Earnings Releases·Nov 12, 2026, 8:00 AM ET

CorMedix Therapeutics — Third Quarter 2026 Earnings Summary

Q3 2026 consolidated revenue declined 48% year-over-year to $54.5 million, while net loss widened to $14.7 million ($0.19/share) compared to $108.6 million net income in Q3 2025, primarily due to lower DefenCath pricing post-TDAPA transition and a $11.5 million non-cash remeasurement expense.
Full-year 2026 revenue guidance remains $325 million to $345 million; adjusted EBITDA guidance narrowed to $130 million to $140 million, and cash-based operating expense guidance reduced to $140 million to $145 million.
Suspended 2027 DefenCath revenue guidance pending CMS framework changes and Medicare Advantage contracting, while anticipating FDA action on the REZZAYO sNDA in Q1 2027.
Anticipates closing the Heron Therapeutics asset acquisition in Q1 2027, which is expected to contribute $125 million to $150 million in revenue for full-year 2027 and be immediately accretive to earnings and free cash flow.
Maintains a strong liquidity position with $355.2 million in cash and short-term investments, secured a $150 million non-dilutive term loan agreement, and expects sufficient resources to fund operations for at least twelve months.