CorMedix Inc. (Nasdaq: CRMD) has announced its preliminary unaudited financial results for the third quarter of 2025, showcasing robust revenue growth and operational momentum. The company also raised its full-year 2025 net revenue guidance, signaling confidence in its financial and strategic outlook.
Key Financial Highlights:
- Q3 2025 Pro Forma Net Revenue: Exceeded $125 million.
- DefenCath Q3 Net Revenue: Surpassed $85 million.
- Total Unaudited Company Net Revenue: Topped $100 million.
- Full-Year 2025 Revenue Guidance: Increased to at least $375 million.
- Q3 Adjusted EBITDA: Expected to be at least $70 million.
These results underscore CorMedix’s strong revenue performance and its ability to achieve near-term profitability on a non-GAAP basis.
CorMedix continues to make progress on its integration efforts following the acquisition of Melinta. The company forecasts achieving at least $30 million in operating synergies on a run-rate basis by the end of 2025, with an additional $5–$15 million targeted in 2026. These synergies are expected to enhance operational efficiency and support long-term growth.
As of September 30, 2025, CorMedix reported cash, cash equivalents, and short-term investments of approximately $56 million. The company projects a year-end cash balance of around $100 million, reflecting strategic investments, including the Melinta acquisition and higher working capital to support revenue growth.
CorMedix also announced the completion of patient enrollment in its Phase III ReSPECT clinical trial, with data expected in the second quarter of 2026. The trial targets a prophylaxis market valued at over $2 billion, presenting a significant growth opportunity for the company.
While the preliminary results are promising, CorMedix noted that the figures are unaudited and subject to adjustments following the quarter-end review. Additionally, adjusted EBITDA is a non-GAAP metric, and a reconciliation will be provided in the upcoming earnings release. The timing of synergy captures is split between Q4 2025 and calendar year 2026, adding a layer of dependency on execution.
Looking Ahead:
CorMedix has outlined several key milestones to monitor:
Finalized audited Q3 2025 results and adjusted EBITDA reconciliation in the upcoming earnings release.
Achievement of the $30 million synergy target by the end of Q4 2025.
Release of Phase III ReSPECT clinical trial data in Q2 2026.
These milestones will be critical in validating the company’s revenue guidance, profitability trajectory, and integration progress.
About CorMedix
CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases. CorMedix is commercializing DefenCath® (taurolidine and heparin) for the prevention of catheter-related bloodstream infections in adult patients undergoing hemodialysis via a central venous catheter. Following its August 2025 acquisition of Melinta Therapeutics LLC, CorMedix is also commercializing a portfolio of anti-infective products, including MINOCIN® (minocycline), REZZAYO® (rezafungin), VABOMERE® (meropenem and vaborbactam), ORBACTIV™ (oritavancin), BAXDELA® (delafloxacin), and KIMYRSA® (oritavancin), as well as TOPROL-XL® (metoprolol succinate).
CorMedix has ongoing clinical studies for DefenCath in Total Parenteral Nutrition and Pediatric patient populations and also intends to develop DefenCath as a catheter lock solution for use in other patient populations. REZZAYO is currently approved for the treatment of candidemia and invasive candidiasis in adults, with an ongoing Phase III study for the prophylaxis of IFD in adult patients undergoing allogeneic BMT. Topline results of the Phase III study for REZZAYO are expected in Q2 2026. For more information visit: www.cormedix.com or www.melinta.com.
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