Business
CorMedix Inc. Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update
‒ Q4 2024 Net Revenue of $31.2mm; 2024 Net Revenue of $43.5mm ‒ ‒ Q4 Net Income of $13.5mm and Adjusted EBITDA of $15.3mm ‒ ‒ Conference Call Scheduled for
About this update from Cormedix Inc.
[{"type":"text","content":"‒ Q4 2024 Net Revenue of $31.2mm; 2024 Net Revenue of $43.5mm ‒ ‒ Q4 Net Income of $13.5mm and Adjusted EBITDA of $15.3mm ‒ ‒ Conference Call Scheduled for Today at 8:30 a.m. Eastern Time ‒ BERKELEY HEIGHTS, N.J., March 25, 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 fourth quarter and full year ended December 31, 2024 and provided an update on its business. Recent Corporate Highlights: CorMedix today reports its second full quarter of DefenCath sales since commencing outpatient launch in July 2024 and first partial year of DefenCath sales. The Company reported net sales of $31.2 million for the fourth quarter and $43.5 million for full year 2024, largely driven by successful implementation by its outpatient dialysis customers.The Company’s fourth quarter of 2024 was the first profitable commercial quarter in CorMedix history, with net income of $13.5 million and adjusted EBITDA of $15.3 million.The Company previously announced a partnership with Syneos Health to build a dedicated inpatient sales team. The staffing of this team is nearly complete and the Company expects the team to initiate activity in the early part of the second quarter. CorMedix has started to see increased DefenCath utilization at a number of larger hospitals and anticipates further inpatient growth throughout 2025 as the new field team commences activity.CorMedix previously announced a partnership with WSI to provide marketing and promotional support for DefenCath to VA facilities and this team has commenced activities in the first quarter.CorMedix began identifying investigator sites for its Phase 3 study of DefenCath in patients receiving Total Parenteral Nutrition, or TPN, and expects patient enrollment to commence in the second quarter of 2025. In addition, the Company recently submitted an application for Orphan Drug Status for this indication to the FDA.CorMedix is announcing preliminary net revenue guidance for first half of 2025 of $50 – $60 million, based on the run rate of current purchasing customers, with more than $33 million expected in first quarter. In addition, the Company reiterates its previously announced cash operating expense guidance for 2025 of $7...