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CorMedix (CRMD) investor relations material
CorMedix 44th Annual J.P. Morgan Healthcare Conference summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Financial highlights and guidance
2025 was a record year with over $400 million in revenue, driven by DefenCath and the Melinta acquisition.
2026 revenue guidance is $300–$320 million, with EBITDA projected at $100–$125 million.
Cash position is strong at $150 million, with close to zero net debt.
2026 is a transitional year due to the end of the TDAPA reimbursement period for DefenCath, impacting revenue timing.
2027 revenue guidance provided due to expected rebound in reimbursement rates.
Product portfolio and growth drivers
DefenCath is approved for reducing catheter-related bloodstream infections in hemodialysis, with strong real-world and clinical results.
Rezzayo, a long-acting antifungal, is in phase 3 for prophylaxis in immunocompromised patients, with a readout expected in Q2.
Expanded indication for DefenCath in TPN is in phase 3, targeting a $750 million market.
Melinta products Minocin and Vabomere show steady growth and patent protection through 2032 and 2039, respectively.
Strategic investment in Tavara offers future pipeline optionality.
Market opportunity and reimbursement
DefenCath’s addressable market in hemodialysis is highly concentrated, with 90% of volume in outpatient centers and 60% market penetration among top operators.
TDAPA provides five years of reimbursement, with a transition to a post-TDAPA add-on in mid-2026.
2026 revenue is impacted by a temporary lower net selling price due to CMS calculation methods, expected to rebound in 2027.
Medicare Advantage contracting and potential legislative changes present upside not included in current guidance.
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- FTV
2025 results beat guidance, with strong EPS growth and $1.6B in share repurchases. - PRU
Double-digit earnings growth and strong capital returns offset Japan sales suspension impact. - BEN
All proposals passed, with strong financial growth and strategic progress in alternatives and ETFs. - APAM
AUM hit $180B in 2025, with strong credit/alternatives growth and higher dividends. - OXBR
Tokenized reinsurance contracts on Solana open Florida’s high-return market to global investors. - KMT
Q2 sales and earnings surged, driving raised full-year guidance and strong segment growth. - RNR
Net income hit $2.65B in 2025, with 30.8% book value growth despite major loss events. - WNC
Q4 2025 revenue was $321.5M with losses, but Parts & Services grew 32.6% year-over-year. - AGI
Path to 1M oz gold by 2029, with lower costs, strong cash flow, and major expansions advancing. - NAZARA
Nodwin's acquisition of Freaks 4U Gaming targets global growth, margin expansion, and profitability.
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