s net pricing, directly impacting margins and revenue visibility.

Compounding these challenges, the company’s leadership structure has shifted, with CEO Joseph Todisco assuming the chairman role, consolidating power and raising governance concerns. This move, coupled with the appointment of a new chief commercial officer, signals a strategic recalibration but has heightened uncertainty around accountability and decision-making. Analysts note that while DefenCath remains a key revenue driver, its projected 2026 sales (capped at $170 million) may not offset broader pricing pressures, especially as new products like REZZAYO approach phase 3 trials.

Technical indicators also reinforce the bearish sentiment, with shares trading below major moving averages and a long-term RSI of 45, suggesting the downtrend remains intact. Insiders have predominantly sold shares over the past year, further signaling skepticism about the stock’s valuation. With near-term risks tied to reimbursement adjustments and governance shifts, investors appear cautious ahead of potential 2027 pricing improvements and clinical data milestones.