Did CorMedix beat or miss consensus estimates last quarter?

What is the revenue and EPS growth rate for CorMedix year over year?

What is CorMedix's gross profit margin?

What were the key takeaways from CorMedix’s earnings call?

What were the key takeaways from CorMedix's earnings call?

What factors drove the changes in CorMedix's revenue and profit?

What guidance did CorMedix's management provide for the next earnings period?

What is the market's earnings forecast for CorMedix next quarter?

- **Record Q3 Performance**: $104.3M revenue, $108.6M net income, $71.8M EBITDA - all records.
- **Synergy Capture**: $30M of $35-45M annual synergies achieved ahead of schedule.
- **Pipeline Catalysts**: 
  - Rezeo phase 3 fungal prophylaxis data Q2 2026 ($2B TAM).
  - DefenCath TPN phase 3 completion 2026/27 ($750M TAM).
- **Post-TDAPA Strategy**: 
  - Medicare Advantage partnerships leveraging real-world evidence.
  - CMS ESRD rule expected Q1 2026 to set 2026/27 pricing.

**【CEO Opening Remarks】**
- **Acquisition Update**: Completed Melinta acquisition, achieving $30M of $35-45M annual synergies by end-2025. Rebranded as CorMedix Therapeutics with new logo.
- **Record Q3 Financials**: Revenue $104.3M (vs. $26.8M YoY), Net Income $108.6M, Adjusted EBITDA $71.8M.
- **Guidance Update**: Full-year 2025 revenue raised to $390-410M (from $375M), EBITDA to $220-240M (from $165-185M).
- **Pipeline Momentum**: 
  - Rezeo phase 3 fungal prophylaxis data expected Q2 2026; $2B TAM for immune-compromised patients.
  - DefenCath TPN phase 3 completion by end-2026/Q1 2027; $750M TAM.
  - Strategic Telfera investment ($12.8M Melinta contribution Q3) with 2026 phase 3 readout.

**【COO Clinical & Integration Update】**
- **Clinical Progress**: 
  - Rezeo phase 3 enrollment complete; interim data expected late 2025.
  - DefenCath TPN study expanding to Turkey; 2,000-patient real-world evidence interim results due Q4.
- **Integration Milestones**: 
  - All functional teams unified; systems integration on track for 2026.
  - Transitioning legacy Melinta sales to internal team by Q1 2026.

**【CFO Financial Review】**
- **Revenue Breakdown**: DefenCath $88.8M (vs. $11.3M YoY), Melinta $12.8M (1M contribution).
- **Cost Management**: Operating expenses $42.6M (vs. $14.1M YoY), with $12.7M one-time acquisition costs.
- **Liquidity**: $55.7M cash at quarter-end; targeting $100M by year-end.
- **Tax Benefit**: $59.7M tax benefit from NOL utilization, supporting future cash savings.

**【Q&A Highlights】**
- **DefenCath Utilization**: LDO customers using 3-4x inventory, faster than expected adoption.
- **Post-TDAPA Strategy**: 
  - Medicare Advantage engagement with real-world evidence data.
  - CMS ESRD rule expected Q1 2026 to determine 2026/27 pricing framework.
- **Melinta Value**: 
  - Stable $30-40M annual revenue from legacy products.
  - Rezeo potential peak sales exceeding DefenCath ($2B TAM).
  - TPN pipeline expansion with 40%+ CLABSI reduction in real-world data.

CorMedix Inc. (CRMD) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CRMD

CRMD fundamentals

You can ask Aime