CorMedix Shares Surge After Beating Preliminary Q4 Revenue Estimates

BERKELEY HEIGHTS, N.J. - CorMedix Inc. (NASDAQ:CRMD) shares rose by 20% following the announcement of the biopharmaceutical company's preliminary fourth-quarter revenue, which significantly exceeded analyst expectations. CorMedix reported approximately $31 million in preliminary net revenue for the fourth quarter of 2024, substantially above analysts' consensus estimate of $19.7 million. The company anticipates about $43 million in net revenue for the entire year of 2024. Additionally, the company expects adjusted EBITDA to exceed $12 million in the fourth quarter of 2024, indicating a movement toward profitability. CorMedix CEO Joe Todisco stated, "I am proud to announce our preliminary Q4 results today. We have exceeded our goal of reaching breakeven by the end of 2024." CorMedix reported strong demand for its DefenCath product, with over $25 million in open purchase orders scheduled for delivery in the first quarter of 2025. The company is shipping DefenCath to all three medium-sized dialysis operator customers and has observed continuously increasing order sizes throughout the quarter. Looking ahead, CorMedix announced plans to expand its deployment efforts in the inpatient hospital segment starting in the first quarter of 2025. The company has partnered with Syneos Health to establish a dedicated inpatient field sales team to specifically promote DefenCath to hospitals and health systems. CorMedix provided a preliminary operating expense estimate for the fiscal year 2025 in the range of $72 - $78 million, excluding non-cash and one-time items. The company reported approximately $52 million in unaudited preliminary cash and short-term investments as of December 31, 2024. The strong preliminary results and positive outlook have resulted in a 20% increase in CorMedix's stock price following the announcement.