CRMD CorMedix Inc.
Price Chart
Executive Summary
CorMedix reported Q1 2026 revenue of $127.4M and GAAP net income of $38.6M ($0.43 diluted EPS), with DefenCath sales of $97.5M and Melinta portfolio contributing $29.9M. The company raised full-year 2026 revenue guidance to $325-345M and adjusted EBITDA guidance to $115-135M, citing strong DefenCath utilization and positive Phase 3 ReSPECT data for REZZAYO prophylaxis. The quarter included a non-recurring $9.0M favorable sales allowance adjustment, and the YoY revenue comparison is distorted by the August 2025 Melinta acquisition.
Key Financial Metrics
Actionable Insight
The raised guidance and positive Phase 3 ReSPECT data create a strong catalyst path. Monitor the sNDA submission timeline for REZZAYO prophylaxis (expected H2 2026) and the TDAPA expiration impact on DefenCath pricing. The $75M share repurchase authorization provides downside support. Key risk: the $9.0M favorable adjustment is non-recurring, and DefenCath growth trajectory without it needs assessment.
Key Facts
- Q1 2026 net revenue $127.4M vs $39.1M in Q1 2025 (226% YoY growth, largely acquisition-driven)
- GAAP net income $38.6M ($0.43 diluted EPS) vs $20.6M ($0.30 diluted EPS) in Q1 2025
- Adjusted EBITDA $70.0M vs $23.6M in Q1 2025
- DefenCath sales $97.5M (includes $9.0M non-recurring favorable sales allowance adjustment)
- Melinta portfolio contributed $29.9M in Q1 2026 (first full quarter of combined operations)
- Raised FY 2026 revenue guidance to $325-345M (from $300-320M) and adjusted EBITDA to $115-135M (from $100-125M)
- Positive Phase 3 ReSPECT topline results for REZZAYO prophylaxis announced April 27, 2026; sNDA submission expected H2 2026
- Cash and short-term investments $178.1M at March 31, 2026, up from $148.5M at December 31, 2025
- Operating cash flow $42.4M in Q1 2026 vs $19.7M in Q1 2025
Financial Impact
Revenue guidance raised by $25M at midpoint ($335M vs prior $310M); adjusted EBITDA guidance raised by $12.5M at midpoint ($125M vs prior $112.5M)
Risk Factors
- Pending TDAPA expiration could pressure DefenCath reimbursement and revenue
- Non-recurring $9.0M favorable sales allowance adjustment inflated Q1 DefenCath revenue
- Melinta portfolio integration and anti-infective market competition
- REZZAYO sNDA regulatory risk and commercial launch timing (target 2027)
- Dilution from 92.985M diluted shares vs 68.975M in Q1 2025 (35% increase from Melinta acquisition)
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001410098-26-000020 |
| Document: crmd-20260514.htm | 0001410098-26-000020 |
| Document: 0001410098-26-000020-index-headers.html | 0001410098-26-000020 |
| Document: 0001410098-26-000020-index.html | 0001410098-26-000020 |
| Document: 0001410098-26-000020.txt | 0001410098-26-000020 |
| 8-K Data (Synthetic) | 0001410098-26-000020 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
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Jun 8, 2026
1d ago
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8-K
| $8.60 awaiting T+5 | awaiting T+5 | — | $8.65 (+0.58%) |
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Jun 8, 2026
1d ago
|
Press Release
| $8.60 awaiting T+5 | awaiting T+5 | — | $8.65 (+0.58%) |
|
May 14, 2026
26d ago
|
8-K
| $7.93 $8.06 | ▲ +1.64% | ▲ +2.36% | $8.65 (+9.08%) |
|
May 14, 2026
26d ago
|
Press Release
| $7.93 $8.06 | ▲ +1.64% | ▲ +2.36% | $8.65 (+9.08%) |
|
Apr 27, 2026
6w ago
|
8-K
| $7.82 $7.90 | ▲ +1.02% | ▲ +0.62% | $8.65 (+10.61%) |
|
Apr 27, 2026
6w ago
|
Press Release
| $7.82 $7.90 | ▲ +1.02% | ▲ +0.62% | $8.65 (+10.61%) |
|
Mar 5, 2026
13w ago
|
8-K
| $6.30 $6.40 | ▲ +1.59% | ▲ +3.82% | $8.65 (+37.30%) |
|
Mar 5, 2026
13w ago
|
Press Release
| $6.30 $6.40 | ▲ +1.59% | ▲ +3.82% | $8.65 (+37.30%) |
US Market Status
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