CorMedix Inc. Preliminary Financial Results and Business Update (NASDAQ: CRMD)

CorMedix Inc., a biopharmaceutical company specializing in the development and commercialization of therapeutic products for life-threatening diseases and conditions, disclosed its preliminary financial results for the quarter and year ended December 31, 2024, in a recent press release dated January 7, 2025.

The company reported unaudited net revenue of around $31 million for the fourth quarter of 2024 and approximately $43 million for the full year of 2024. CorMedix also anticipates that its adjusted EBITDA for the fourth quarter of 2024 will surpass $12 million, as per the preliminary figures shared.

CorMedix highlighted its achievements and progress in various areas:
– DefenCath shipments to midsized dialysis operator customers continued with increasing orders throughout the quarter, amounting to over $25 million in existing open purchase orders slated for delivery in the first quarter of 2025.
– A collaboration with a Large Dialysis Operator aims to commence DefenCath implementation in the first half of 2025, with a target patient utilization of 4,000 patients in the second half of 2025.
– The company initiated an expanded deployment effort in the inpatient hospital segment, starting in Q1 2025. This includes engaging Syneos Health to form a dedicated inpatient field sales team focusing solely on promoting DefenCath to hospitals and health systems.
– A clinical study protocol submission for DefenCath in Total Parenteral Nutrition (TPN) was sent to the FDA in Q4, with patient enrollment expected to begin in H1 2025. Additionally, a pediatric study for DefenCath in pediatric hemodialysis is projected to start patient enrollment in H2 2025.

CorMedix estimates that the expanded inpatient deployment and internal commercial realignment will balance the overall Sales and Marketing expenses in 2025. Preliminary operating expense guidance for the fiscal year 2025 ranges between $72 million to $78 million, excluding non-cash and one-time items, mainly driven by increased Research and Development spending on previously announced clinical initiatives. The company reported preliminary unaudited cash and short-term investments of approximately $52 million as of December 31, 2024.

CEO of CorMedix, Joe Todisco, expressed pride in the company’s accomplishments, underscoring its success in meeting key targets and enhancing its market presence. He acknowledged the favorable position CorMedix begins 2025 in and looks forward to further investor updates during the upcoming months.

These financial disclosures are based on CorMedix’s current expectations and may be subject to adjustments pending the completion of internal reviews and standard audit procedures.

Regarding forward-looking statements, investors are cautioned that actual results may differ due to a variety of factors, and any future updates will be based on legal requirements.

For further investor inquiries, please contact Dan Ferry, Managing Director at LifeSci Advisors at [email protected] or (617) 430-7576.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read CorMedix’s 8K filing here.

About CorMedix

CorMedix Inc, a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States. Its lead product candidate is DefenCath, an antimicrobial catheter lock solution to reduce the incidence of catheter-related bloodstream infections in adult patients with kidney failure.