CorMedix Therapeutics (CRMD) on Thursday announced preliminary results for the fourth quarter and full year 2025, along with guidance and business updates for 2026.
CorMedix noted that following the transition of TDAPA reimbursement into a post-TDAPA Add-On Adjustment on July 1, 2026, it expects lower net pricing for its DefenCath, an antimicrobial catheter lock solution, in the second half of the year. The company's shares were down more than 20% in pre-market trading.
The company reported net revenue of approximately $127 million for the fourth quarter and $310 million for the full year.
Pro forma full-year revenue was approximately $400 million.
Adjusted EBITDA for the fourth quarter is expected to range between $77 million and $81 million.
Looking ahead, CorMedix expects results from the Phase 3 ReSPECT study of REZZAYO for the prophylaxis of invasive fungal infections in adult allogeneic blood and marrow transplant patients in the second quarter of 2026.
A Phase 3 study of taurolidine/heparin catheter lock solution (DefenCath) is underway in Total Parenteral Nutrition (TPN) patients, with completion targeted for early 2027.
For fiscal year 2026, the company provided revenue guidance of $300 million to $320 million, including $150 million to $170 million from DefenCath, and projects adjusted EBITDA in the range of $100 million to $125 million. CorMedix also highlighted operational synergies of approximately $35 million from its acquisition of Melinta.
CorMedix stock closed Wednesday's trading at $8.94, down 19%.
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