CorMedix Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 13 August 2026: press release. Guidance figures: 1 raised, 1 kept. The quarter’s numbers.

Key takeaways

Revenue rose to $101.9 million: Total revenue and grant income was $101.9 million, compared with $39.7 million in the second quarter of 2025, when the Melinta portfolio was not yet owned. Source
Adjusted EBITDA reached $58.7 million: Adjusted EBITDA was $58.7 million, compared with $22.4 million in the second quarter of 2025. Adjusted EBITDA is a non-GAAP measure. Source
DefenCath sales reached $66.1 million: DefenCath sales were $66.1 million, which management linked to continued utilization by large outpatient dialysis customers. Source
New large dialysis operator agreement: The company signed a multi-year DefenCath supply agreement with a Large Dialysis Operator. Its contract footprint now covers all top 5 U.S. dialysis providers. Source
Adjusted EBITDA guidance raised: Full-year 2026 adjusted EBITDA guidance was raised to $125 to $140 million from $115 to $135 million in the first quarter update. Source
REZZAYO sNDA filing planned for Q3: With partner Mundipharma, the company anticipates submitting the REZZAYO sNDA for prophylaxis of invasive fungal disease in the third quarter of 2026. Source
Cash position rose to $256.7 million: Cash and cash equivalents were $256.7 million at June 30, 2026, against $144.8 million at December 31, 2025, excluding restricted cash. Source

“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

Guidance

Area	Period	Figure	Against last quarter
Consolidated revenue Source	full year 2026	$325 to $345 million	Kept
Adjusted EBITDA Source	full year 2026	$125 to $140 million	Raised from $115 to $135 million
Cash operating expenses Source	full year 2026	$145 to $155 million

What changed from last quarter

Guidance raised: Full-year adjusted EBITDA guidance moved from $115 to $135 million to $125 to $140 million. Source
Guidance kept: Full-year consolidated revenue guidance of $325 to $345 million was maintained. Source
New: A new multi-year DefenCath supply agreement was signed with a Large Dialysis Operator, covering all top 5 U.S. dialysis providers. Source

Results and growth drivers

Revenue rose to $101.9 million: Total revenue and grant income was $101.9 million, compared with $39.7 million in the second quarter of 2025, when the Melinta portfolio was not yet owned. Source
Net income and EPS reported: Net income was $26.0 million, or $0.33 basic and $0.29 diluted per share, compared with $19.8 million, or $0.29 and $0.28, a year earlier. Source
Adjusted EBITDA reached $58.7 million: Adjusted EBITDA was $58.7 million, compared with $22.4 million in the second quarter of 2025. Adjusted EBITDA is a non-GAAP measure. Source
Revenue below first quarter level: Revenue was lower than the $127.4 million reported for the first quarter, which included a non-recurring $9.0 million favorable change in estimate for sales allowances.

Products, customers and contracts

DefenCath sales reached $66.1 million: DefenCath sales were $66.1 million, which management linked to continued utilization by large outpatient dialysis customers. Source
Melinta revenue in first full quarter: The Melinta portfolio contributed $35.8 million. The acquisition closed in August 2025, so the second quarter of 2025 included DefenCath sales only. Source
Contract revenue and grant income: Contract revenue was $5.0 million and grant income was $2.6 million in the quarter, reported as lines separate from product sales. Source
New large dialysis operator agreement: The company signed a multi-year DefenCath supply agreement with a Large Dialysis Operator. Its contract footprint now covers all top 5 U.S. dialysis providers. Source

“We also made meaningful progress across our pipeline and expect the near-term submission of the REZZAYO sNDA for prophylaxis.”
Joseph Todisco, CorMedix Chairman & CEO

Costs, margins and other items

Operating expenses rose on Melinta: Total operating expenses were $34.2 million, up about 87% from $18.3 million, mainly from a full quarter of Melinta operating expenses. Source
G&A net of insurance credit: General and administrative expense was $15.1 million. It includes a $4.2 million credit for expected insurance reimbursement of legal fees, of which $2.7 million related to prior periods. Source
Gross profit and cost of sales: Gross profit was $77.1 million, after cost of sales of $14.5 million and amortization of intangibles of $10.3 million. Source
Other expense from contingent consideration: Total other expense was $4.2 million, including a $6.7 million change in contingent consideration, partly offset by a $2.5 million unrealized gain on an equity security. Source

Full-year 2026 guidance

Adjusted EBITDA guidance raised: Full-year 2026 adjusted EBITDA guidance was raised to $125 to $140 million from $115 to $135 million in the first quarter update. Source
Revenue guidance maintained: Full-year 2026 consolidated revenue guidance of $325 to $345 million was maintained. Source
Cash operating expense range narrowed: Cash operating expense guidance was narrowed to $145 to $155 million for 2026. Source

