CorMedix (CRMD) Q4 2025 earnings summary

Executive summary

• 2025 marked a transformational year with peak DefenCath sales near $260 million and the acquisition of Melinta Therapeutics, achieving $35 million in targeted synergies in Q4 2025.

• Integration of Melinta expanded the product portfolio and operational scale, positioning for long-term growth.

• Q4 2025 net revenue reached $128.6 million, with DefenCath contributing $91.2 million and Melinta portfolio $37.4 million.

• Full-year 2025 net revenue was $311.7 million, with pro forma revenue (including Melinta for the full year) at $401.3 million.

• Net income for Q4 2025 was $14.0 million; full-year net income was $163.1 million, reversing a prior year loss.

Financial highlights

• Q4 2025 net revenue was $128.6 million, up from $31.2 million in Q4 2024, driven by DefenCath ($91.2 million) and Melinta ($37.4 million).

• Full-year 2025 pro forma revenue reached $401.3 million, with DefenCath contributing $258.8 million.

• Q4 operating expenses rose to $48.2 million, reflecting merger costs and expanded R&D.

• Q4 net income was $14 million, impacted by a $42.4 million mostly non-cash tax expense.

• Cash and short-term investments at year-end 2025 totaled $148.5 million.

Outlook and guidance

• 2026 DefenCath revenue guidance affirmed at $150–$170 million; 2027 at $100–$125 million.

• Full-year 2026 revenue guidance is $300–$320 million, with Adjusted EBITDA of $100–$125 million.

• Revenue in 2026 expected to be front-loaded due to price erosion in H2 post-TDAPA.

• Anticipated Phase 3 clinical data for REZZAYO in Q2 2026 and ongoing TPN study targeting completion in H1 2027.

• Guidance excludes potential upside from new customers or managed care contracts.