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Sep 30
CorMedix Q3 2025 Earnings Report
CorMedix reported strong third quarter results, driven by high DefenCath utilization and contributions from the Melinta acquisition.
Key Takeaways
CorMedix posted a profitable Q3 2025 with strong revenue growth fueled by demand for DefenCath and partial revenue from its newly acquired Melinta portfolio. The company also raised full-year guidance due to better-than-expected integration and operational synergies.
Net income reached $108.6 million, driven by strong product sales and a one-time tax benefit.
DefenCath contributed $88.8 million to quarterly revenue due to higher-than-expected outpatient dialysis usage.
The Melinta acquisition contributed to revenue and increased operating expenses due to integration costs.
Full-year guidance was raised, and synergy capture is ahead of schedule.
CorMedix
CorMedix
CorMedix Revenue by Segment
Revenue by Segment
DefenCath Revenue
CapyFin.comMelinta Portfolio Revenue
CapyFin.com Forward Guidance
CorMedix raised FY2025 guidance for revenue and adjusted EBITDA based on strong Q3 performance and faster-than-expected integration of Melinta.
Positive Outlook
- FY2025 pro forma net revenue guidance increased to $390–$410 million
- Q4 revenue guidance raised to $115–$135 million
- Synergy capture of $30 million projected before year-end
- Adjusted EBITDA guidance raised to $220–$240 million
- Sustained profitability anticipated enabling full NOL utilization
Challenges Ahead
- Integration costs from Melinta acquisition impacted operating expenses
- Increase in stock-based compensation expenses
- Significant one-time tax benefit inflates Q3 net income comparability
- Ongoing R&D spend for expanded DefenCath indications
- No segment-specific geographic revenue detail reported
Revenue & Expenses
Visualization of income flow from segment revenue to net income