CorMedix Therapeutics (NASDAQ:CRMD) shares surged 8% in premarket trading Thursday after the company raised its full-year outlook despite reporting quarterly earnings slightly below analyst expectations.
Revenue Surges More Than 200% Year-on-Year
CorMedix posted adjusted earnings per share of $0.43 for the first quarter, narrowly missing analyst expectations of $0.45 by $0.02.
Revenue reached $127.4 million, comfortably ahead of the consensus estimate of $105.02 million.
The result represented a 226% increase compared with $39.1 million in the same quarter last year.
Company Raises Full-Year Forecasts
CorMedix increased its full-year 2026 revenue guidance to a range of $325 million to $345 million.
The midpoint of the updated forecast, at $335 million, exceeded analyst expectations of $308.2 million.
The company also lifted its adjusted EBITDA guidance for the year to between $115 million and $135 million.
DefenCath Continues to Drive Growth
Sales of DefenCath contributed $97.5 million in net revenue during the quarter.
CorMedix said the increase was supported by stronger utilization among outpatient dialysis customers, as well as a one-time favorable adjustment of $9.0 million related to sales allowances.
Revenue from the recently acquired Melinta portfolio totaled $29.9 million during the period.
The company reported net income of $38.6 million and adjusted EBITDA of $70.0 million for the quarter.
CEO Says Business Momentum Remains Strong
Chairman and chief executive Joseph Todisco said the company entered 2026 with strong operational momentum.
“CorMedix has entered 2026 with strong momentum across all areas of our business,” Todisco said. “DefenCath continues to exceed expectations despite pending TDAPA expiration and demonstrates strong underlying utilization demand.”
Positive Clinical Trial Results Support Expansion Plans
The company also announced positive Phase III topline results from the ReSPECT clinical trial evaluating REZZAYO for the prevention of invasive fungal diseases.
CorMedix said it plans to submit a supplemental New Drug Application during the second half of 2026, targeting a potential commercial launch for the expanded indication in 2027.
Expenses Increase Following Melinta Acquisition
Cash and short-term investments totaled $178.1 million as of March 31, 2026.
Total operating expenses rose 139% year-on-year to $41.5 million, primarily due to costs associated with the Melinta acquisition.