? Q4 2025 Net Revenue of
? Pro Forma Full Year 2025 Net Revenue of
? Q4 2025 Net Income of
? Conference Call Scheduled for Today at
Recent Corporate Highlights:
CorMedix announces$128.6 million of net revenue for the fourth quarter of 2025, largely driven by continued utilization of DefenCath by its outpatient dialysis customers. DefenCath sales contributed$91.2 million of net revenue in the quarter.- For the full-year 2025,
CorMedix achieved total revenue of$311.7 million and pro forma total revenue of$401.3 million .(1) - In the fourth quarter of 2025, the Company recognized Net Income of
$14.0 million and adjusted EBITDA of$77.2 million .(2) Basic and Fully Diluted EPS were$0.18 and$0.16 per share, respectively. CorMedix reiterates previously established guidance for 2026, including net revenue of between$300 and$320 million and adjusted EBITDA of between$100 and$125 million .CorMedix announced in early February that its Board of Directors approved a share repurchase program, which authorizes the Company to repurchase up to$75 million of the Company’s outstanding common stock.- As highlighted during the Company’s recent Analyst Day,
CorMedix expects clinical data from the Phase 3 ReSPECT study of REZZAYO® (rezafungin for injection) in the prophylaxis of invasive fungal infections in adult patients undergoing allogeneic blood and marrow transplant in Q2 2026. In addition, the ongoing Phase 3 study of taurolidine/heparin catheter lock solution in TPN patients continues to enroll patients with targeted completion in the first half of 2027. - Cash and short-term investments, excluding restricted cash, at
December 31, 2025 amounted to$148.5 million .
Fourth Quarter and Full Year 2025 Financial Highlights
For the fourth quarter of 2025,
Total operating expenses in the fourth quarter of 2025 were
For the fourth quarter of 2025, the Company recorded
For the year ended
Operating expenses during the year ended
The Company reported cash, cash equivalents and short-term investments of
| (1) | Pro Forma Total Revenue was prepared by combining the financial results and for |
| (2) | Adjusted EBITDA is a non-GAAP financial measure and excludes non-cash items such as depreciation, amortization, stock-based compensation, interest and other income and expense, taxes and certain non-recurring items. See “Non-GAAP Financial Measures” on the following pages for additional information regarding the use of EBITDA and Adjusted EBITDA and a reconciliation to the most comparable GAAP measure. |
Conference Call Information
The management team of
| Domestic: | 1-844-676-2922 |
| International: | 1-412-634-6840 |
| Webcast: | Webcast Link |
About
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, as amended (the “Exchange Act”), that are subject to risks and uncertainties. Forward-looking statements are often identified by the use of words such as, but not limited to, “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “project,” “seek,” “should,” “target,” “will,” “would,” and similar expressions or variations intended to identify forward-looking statements. All statements, other than statements of historical facts, regarding management’s expectations, beliefs, goals, plans or CorMedix’s prospects should be considered forward-looking statements including, but not limited to statements regarding financial and business guidance; sales, revenue and operating expense estimates; synergy estimates and timing; accretion estimates; expectations regarding product utilization and product reimbursement rates; Adjusted EBITDA estimates; expectations and timing regarding clinical studies and real world studies and development; and expectations of CorMedix’s product pipeline. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important factors, and readers are directed to the Risk Factors identified in CorMedix’s filings with the
Non-GAAP Financial Measures
This release includes certain non-GAAP financial measures, including EBITDA and adjusted EBITDA, which are intended as supplemental measures of the Company’s performance that are not required by or presented in accordance with GAAP. Management uses these non-GAAP measures internally to evaluate and manage the Company’s operations and to better understand its business because they facilitate a comparative assessment of the Company’s operating performance relative to its performance based on results calculated under GAAP. These non-GAAP measures also isolate the effects of some items that vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes do not reflect the Company’s operations and underlying operational performance.
The Company believes that these non-GAAP measures also provide useful information to investors regarding certain financial and business trends relating to the Company’s financial condition and operating results, which facilitates an evaluation of the financial performance of the Company and its operations on a consistent basis. Providing this information therefore allows investors to make independent assessments of the Company’s financial performance, results of operations and trends while viewing the information through the eyes of management.
These non-GAAP measures are subject to limitations. The non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies because other companies may not calculate one or more in the same manner. Additionally, the non-GAAP performance measures exclude significant expenses and income that are required by GAAP to be recorded in the Company’s financial statements; do not reflect changes in, or cash requirements for, working capital needs. Further, our historical adjusted results are not intended to project our adjusted results of operations or financial position for any future period. To compensate for these limitations, management presents and considers these non-GAAP measures in conjunction with the Company’s GAAP results; no non-GAAP measure should be considered in isolation from or as alternatives to any measure determined in accordance with GAAP. Readers should review the reconciliations included below, and should not rely on any single financial measure to evaluate the Company’s business.
