On August 13, CorMedix (NASDAQ:CRMD) reported second quarter revenue of $101.9 million, more than double what it posted a year earlier, alongside net income of $26 million and adjusted EBITDA of $58.7 million, nearly triple the prior year’s figure. Management also raised its full year adjusted EBITDA outlook. Yet full year revenue guidance stayed exactly where it was, a small detail that says more about where this company stands than any single number from the quarter.
Two Drugs Carrying The Load
DefenCath brought in $66.1 million of net revenue in the quarter, with CorMedix pointing to continued utilization among large outpatient dialysis customers as the driver. The acquired Melinta portfolio added another $35.8 million, and together those two pieces pushed consolidated revenue to $101.9 million from $39.7 million a year ago, when Melinta had not yet closed. The commercial footprint is expanding too. CorMedix signed a new multi-year supply agreement with a large dialysis operator, which means every one of the top five US dialysis service providers is now under contract, and that operator has already begun ordering DefenCath with a pilot set to start in the third quarter.
On the pipeline side, CorMedix expects to submit an sNDA for REZZAYO in the third quarter, working with partner Mundipharma to expand its use toward prophylaxis of invasive fungal disease, with agency action anticipated in the first half of 2027. Behind all of it sits $256.7 million in cash and short-term investments, and management narrowed its cash operating expense guidance to $145 million to $155 million while lifting the adjusted EBITDA range to $125 million to $140 million.
The Cost Side Of The Ledger
Growth came with a heavier expense base. Total operating expenses rose to $34.2 million from $18.3 million, an increase of roughly 87%, which CorMedix attributed mainly to carrying a full quarter of Melinta’s costs as a larger combined company. Research and development nearly tripled to $6.7 million as the company added personnel and clinical trial work across pediatric studies and its TPN indication program for DefenCath. Selling and marketing spending climbed 95% to $12.4 million on higher personnel costs tied to the bigger product lineup, and G&A expenses rose 59% to $15.1 million, partly on branded prescription drug fees and higher legal and facilities costs.
That G&A increase was cushioned by a $4.2 million credit for expected insurance reimbursement of legal fees tied to the company’s ongoing securities litigation, itself a reminder that CorMedix is still fighting a shareholder lawsuit. And notably, while adjusted EBITDA guidance moved higher, the full year revenue range was left untouched at $325 million to $345 million even after a quarter that beat the prior year by such a wide margin, which suggests management is not yet ready to bank the upside into the top line.
A Stock Wall Street Argues Over
Hedge fund ownership climbed to 24 funds from 17 the prior quarter, which reads as accumulating institutional interest. Short sellers disagree just as loudly, with 22.30% of the float sold short, a level that signals a genuinely heavy bear camp rather than routine hedging. The stock’s forward P/E of 44.64, as of September 4, shows the market is already paying up for a lot of future earnings growth. That combination is the kind of split that can cut sharply in either direction once the next print lands.
The Open Question
CorMedix delivered a quarter where profits grew far faster than the business itself seemed to expect, and management’s own caution about the “post-TDAPA reimbursement environment” hints at why the revenue range never moved. For the growth story to keep compounding, DefenCath’s dialysis contracts and the REZZAYO expansion need to convert into revenue the company is comfortable forecasting, not just earnings it can extract from what is already booked.
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