CorMedix Inc. (NASDAQ: CRMD) reported a profitable third quarter and lifted full‑year guidance today as momentum in DefenCath and contributions from the Melinta portfolio accelerated growth. 1
- Q3 net revenue: $104.3M; pro forma net revenue: $130.8M
- Q3 net income: $108.6M; Adjusted EBITDA: $71.9M
- FY25 pro forma revenue outlook raised to $390–$410M; Q4 net revenue guided to $115–$135M
- Melinta integration ahead of plan; ~$30M synergy run‑rate expected by year‑end
- Company says it is re‑branding as “CorMedix Therapeutics.” 2
What happened
CorMedix said third‑quarter 2025 net revenue came in at $104.3 million (pro forma $130.8 million), fueled by higher‑than‑expected outpatient DefenCath utilization and partial‑quarter sales from the Melinta portfolio. The company posted net income of $108.6 million and Adjusted EBITDA of $71.9 million for the period. Management raised full‑year 2025 pro forma net revenue guidance to $390–$410 million and set Q4 net revenue guidance at $115–$135 million, while lifting fully synergized pro forma Adjusted EBITDA guidance to $220–$240 million. 2
Reuters summarized the beat, noting Q3 net income exceeded expectations and that adjusted EPS topped consensus, tying the outperformance to DefenCath traction and the newly combined product set. 1
Earnings per share context
An Associated Press snapshot put GAAP diluted EPS at $1.26 and adjusted EPS at $0.57 for Q3. 3
Strategy & operations: integration, rebrand, pipeline
- Melinta deal: Closed Aug 29, 2025; integration “proceeding more quickly than projected,” with approximately $30M of the $35–$45M synergy run‑rate expected to be captured by year‑end. 2
- Corporate identity: CorMedix said it is re‑branding as “CorMedix Therapeutics,” with employees operating under the new name (no ticker change was announced in today’s materials). 2
- Clinical catalysts: The Phase III ReSPECT study of REZZAYO (prophylaxis of invasive fungal infections in BMT) completed enrollment; top‑line data are expected in 2Q 2026. 2
Filings & formal disclosures today
CorMedix filed its Form 10‑Q for the period ended Sept. 30, 2025 (showing, among other items, 78,789,045 common shares outstanding as of Nov. 10, 2025) and furnished an 8‑K with the earnings press release. These filings anchor the morning’s headlines with the official numbers and guidance. 4
Why this matters
- Execution + leverage: DefenCath adoption in outpatient dialysis settings continues to broaden, and consolidated sales from the Melinta portfolio are now clearly visible in the P&L. Together, they produced strong operating leverage in Q3. 2
- Visibility: Raising full‑year revenue and EBITDA guidance mid‑quarter suggests confidence in the demand curve and synergy capture. Analysts and wire services characterized the quarter as a beat versus expectations. 1
- Set‑ups for 2026: With REZZAYO prophylaxis data expected in 2Q26, CorMedix has a clear clinical catalyst beyond the current commercial ramp. 2
By the numbers (Q3 2025)
- Revenue: $104.3M (product sales $101.5M; contract revenue $2.7M)
- Gross profit: $93.1M
- Operating expenses: $41.7M (includes ~$12.7M merger‑related items)
- GAAP net income: $108.6M, aided by a $59.7M tax benefit tied to NOL realization
- EPS: $1.42 basic / $1.26 diluted
- Cash & short‑term investments (9/30/25): $55.7M; year‑end cash projected at ~ $100M
(All figures per company release.) 2
What to watch next
- Q4 delivery vs. $115–$135M revenue guide and cadence of DefenCath adoption in outpatient dialysis. 2
- Synergy realization from the Melinta transaction through year‑end. 2
- REZZAYO ReSPECT top‑line in 2Q 2026. 2
Source notes for today (Nov 12, 2025)
- Official press release: full Q3 results, raised guidance, integration updates, and rebranding language. 2
- Reuters/Refinitiv wire: beat vs. expectations and guidance highlights. 1
- AP snapshot: GAAP and adjusted EPS figures. 3
- SEC filings: 10‑Q and 8‑K posted this morning. 4
Disclosure: This article is for informational purposes only and is not investment advice. Please see company filings for complete risk factors and forward‑looking statements.
