CorMedix disclosed that fourth‑quarter 2025 net revenue reached $127 million, a 309% increase from the $31.2 million reported in Q4 2024. The jump is largely driven by robust sales of its flagship product DefenCath, which captured a larger share of the hospital‑based infection‑control market, and by the recent acquisition of Melinta Therapeutics, which added several high‑margin anti‑infective products to the portfolio.
For the full year, the company reported a pro‑forma net revenue of $400 million, up from $43.5 million in FY 2024. The pro‑forma figure incorporates the $35 million in annualized operational synergies expected from the Melinta deal and reflects a 92% increase in revenue from the DefenCath segment, which now accounts for roughly 70% of total sales.
Adjusted EBITDA for Q4 2025 fell between $77 million and $81 million, a 12% to 15% rise over the $68 million reported in Q4 2024. The improvement is attributed to a 94% gross‑margin, driven by the high‑margin nature of the anti‑infective products, and to disciplined cost management that offset modest increases in research and development spend.
Cash and short‑term investments stood at $148 million as of December 31 2025, giving the company a strong liquidity cushion to fund ongoing pipeline development and potential future acquisitions.
Management guided FY 2026 revenue to $300 million–$320 million, a downward revision from the $435 million–$454 million consensus. The lower outlook reflects an anticipated reduction in net pricing for DefenCath after the July 1 2026 transition from TDAPA to a post‑TDAPA add‑on adjustment. The company expects the reimbursement change to compress margins in the latter half of 2026, but it projects higher DefenCath sales in 2027 if CMS adopts a more favorable adjustment methodology.
CEO Joseph Todisco said the quarter “demonstrates the strength of our expanded product portfolio and the execution of our growth strategy.” He added that the company’s “transformational year” was underpinned by the Melinta acquisition and that the cash position “provides the flexibility to continue investing in pipeline assets such as REZZAYO, whose Phase 3 data are expected in Q2 2026.”
Investors reacted negatively to the lower 2026 revenue guidance, citing the upcoming reimbursement change as a key headwind. The company’s strong 2025 performance was offset by concerns that the July 2026 pricing shift could dampen growth momentum, while the expected synergies from Melinta and the potential for higher DefenCath sales in 2027 remain positive tailwinds.
Overall, CorMedix’s Q4 and FY 2025 results confirm rapid revenue acceleration and a solid cash position, but the cautious 2026 outlook signals management’s awareness of impending reimbursement headwinds. The company’s ability to navigate the pricing transition and to capitalize on its expanded product line will be critical to sustaining growth in the coming years.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.