Business
CorMedix Inc. Reports First Quarter 2025 Financial Results and Provides Business Update
‒ Q1 2025 Net Revenue of $39.1mm; Adjusted EBITDA of $23.6mm ‒ Conference Call Scheduled for Today at 8:30 a.m. Eastern Time BERKELEY HEIGHTS, NJ., May 06,
About this update from Cormedix Inc.
[{"type":"text","content":"‒ Q1 2025 Net Revenue of $39.1mm; Adjusted EBITDA of $23.6mm ‒ Conference Call Scheduled for Today at 8:30 a.m. Eastern Time BERKELEY HEIGHTS, NJ., May 06, 2025 (GLOBE NEWSWIRE) -- CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions, today announced financial results for the first quarter ended March 31, 2025 and provided an update on its business. Recent Corporate Highlights: CorMedix announces net sales of $39.1 million for the first quarter of 2025, largely driven by successful implementation by its outpatient dialysis customers. The Company’s first quarter of 2025 was profitable and cash flow positive, with net income of $20.6 million, adjusted EBITDA of $23.6 million, and cash from operations of $19.7 million.The Company’s dedicated inpatient sales team is now fully staffed, trained, and operational in the field. DefenCath inpatient institutional shipments have doubled over the past three months and the Company anticipates continued inpatient growth throughout 2025.CorMedix commenced its Phase 3 study for the reduction of Central Line Associated Blood Stream Infections (CLABSIs) in adult patients receiving Total Parenteral Nutrition (TPN) through a central venous catheter. The first site is operational and actively screening patients.CorMedix expects to be at the high-end of the previously announced first half net sales guidance of $62 million to $70 million, based on latest order trends and inventory tracking with current purchasing customers.Cash and short-term investments, excluding restricted cash, at March 31, 2025 amounted to $77.5 million. First Quarter 2025 Financial Highlights For the first quarter of 2025, CorMedix recorded $39.1 million in net revenue from sales of DefenCath, and recorded net income of $20.6 million, or $0.32 per share, compared with a net loss of $14.5 million, or $0.25 per share, in the first quarter of 2024. The net income was driven primarily by net sales of DefenCath in the period. Operating expenses in the first quarter of 2025 were $17.4 million, compared with $15.9 million in the first quarter of 2024, an increase of approximately 9%. The increase was driven by higher research and development (R&D) expenses of $3.2 million, compared with $0.8 million for the same period in 202...