“we believe CorMedix is well positioned to support our commercial priorities, advance high-value development programs, and create sustainable long-term value for shareholders.”
Joseph Todisco, CorMedix Chairman & CEO

Pipeline and REZZAYO filing

REZZAYO sNDA filing planned for Q3: With partner Mundipharma, the company anticipates submitting the REZZAYO sNDA for prophylaxis of invasive fungal disease in the third quarter of 2026. Source
ReSPECT topline reported in April: The Phase III ReSPECT study of REZZAYO for prophylaxis in allogeneic stem cell transplant patients produced topline results announced on April 27, 2026.
TPN study completion trending 2028: The Phase 3 TPN study continues to enroll patients and is trending to completion in 2028. Enrollment steps include new sites and a protocol amendment submitted to FDA.

Cash, balance sheet and share count

Cash position rose to $256.7 million: Cash and cash equivalents were $256.7 million at June 30, 2026, against $144.8 million at December 31, 2025, excluding restricted cash. Source
Six-month operating cash flow higher: Operating activities provided $128.6 million for the six months, against $49.7 million a year earlier. Financing activities used $19.2 million. Source
Sufficient resources for twelve months: Management believes resources are sufficient to fund operations for at least twelve months from the issuance of the Form 10-Q. Source
Diluted share count rose: Weighted average diluted shares were 92.5 million in the quarter, against 71.9 million a year earlier. Basic weighted shares were 78.4 million. Source

Coming up, as management said on 13 August 2026

Large dialysis pilot starts Q3: The Large Dialysis Operator has commenced ordering DefenCath and will begin a pilot in the third quarter of 2026. Source
FDA action on REZZAYO expected H1 2027: If the FDA accepts the sNDA for review, the company expects agency action on the expanded indication in the first half of 2027. Source

Figures management reported

Figure	Reported
DefenCath net revenue Source	$66.1 million
Melinta portfolio revenue Source	$35.8 million
Product sales, net Source	$94.3 million
Research and development expense Source	$6.7 million
REZZAYO sNDA submission timing Source	third quarter 2026
TPN Phase 3 study completion	2028

Risks management discussed

External: Management said it is navigating the reimbursement environment for DefenCath after TDAPA expiration, applying discipline and focus. Source
Regulatory: Timing of FDA action on the REZZAYO sNDA depends on the FDA accepting the application for review. Source
Regulatory: Legal fees for ongoing securities litigation are partly covered by expected insurance reimbursement, recorded as a $4.2 million credit in the quarter. Source

Earlier plans management reported on

Not stated: The earlier second-half 2026 submission timing was later given as the third quarter of 2026.
Not stated: The first quarter update targeted a potential commercial launch in 2027. The second quarter update gives agency action timing in H1 2027.
Not stated: The first quarter update said the TPN study was trending to completion in 2028. The second quarter documents do not update this.
Not stated: Management said it maintains the full-year 2026 consolidated revenue guidance of $325 to $345 million. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

CORMEDIX THERAPEUTICS REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS AND PROVIDES BUSINESS UPDATE

‒ Q2 2026 Consolidated Revenue of $101.9 million ‒

‒ Q2 2026 Net Income of $26.0 million; Adjusted EBITDA of $58.7 million ‒

‒ Company Maintains FY 2026 Revenue and Raises Adjusted EBITDA Guidance ‒

‒ Conference Call Scheduled for Today at 8:30 a.m. Eastern Time ‒

Parsippany, NJ - August 13, 2026 - CorMedix Therapeutics (Nasdaq: CRMD) today announced financial results for the second quarter ended June 30, 2026, and provided an update on its business.

Recent Corporate Highlights:

CorMedix announces $101.9 million of total revenue and grant income ("consolidated revenue") for the second quarter of 2026, reflecting strong second quarter execution and positive underlying demand trends. The Company also recognized net income of $26.0 million and adjusted EBITDA of $58.7 million (1). Basic and fully diluted EPS were $0.33 and $0.29 per share, respectively, for the quarter.
DefenCath® (taurolidine and heparin) sales contributed $66.1 million of net revenue in the second quarter, driven by continued utilization of DefenCath by large outpatient dialysis customers. The acquired Melinta portfolio contributed $35.8 million.
CorMedix announced today that in collaboration with our global development partner Mundipharma, the company anticipates FDA submission of the sNDA for an expanded indication of REZZAYO for the prophylaxis of invasive fungal disease in the third quarter of this year. Provided the application is accepted for FDA review, the Company anticipates agency action on the application in H1 2027.
The Company signed a new multi-year commercial supply agreement for DefenCath® with a Large Dialysis Operator (LDO), expanding the company’s commercial contract footprint to include all of the top 5 providers of dialysis services in the U.S. market. The LDO has commenced ordering of DefenCath® and will begin a pilot in the third quarter this year.
The Company maintains full-year 2026 consolidated revenue guidance of $325 to $345 million, and raises full-year adjusted EBITDA guidance to a range of $125 to $140 million. Cash OpEx guidance is narrowed to a range of $145 to $155 million.
Cash and short-term investments, excluding restricted cash, at June 30, 2026 totaled $256.7 million.