Investor Contact:
Managing Director
daniel@lifesciadvisors.com
(617) 430-7576
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (In Thousands, Except Per Share Data) | ||||||||||||
| For the Three Months Ended | For the Year Ended | |||||||||||
| 2025 (Unaudited) | 2024 (Unaudited) | 2025 (Audited) | 2024 (Audited) | |||||||||
| Revenue | ||||||||||||
| Product Sales, net | $ | 123,979 | $ | 31,210 | $ | 304,344 | $ | 43,472 | ||||
| Contract revenue | 4,636 | - | 7,365 | - | ||||||||
| Total revenue | 128,615 | 31,210 | 311,709 | 43,472 | ||||||||
| Cost of revenues | (11,167 | ) | (1,123 | ) | (22,088 | ) | (3,034 | ) | ||||
| Amortization of intangible assets | (10,140 | ) | (52 | ) | (13,872 | ) | (156 | ) | ||||
| Gross profit (loss) | 107,308 | 30,035 | 275,748 | 40,282 | ||||||||
| Operating Expenses | ||||||||||||
| Research and development | (8,600 | ) | (1,727 | ) | (19,333 | ) | (3,942 | ) | ||||
| Selling and marketing | (16,010 | ) | (8,264 | ) | (38,054 | ) | (28,737 | ) | ||||
| General and administrative | (23,572 | ) | (7,108 | ) | (68,220 | ) | (29,959 | ) | ||||
| Total operating expenses | $ | (48,182 | ) | $ | (17,098 | ) | $ | (125,607 | ) | $ | (62,638 | ) |
| Income (Loss) from Operations | 59,126 | 12,937 | 150,141 | (22,356 | ) | |||||||
| Other Income (Expense) | ||||||||||||
| Total other income (expense) | (2,680 | ) | 528 | (125 | ) | 3,031 | ||||||
| Net Income (Loss) Before Income Taxes | 56,447 | 13,465 | 150,016 | (19,325 | ) | |||||||
| Tax (expense) benefit | (42,426 | ) | - | 13,039 | 1,395 | |||||||
| Net Income (Loss) | $ | 14,020 | $ | 13,465 | $ | 163,055 | $ | (17,930 | ) | |||
| Other Comprehensive Income (Loss) | ||||||||||||
| Total other comprehensive (loss) income | (85 | ) | 2 | (88 | ) | (3 | ) | |||||
| Other Comprehensive (Loss) Income | $ | 13,935 | $ | 13,466 | $ | 162,967 | $ | (17,933 | ) | |||
| Net Income (Loss) Per Common Share – Basic | $ | 0.18 | $ | 0.22 | $ | 2.25 | $ | (0.30 | ) | |||
| Net Income (Loss) Per Common Share – Diluted | $ | 0.16 | $ | 0.20 | $ | 2.04 | $ | (0.30 | ) | |||
| Weighted Average Common Shares Outstanding – Basic | 78,841 | 61,509 | 72,034 | 58,872 | ||||||||
| Weighted Average Common Shares Outstanding – Diluted | 93,919 | 65,282 | 80,308 | 58,872 | ||||||||
CONDENSED CONSOLIDATED BALANCE SHEET DATA (In Thousands) | |||||
| | | ||||
| 2025 | 2024 | ||||
| (Audited) | (Audited) | ||||
| ASSETS | |||||
| Cash, cash equivalents and restricted cash | $ | 145,825 | $ | 40,756 | |
| Short-term investments | 3,694 | 11,037 | |||
| Trade receivables, net | 171,233 | 51,654 | |||
| Inventories | 29,716 | 7,600 | |||
| 409,074 | 1,844 | ||||
| Deferred tax assets | 16,276 | - | |||
| Other current and long-term assets | 50,324 | 5,955 | |||
| Total Assets | $ | 826,142 | $ | 118,846 | |
| Total Liabilities | $ | 420,835 | $ | 34,189 | |
| Stockholders' Equity | 405,307 | 84,657 | |||
| Total Liabilities and Stockholders’ Equity | $ | 826,142 | $ | 118,846 | |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In Thousands) | ||||||
| For the Year Ended | ||||||
| 2025 (Audited) | 2024 (Audited) | |||||
| Cash Flows from Operating Activities: | ||||||
| Net income (loss) | $ | 163,055 | $ | (17,930 | ) | |
| Net cash provided by (used in) operating activities | 175,046 | (50,615 | ) | |||
| Net cash (used in) provided by investing activities | (308,430 | ) | 21,231 | |||
| Net cash provided by financing activities | 238,453 | 26,317 | ||||
| Net Increase (Decrease) in Cash and Cash Equivalents | $ | 105,069 | $ | (3,067 | ) | |
Cash and Cash Equivalents and Restricted Cash - Beginning of Period | $ | 40,756 | $ | 43,823 | ||
| Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 145,825 | $ | 40,756 | ||
Non-GAAP Reconciliations (In Thousands) (Unaudited) | ||||||
| For the Three Months Ended | ||||||
| 2025 | 2024 | |||||
| Net income (loss) | $ | 14,020 | $ | 13,464 | ||
| Adjusted to add (deduct): | ||||||
| Interest (income) expense, net | 927 | (500 | ) | |||
| Provision for (benefit from) income taxes | 42,426 | - | ||||
| Depreciation and amortization | 10,434 | 134 | ||||
| EBITDA (Non-GAAP) | $ | 67,807 | $ | 13,098 | ||
| Adjusted to add (deduct): | ||||||
| Stock-based compensation expense | 3,589 | 1,194 | ||||
| Merger-related and reorganization costs | 4,085 | 1,055 | ||||
| Other (income) expense | 1,753 | (28 | ) | |||
| Adjusted EBITDA (Non-GAAP) | $ | 77,234 | $ | 15,319 | ||
