CorMedix (CRMD) Investor Day 2026 summary

Strategic direction and business transformation

• Transitioned from a single-product, renal-focused company to a diversified specialty pharmaceutical platform with multiple commercial-stage drugs and a robust pipeline, following the Melinta acquisition and integration of new leadership roles.

• Completed acquisition of Melinta Therapeutics, expanding the portfolio with synergistic acute care assets and driving 2025 pro forma revenue above $400 million.

• Focused on organic growth, new indications, and leveraging a dynamic institutional platform for future expansion.

• Provided 2026 EBITDA guidance of $100–$125 million and initiated a $75 million share repurchase program, reflecting confidence in undervalued equity.

• Positioned for continued value creation through strategic business development and financial flexibility.

Financial guidance and performance

• FY 2025 pro forma net revenue exceeded $400 million, with DefenCath contributing nearly $260 million during its peak TDAPA period.

• FY 2026 revenue guidance is $300–320 million, with adjusted EBITDA expected at $100–125 million.

• FY 2026 DefenCath sales projected at $100–140 million, rebounding in 2027 with increased add-on payments and demand.

• Maintains a strong financial position with approximately zero net debt and $148–$150 million in cash and short-term investments at year-end 2025.

• $75 million share repurchase program initiated, supported by strong cash flow.

Pipeline and commercial portfolio updates

• Portfolio includes a range of injectable, institutionally administered anti-infectives, with expansion focused on care settings rather than specific therapeutic areas.

• REZZAYO (rezafungin) launched in 2023 for candidemia/invasive candidiasis, targeting a $250–350 million market.

• Ongoing Phase 3 RESPECT study for REZZAYO prophylaxis in allogeneic BMT patients, with data expected in Q2 2026 and a >$2 billion addressable market.

• DefenCath is being advanced into the TPN space, targeting prevention of CLABSI in high-risk patients, supported by the ongoing Nutriguard phase III trial and targeting a $500–$750 million market.

• Multiple late-stage and preclinical programs in pipeline, including expansion into prophylaxis and pediatric hemodialysis.