$CRMD earnings report

This filing is a business update rather than a complete quarterly earnings release. CorMedix reported unaudited cash and cash equivalents of approximately $355 million as of September 30, 2026, while stating that complete quarterly financial performance will be discussed on an expected November 12, 2026 conference call. The absence of reported third-quarter revenue, earnings, margins, operating expenses, and cash flow prevents an assessment of reported operating performance for the period.

The principal financial update is the reaffirmation of full-year 2026 total revenue guidance of between $325 million and $345 million. The company described this as a reaffirmation of its August 2026 guidance, but the previous outlook document was not provided. No segment revenue, product revenue, utilization volume, or pricing realization was disclosed in this filing.

The major business development is CMS’s October 28, 2026 release of the 2027 ESRD PPS final rule. It establishes a Q1 2027 post-TDAPA Add-on for DefenCath® of $8.32 per dialysis session. CorMedix stated that this amount is within its previously guided range of 3x-5x higher than the current $2.37 rate in effect for the third and fourth quarters of 2026. The company also expects the Add-on to decline in Q2 of 2027 versus Q1, then increase in Q3 and/or Q4 versus Q2, subject to CMS’s application of utilization data.

Management emphasized that third-party projections of future quarterly Add-on adjustments face significant uncertainty without access to relevant utilization and pricing data. It also cautioned that higher dialysis-facility reimbursement may not translate into increased realized pricing, utilization, or revenue. The key operating issue for the upcoming full earnings update is whether reported DefenCath demand and realized revenue support the reiterated full-year range, alongside further detail on the expected 2027 reimbursement trajectory.

CorMedix reported $101.9 million of consolidated revenue in the second quarter of 2026, compared with $39.7 million in the comparable 2025 period. DefenCath contributed $66.1 million of net revenue, with the company citing continued utilization by large outpatient dialysis customers and the onboarding of a large dialysis organization in mid-2025. The acquired Melinta portfolio contributed $35.8 million, while the company noted that the acquisition occurred in August 2025 and therefore did not contribute to second-quarter 2025 revenue.

Gross profit was $77,126, compared with $37,874, while total operating expenses were $34,216, compared with $18,330. The larger expense base reflected a full quarter of Melinta-related operating expenses and the larger combined company. R&D spending was $6,684, selling and marketing was 12,447, and G&A was 15,085. G&A expense was partially offset by $4.2 million of expected insurance reimbursement for legal fees, including $2.7 million related to legal fees incurred in prior periods.

Income from operations was $42,910, and net income was $25,988, compared with $19,828 in the prior-year quarter. Basic and diluted net income per common share were $0.33 and $0.29, respectively. Adjusted EBITDA was $58,736, compared with $22,384. The non-GAAP reconciliation identifies stock-based compensation expense, merger related and reorg costs, other expense, and depreciation and amortization among the adjustments to net income.

Liquidity was supported by cash and cash equivalents of $256,692 at June 30, 2026, while cash and short-term investments excluding restricted cash totaled $256.7 million. For the six months ended June 30, 2026, net cash provided by operating activities was $128,619. The company stated that it has sufficient resources to fund operations for at least twelve months from issuance of its Quarterly Report on Form 10-Q.

Management maintained full-year 2026 consolidated revenue guidance of $325 to $345 million and raised adjusted EBITDA guidance to $125 to $140 million. Cash OpEx guidance was narrowed to $145 to $155 million. Operational milestones include a new multi-year DefenCath supply agreement with a Large Dialysis Operator, which has commenced ordering and will begin a pilot in the third quarter, and an anticipated third-quarter sNDA submission for an expanded REZZAYO indication.