Joseph Todisco, CorMedix Chairman & CEO, commented, “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. We also made meaningful progress across our pipeline and expect the near-term submission of the REZZAYO sNDA for prophylaxis. With a strong balance sheet, meaningful cash position, and a disciplined capital allocation strategy, we believe CorMedix is well positioned to support our commercial priorities, advance high-value development programs, and create sustainable long-term value for shareholders."

(1) 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.

Second Quarter 2026 Financial Highlights

For the second quarter of 2026, CorMedix recorded $101.9 million in consolidated revenue, comprised of $66.1 million in sales of DefenCath and $35.8 million associated with the acquired Melinta portfolio, an increase from $39.7 million in total revenue in the comparable period of 2025. DefenCath sales increased year over year largely due to the onboarding of a large dialysis organization in mid-2025. As the Melinta acquisition occurred in August 2025, the second quarter of 2025 included revenue from only sales of DefenCath.

Total operating expenses in the second quarter of 2026 were $34.2 million, compared with $18.3 million in the second quarter of 2025, an increase of approximately 87%. The increase of $15.9 million over the prior period was driven primarily by the contribution of operating expenses from the Melinta acquisition for the full quarter and reflects the larger combined company.

Research and development (R&D) expenses in the second quarter of 2026 were $6.7 million, compared with $2.4 million for the same period in 2025. The increase in R&D was primarily due to an increase in personnel and clinical trial services in support of the ongoing clinical programs, including pediatric studies for several brands and the continued investment in the development of DefenCath for the TPN indication.

Selling and marketing expense increased approximately 95% to $12.4 million in the second quarter of 2026 from $6.4 million in the second quarter of 2025. The increase was primarily due to higher personnel cost associated with the larger product portfolio and related marketing programs.

General and administrative expenses increased approximately 59% to $15.1 million in the second quarter of 2026 from $9.5 million in the second quarter of 2025. The increase was primarily attributable to higher costs associated with operating as a combined company following the acquisition, including branded prescription drug fees, and higher personnel, information technology, legal and facilities costs. This year-over-year increase in G&A was partially offset by the recognition of $4.2 million during the three months ended June 30, 2026, of expected insurance reimbursement of legal fees incurred by the Company to support its ongoing securities litigation. Of the $4.2 million credit recorded in the second quarter, $2.7 million related to legal fees that were incurred in prior periods.

CorMedix recorded net income of $26.0 million, or $0.33 and $0.29 per basic and diluted share, respectively, in the second quarter of 2026, compared with net income of $19.8 million, or $0.29 and $0.28 per basic and diluted share, respectively, in the second quarter of 2025. Also for the second quarter of 2026, CorMedix reported adjusted EBITDA of $58.7 million, compared to adjusted EBITDA of $22.4 million in the second quarter of 2025.

The Company reported cash and cash equivalents of $256.7 million at June 30, 2026, excluding restricted cash. The Company believes that it has sufficient resources to fund operations for at least twelve months from the issuance of the Company’s Quarterly Report on Form 10-Q.

Conference Call Information

CorMedix will host a conference call and webcast today, August 13, 2026, at 8:30AM Eastern Time, to discuss recent corporate developments and financial results. Call details and dial-in information are as follows:

August 13, 2026 @ 8:30am ET

Domestic: 1-844-676-2922

International: 1-412-634-6840

Webcast: Webcast Link

About CorMedix

CorMedix Therapeutics is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of life-threatening conditions and diseases in the United States. CorMedix is focused on selling and marketing products in institutional settings of care in the US and has field based medical and commercial infrastructure deployed in hospitals, clinics and infusion centers. For more information visit: www.cormedix.com.

Forward-Looking Statements

Forward-looking statements notice

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; Adjusted EBITDA estimates; expectations regarding product utilization and sales; the risk that topline data from CorMedix’s and its partners’ clinical trials, including the ReSPECT study, that CorMedix announces or publishes from time to time may change as more patient data become available or may be interpreted differently if additional data is disclosed; estimates of total addressable market size; failure to successfully conduct future clinical trials, including due to CorMedix’s or its partners’ potential inability to enroll or retain sufficient patients to conduct and complete the trials or generate data necessary for regulatory approval, among other things; development of unexpected safety or efficacy concerns related to CorMedix’s product candidates; expectations and timing regarding clinical trials and development, performance expectations and revenue opportunities of CorMedix’s product pipeline; expectations regarding implementation and perceived benefits of CorMedix’s products; continued pricing pressures and the impact of actions of governmental and private payers affecting pricing of, reimbursement for, and patient access to pharmaceuticals and reporting obligations related thereto; the expiration of intellectual property protection for certain of the company's products and competition from generic and biosimilar products. 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 SEC, including its most recent Annual Report on Form 10-K, copies of which are available free of charge at the SEC’s website at www.sec.gov or upon request from CorMedix. CorMedix may not actually achieve the goals or plans described in its forward-looking statements, and such forward-looking statements speak only as of the date of this press release. In addition, pro forma financial information does not necessarily reflect the actual results that we would have achieved had the pro forma transaction been consummated as of the date indicated nor does it reflect the potential future results of the combined company. Investors should not place undue reliance on these statements. CorMedix assumes no obligation and does not intend to update these forward-looking statements, except as required by law.

