CorMedix Inc. (CRMD), a biopharmaceutical company, on Tuesday announced a turnaround to profit in the fourth quarter from loss in the last year. The company recorded revenue for the quarter on sales of DefenCath and reiterated cash operating expenses for the full year.
Shares of CorMedix are dropping in the pre-market trading.
In the fourth quarter, net income came in at $13.47 million compared with net loss of $14.75 million last year.
Fourth quarter earnings per share were $0.22 versus loss of $0.26 the prior year.
Five Analysts, on average, had expected the company to report $0.14 per share. Analysts' estimates typically exclude special items.
Revenue for the quarter came in at $31.21 million for the quarter. Operating expenses for the quarter were $17.098 million, while the expenses in the prior quarter were $15.668 million a year ago.
Looking ahead, CorMedix expects preliminary net revenue for the first half of 2025 of $50 - $60 million, with more than $33 million expected in the first quarter. For 2025, the Company reiterated cash operating expense guidance of $72 - $78 million.
In the pre-market trading, CorMedix is 22.38% lesser at $8.36 on the Nasdaq.
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