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Should Investors Buy CorMedix Stock Ahead of Q3 Earnings Report?
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Key Takeaways
CorMedix posted preliminary Q3 2025 net revenues topping $125M, with over $85M from DefenCath alone.
The company raised its full-year 2025 revenue outlook to at least $375M and expects $70M in EBITDA.
Melinta's integration and DefenCath's exclusivity through 2033 reinforce CRMD's growth and profitability.
CorMedix (CRMD - Free Report) is expected to report its third-quarter 2025 earnings results soon. The Zacks Consensus Estimate for sales and earnings is pegged at $70 million and 48 cents per share, respectively.
Earnings estimate for 2025 has increased to $1.65 per share from $1.85 over the past 30 days, while that for 2026 has improved from $2.38 to $2.49.
CRMD Estimate Movement
Image Source: Zacks Investment Research
CRMD’s Earnings Surprise History
CorMedix has an excellent track record. Its earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 34.85%. In the last reported quarter, the company’s earnings beat estimates by 40%.
Image Source: Zacks Investment Research
What Our Model Predicts for CRMD
Per our proven model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat.
CorMedix’s third-quarter performance is expected to have been led by the strong momentum of its flagship therapy, DefenCath (Taurolidine + Heparin). Approved by the FDA in late 2023, DefenCath is the first and only antimicrobial catheter lock solution available in the United States, indicated to reduce catheter-related bloodstream infections (CRBSIs) in adult patients with kidney failure receiving chronic hemodialysis through a central venous catheter.
DefenCath continues to drive the company’s top line, with third-quarter 2025 revenues expected to reflect strong market adoption and robust year-over-year growth. Its growing uptake among large dialysis organizations and expansion into new dialysis centers are likely to have contributed to a majority of CorMedix’s quarterly revenues. The company’s success with DefenCath underscores the strength of its commercial execution and its ability to capture value in a market with limited direct competition.
The addition of Melinta’s assets, following the acquisition, has created meaningful near-term growth opportunities and incremental revenue contributions expected to be reflected in the upcoming earnings report.
CorMedix recently reported preliminary third-quarter 2025 results, with unaudited pro forma net revenues exceeding $125 million, including more than $85 million from DefenCath. Reflecting this momentum and early Melinta portfolio contributions, the company raised its full-year 2025 pro forma net revenue guidance to at least $375 million, up from the prior expected range of $325-$350 million. CorMedix also anticipates adjusted EBITDA of at least $70 million for the quarter, underscoring improved profitability.
As of Sept. 30, 2025, CRMD reported cash and short-term investments of about $56 million, with a projected year-end balance near $100 million. Operating expenses are likely to have increased during the quarter, reflecting higher staffing and clinical costs to support ongoing programs, as well as expanded marketing investments to sustain growth momentum.
CRMD’s Price Performance and Valuation
Shares of CorMedix have surged 36.4% so far this year compared with the industry’s 9.2% growth. The stock has also outperformed the sector and the S&P 500 index during the same time frame, as seen in the chart below.
CRMD Stock Price Movement
Image Source: Zacks Investment Research
From a valuation standpoint, CorMedix stock is expensive. Going by the price/book ratio, the company’s shares currently trade at 3.91 trailing 12-month book value per share, higher than 3.41 for the industry. The stock is also trading above its five-year mean of 3.54.
CRMD Stock Valuation
Image Source: Zacks Investment Research
Investment Thesis for CRMD
In the first half of 2025, DefenCath delivered $78.8 million in net revenues, reflecting a solid start to its commercial journey. The drug holds a unique market position as the only FDA-approved therapy for a niche condition, supported by patent protection through 2033. This exclusivity provides a long runway for revenue generation.
Looking ahead, sales are expected to build steadily as CorMedix expands its commercial footprint and strengthens its marketing infrastructure. Moreover, eligibility for reimbursement in the U.S. healthcare system enhances patient access and should serve as a strong catalyst for growth in the years ahead. CorMedix is also planning future potential label expansion of DefenCath into total parenteral nutrition (TPN). Subject to approval, CRMD expects the peak annual sales of DefenCath in the TPN indication to be in the range of $150-$200 million.
Beyond DefenCath, CorMedix is benefitting from its $300 million acquisition of Melinta Therapeutics, a strategic move aimed at broadening the company’s revenue base and strengthening its presence in hospital acute care and infectious disease markets. The deal added seven approved therapies, including Rezzayo, which is being evaluated in a phase III study for prophylaxis of invasive fungal infections — a potential $2 billion market opportunity with a possible data readout in 2026.
In 2025, CorMedix anticipates Melinta’s portfolio to generate $125 million to $135 million in revenues. The company has made notable progress in integrating Melinta and now expects to realize at least $30 million in annualized cost synergies by the end of the fourth quarter of 2025, with an additional $5-$15 million in targeted synergies anticipated in 2026.
While CorMedix currently holds a first-mover advantage in the United States with DefenCath, competition risks remain due to the presence of larger players already active in the heparin market. Companies, such as Pfizer (PFE - Free Report) and Amphastar Pharmaceuticals (AMPH - Free Report) , alongside B. Braun, Baxter, and Fresenius Kabi, market various heparin-based products across multiple indications. With their scale, financial strength, and established manufacturing networks, these firms could potentially expand into CRBSI-specific applications, challenging CRMD’s market exclusivity and growth trajectory.