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: Dan Ferry Managing Director LifeSci Advisors daniel@lifesciadvisors.com (617) 430-7576

CORMEDIX INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In Thousands, Except Per Share Data)

(Unaudited)

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2026		2025		2026		2025
Revenue and Grant Income:
Product sales, net	$94,341		$39,736		$216,257		$78,818
Contract revenue	4,966		-		8,048		-
Grant income	2,624		-		5,053		-
Total Revenue and Grant Income	$101,931		$39,736		$229,358		$78,818
Cost of sales (exclusive of amortization of intangibles)	14,505		1,810		26,510		3,355
Amortization of intangibles	10,300		52		20,600		104
Gross profit	$77,126		$37,874		$182,248		$75,359
Operating Expenses:
Research and development	$6,684		$2,442		$13,896		$5,635
Selling and marketing	12,447		6,384		24,979		10,858
General and administrative	15,085		9,504		36,805		19,197
Total Operating Expenses	$34,216		$18,330		$75,680		$35,690
Income From Operations	$42,910		$19,544		$106,568		$39,669
Other (Expense) Income:
Unrealized gain (loss) on marketable equity security	2,546		-		(1,000)		-
Change in contingent consideration	(6,652)		-		(10,851)		-
Other non-operating (expense) income, net	(71)		806		(339)		1,325
Total Other (Expense) Income	(4,177)		806		(12,190)		1,325
Income before income taxes	38,733		20,350		94,378		40,994
Tax expense	12,745		522		29,789		522
Net Income	$25,988		$19,828		$64,589		$40,472
Net Income Per Common Share - Basic		$0.33		$0.29		$0.81		$0.60
Net Income Per Common Share - Diluted		$0.29		$0.28		$0.72		$0.58
Weighted Average Common Shares Outstanding - Basic	78,444		67,928		78,949		66,593
Weighted Average Common Shares Outstanding - Diluted	92,479		71,919		92,543		70,354

CORMEDIX INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET DATA

(In Thousands)

	June 30,	December 31,
	2026	2025
	(Unaudited)	(Audited)
ASSETS
Cash and cash equivalents	$256,692	$144,837
Short-term investments	-	3,694
Trade receivables, net	161,305	171,233
Inventories	38,583	29,716
Goodwill and intangible assets	388,474	409,074
Deferred tax assets	-	16,276
Other current and long-term assets	58,998	51,312
Total Assets	$904,052	$826,142
Total Liabilities	$443,219	$420,835
Stockholders' Equity	460,833	405,307
Total Liabilities and Stockholders’ Equity	$904,052	$826,142

CORMEDIX INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In Thousands)

(Unaudited)

	For the Six Months Ended June 30,
	2026	2025
Net income	$64,589	$40,472
Net cash provided by (used in) operating activities	$128,619	$49,728
Net cash (used in) provided by investing activities	$2,404	$(20,407)
Net cash provided by financing activities	$(19,168)	89,336
Net Increase (Decrease) in Cash and Cash Equivalents	$111,855	$118,658
Cash, Cash Equivalents and Restricted Cash - Beginning of Period	$145,825	$40,756
Cash, Cash Equivalents and Restricted Cash - End of Period	$257,680	$159,414

CORMEDIX INC. AND SUBSIDIARIES

Non-GAAP Reconciliations

(In Thousands)

(Unaudited)

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2026	2025	2026	2025
Net income	$25,988	$19,828	$64,589	$40,472
Adjusted to add (deduct):
Interest expense (income)	63	(822)	245	(1,379)
Provision for income taxes	12,745	522	29,789	522
Depreciation and amortization	10,540	163	21,084	325
EBITDA (Non-GAAP)	$49,336	$19,691	$115,707	$39,940
Adjusted to add (deduct):
Change in estimate for sales allowances	-	-	(8,983)	-
Stock-based compensation expense	4,084	2,677	8,666	6,177
Merger related and reorg costs	1,202	-	1,385	(146)
Other expense	4,114	16	11,945	54
Adjusted EBITDA (Non-GAAP)	$58,736	$22,384	$128,720	$46,025