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Dec 31, 2025
CorMedix Q4 2025 Earnings Report
CorMedix reported its fourth quarter 2025 financial results, highlighting significant revenue growth following the Melinta acquisition and the commercial expansion of DefenCath.
Key Takeaways
CorMedix achieved a record Q4 net revenue of $128.6 million, driven by strong DefenCath utilization and the first full quarter of the Melinta portfolio. Despite a significant tax expense related to deferred tax assets, the company maintained profitability with a net income of $14.0 million and a substantial increase in Adjusted EBITDA to $77.2 million.
Q4 2025 net revenue reached $128.6 million, a significant increase from $31.2 million in Q4 2024.
DefenCath sales contributed $91.2 million to the quarterly revenue, reflecting strong adoption by outpatient dialysis customers.
The company recognized a $42.4 million tax expense in Q4 associated with the utilization of deferred tax assets due to projected profitability.
CorMedix announced a new share repurchase program authorizing up to $75 million of common stock buybacks.
Revenue by Segment
Forward Guidance
CorMedix reiterated its 2026 financial guidance and highlighted upcoming clinical milestones.
Positive Outlook
- Full year 2026 net revenue guidance of $300 million to $320 million.
- Full year 2026 Adjusted EBITDA guidance of $100 million to $125 million.
- Expected Phase 3 ReSPECT study data for REZZAYO in Q2 2026.
- Ongoing Phase 3 study for DefenCath in TPN patients.
- Implementation of a $75 million share repurchase program.
Challenges Ahead
- Increased operating expenses expected due to full-year integration of Melinta.
- Non-recurring integration and severance costs impacting short-term margins.
- Higher tax expenses as deferred tax assets are utilized.
- Ongoing heavy investment required for Phase 3 clinical programs.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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