Second quarter 2026
Filed Aug 13, 2026CORMEDIX THERAPEUTICS REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE
Consolidated revenue increased to $101.9 million from $39.7 million, net income increased to $26.0 million from $19.8 million, and adjusted EBITDA increased to $58.7 million from $22.4 million. The company maintained full-year consolidated revenue guidance and raised adjusted EBITDA guidance.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Product sales, netGAAP | $ 94,341 | – | – |
| Contract revenueGAAP | $ 4,966 | – | – |
| Grant incomeGAAP | $ 2,624 | – | – |
| Total Revenue and Grant IncomeGAAP | $ 101,931 | – | – |
| Cost of sales (exclusive of amortization of intangibles)GAAP | 14,505 | – | – |
| Amortization of intangiblesGAAP | 10,300 | – | – |
| Gross profitGAAP | $ 77,126 | – | – |
| Research and developmentGAAP | $ 6,684 | – | – |
| Selling and marketingGAAP | 12,447 | – | approximately 95% |
| General and administrativeGAAP | 15,085 | – | approximately 59% |
| Total Operating ExpensesGAAP | $ 34,216 | – | approximately 87% |
| Income From OperationsGAAP | $ 42,910 | – | – |
| Income before income taxesGAAP | 38,733 | – | – |
| Tax expenseGAAP | 12,745 | – | – |
| Net IncomeGAAP | $ 25,988 | – | – |
| Net Income Per Common Share – BasicGAAP | $0.33 | – | – |
| Net Income Per Common Share - DilutedGAAP | $0.29 | – | – |
| EBITDAnon-GAAP | $ 49,336 | – | – |
| Adjusted EBITDAnon-GAAP | $ 58,736 | – | – |
| Net cash provided by operating activitiesGAAP | $ 128,619 | – | – |
| Net cash (used in) provided by investing activitiesGAAP | $ 2,404 | – | – |
| Net cash provided by financing activitiesGAAP | $ (19,168) | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| DefenCath® salesContinued utilization of DefenCath by large outpatient dialysis customers. DefenCath sales increased year over year largely due to the onboarding of a large dialysis organization in mid-2025. | $66.1 million | – | – |
| Acquired Melinta portfolioThe Melinta acquisition occurred in August 2025, and its portfolio contributed to second-quarter 2026 consolidated revenue. | $35.8 million | – | – |
Full-year 2026 outlook
- Revenue$325 to $345 million
- Operating expenses$145 to $155 million
- NoteAdjusted EBITDA guidance: $125 to $140 million
- NoteCash OpEx guidance is narrowed to a range of $145 to $155 million.
What drove it
- DefenCath sales were driven by continued utilization by large outpatient dialysis customers.
- DefenCath sales increased year over year largely due to the onboarding of a large dialysis organization in mid-2025.
- The acquired Melinta portfolio contributed $35.8 million of revenue.
- Operating expenses reflected the full-quarter contribution of operating expenses from the Melinta acquisition and the larger combined company.
- R&D expense increased primarily because of personnel and clinical trial services supporting ongoing clinical programs, including pediatric studies for several brands and DefenCath development for the TPN indication.
- Selling and marketing expense increased primarily due to higher personnel cost associated with the larger product portfolio and related marketing programs.
- G&A expense reflected higher costs of operating as a combined company, including branded prescription drug fees and higher personnel, information technology, legal and facilities costs.
Concerns
- The company cited the post-TDAPA reimbursement environment for DefenCath.
- The $4.2 million expected insurance reimbursement of legal fees recorded in the second quarter partially offset the year-over-year increase in G&A expense.
- The FDA submission of the REZZAYO sNDA is anticipated in the third quarter of this year, and anticipated agency action in H1 2027 is contingent on the application being accepted for FDA review.
- The company identified continued pricing pressures and actions of governmental and private payers affecting pharmaceutical pricing, reimbursement and patient access as risks.
What to watch
- Ordering and the third-quarter pilot by the Large Dialysis Operator under the new multi-year DefenCath commercial supply agreement.
- Anticipated third-quarter submission of the REZZAYO sNDA for prophylaxis of invasive fungal disease.
- Potential FDA action on the REZZAYO application in H1 2027, provided the application is accepted for FDA review.
- Execution against full-year 2026 consolidated revenue guidance of $325 to $345 million and adjusted EBITDA guidance of $125 to $140 million.
- Cash OpEx performance against the narrowed range of $145 to $155 million.
Balance sheet and cash flow
- Cash and short-term investments, excluding restricted cash, at June 30, 2026 totaled $256.7 million.
- Cash and cash equivalents: $ 256,692 at June 30, 2026; $ 144,837 at December 31, 2025.
- Short-term investments: - at June 30, 2026; 3,694 at December 31, 2025.
- Trade receivables, net: 161,305 at June 30, 2026; 171,233 at December 31, 2025.
- Inventories: 38,583 at June 30, 2026; 29,716 at December 31, 2025.
- Goodwill and intangible assets: 388,474 at June 30, 2026; 409,074 at December 31, 2025.
- Total Assets: $ 904,052 at June 30, 2026; $ 826,142 at December 31, 2025.
- Total Liabilities: $ 443,219 at June 30, 2026; $ 420,835 at December 31, 2025.
- Stockholders' Equity: 460,833 at June 30, 2026; 405,307 at December 31, 2025.
- Net cash provided by (used in) operating activities for the six months ended June 30, 2026: $ 128,619; $ 49,728 for the six months ended June 30, 2025.
- Net Increase (Decrease) in Cash and Cash Equivalents for the six months ended June 30, 2026: $ 111,855; $ 118,658 for the six months ended June 30, 2025.
Analysis
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.
Management, verbatim
CorMedix delivered a strong second quarter, generating $101.9 million in consolidated revenue and $58.7 million of adjusted EBITDA, reflecting continued execution across our business. We remain confident in our full-year 2026 outlook and our revenue and adjusted EBITDA guidance as we continue to navigate the post-TDAPA reimbursement environment for DefenCath with discipline and focus.
Joseph Todisco, CorMedix Chairman & CEO
Not in the filing
stated, not guessed- Gross margin
- Quarterly operating cash flow
- Free cash flow
- Debt balance
- Share repurchases
- Dividends
- Prior-quarter comparisons for revenue, expenses, profitability, EPS, EBITDA and segment revenue
- Percentage changes for total revenue, gross profit, operating income, net income, EPS and adjusted EBITDA
- Full-year gross margin guidance
- Full-year tax-rate guidance
- Previous-quarter outlook for comparison
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.