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Jun 30, 2023
CorMedix Q2 2023 Earnings Report
Announced financial results for the second quarter and six months ended June 30, 2023 and provided an update on recent business events.
Key Takeaways
CorMedix reported a net loss of $11.3 million, or $0.25 per share, for the second quarter of 2023, compared to a net loss of $7.6 million, or $0.19 per share, in the second quarter of 2022. The company's operating expenses increased by approximately 43% to $11.8 million, driven by higher SG&A and R&D expenses.
Net loss for Q2 2023 was $11.3 million, or $0.25 per share, compared to a net loss of $7.6 million, or $0.19 per share, for Q2 2022.
Operating expenses increased approximately 43% to $11.8 million in Q2 2023.
R&D expense increased approximately 49% to $4.8 million in Q2 2023, mainly due to manufacturing costs for DefenCath.
SG&A expense increased approximately 39% to $7.0 million in Q2 2023, driven by market research and pre-launch activities.
Forward Guidance
CorMedix believes it has sufficient resources to fund operations for at least twelve months from the filing of its Quarterly Report on Form 10-Q for the quarter ended June 30, 2023.
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