Pfizer, which markets Heparin Sodium Injection for a broad range of clinical uses — including dialysis, surgery, and thrombosis management — could leverage its global reach and clinical expertise to enter the CRBSI prevention space. Similarly, Amphastar Pharmaceuticals, which produces Enoxaparin and controls its full supply chain from API manufacturing to finished product, has the operational efficiency and technical depth to pursue similar market opportunities. Should Pfizer or Amphastar Pharmaceuticals expand their anticoagulant portfolios toward catheter-related infection prevention, CorMedix could face meaningful competitive pressure in its core therapeutic niche.
Invest in CRMD Stock
CorMedix’s strong preliminary third-quarter performance underscores the continued success of DefenCath, its flagship and only FDA-approved antimicrobial catheter lock solution for preventing bloodstream infections in dialysis patients. With more than $85 million in third-quarter revenues from DefenCath alone and total unaudited pro forma net revenues exceeding $125 million, the company’s commercial momentum remains robust. The expanded adoption among dialysis organizations and new site launches have propelled top-line growth, while Melinta’s integration has begun to contribute meaningfully to revenues. Reflecting this strength, CorMedix upped its financial guidance for 2025.
Looking ahead, CorMedix’s investment case remains compelling, backed by DefenCath’s market exclusivity through 2033, reimbursement support, and potential label expansion into TPN. The Melinta acquisition also positions CorMedix for diversified, sustainable growth, adding a portfolio of marketed anti-infective therapies and a late-stage asset, Rezzayo, with significant upside potential in a $2 billion addressable market. While competitive risks from larger heparin producers like Pfizer and Amphastar Pharmaceuticals remain, CorMedix’s first-mover advantage, solid balance sheet, and growing profitability make the stock an attractive long-term buy for investors seeking exposure to a high-margin, defensible niche in the infectious disease market.
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Should Investors Buy CorMedix Stock Ahead of Q3 Earnings Report?
Key Takeaways
CorMedix (CRMD - Free Report) is expected to report its third-quarter 2025 earnings results soon. The Zacks Consensus Estimate for sales and earnings is pegged at $70 million and 48 cents per share, respectively.
Earnings estimate for 2025 has increased to $1.65 per share from $1.85 over the past 30 days, while that for 2026 has improved from $2.38 to $2.49.
CRMD Estimate Movement
CRMD’s Earnings Surprise History
CorMedix has an excellent track record. Its earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 34.85%. In the last reported quarter, the company’s earnings beat estimates by 40%.
What Our Model Predicts for CRMD
Per our proven model, the combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the odds of an earnings beat.
Earnings ESP for CorMedix is -9.38%. The company currently carries a Zacks Rank #2. You can uncover the best stocks to buy or sell before they're reported with our Earnings ESP Filter. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Factors Influencing CRMD’s Q3 Results
CorMedix’s third-quarter performance is expected to have been led by the strong momentum of its flagship therapy, DefenCath (Taurolidine + Heparin). Approved by the FDA in late 2023, DefenCath is the first and only antimicrobial catheter lock solution available in the United States, indicated to reduce catheter-related bloodstream infections (CRBSIs) in adult patients with kidney failure receiving chronic hemodialysis through a central venous catheter.
DefenCath continues to drive the company’s top line, with third-quarter 2025 revenues expected to reflect strong market adoption and robust year-over-year growth. Its growing uptake among large dialysis organizations and expansion into new dialysis centers are likely to have contributed to a majority of CorMedix’s quarterly revenues. The company’s success with DefenCath underscores the strength of its commercial execution and its ability to capture value in a market with limited direct competition.
The addition of Melinta’s assets, following the acquisition, has created meaningful near-term growth opportunities and incremental revenue contributions expected to be reflected in the upcoming earnings report.
CorMedix recently reported preliminary third-quarter 2025 results, with unaudited pro forma net revenues exceeding $125 million, including more than $85 million from DefenCath. Reflecting this momentum and early Melinta portfolio contributions, the company raised its full-year 2025 pro forma net revenue guidance to at least $375 million, up from the prior expected range of $325-$350 million. CorMedix also anticipates adjusted EBITDA of at least $70 million for the quarter, underscoring improved profitability.
As of Sept. 30, 2025, CRMD reported cash and short-term investments of about $56 million, with a projected year-end balance near $100 million. Operating expenses are likely to have increased during the quarter, reflecting higher staffing and clinical costs to support ongoing programs, as well as expanded marketing investments to sustain growth momentum.
CRMD’s Price Performance and Valuation
Shares of CorMedix have surged 36.4% so far this year compared with the industry’s 9.2% growth. The stock has also outperformed the sector and the S&P 500 index during the same time frame, as seen in the chart below.
CRMD Stock Price Movement
From a valuation standpoint, CorMedix stock is expensive. Going by the price/book ratio, the company’s shares currently trade at 3.91 trailing 12-month book value per share, higher than 3.41 for the industry. The stock is also trading above its five-year mean of 3.54.
CRMD Stock Valuation
Investment Thesis for CRMD
In the first half of 2025, DefenCath delivered $78.8 million in net revenues, reflecting a solid start to its commercial journey. The drug holds a unique market position as the only FDA-approved therapy for a niche condition, supported by patent protection through 2033. This exclusivity provides a long runway for revenue generation.
Looking ahead, sales are expected to build steadily as CorMedix expands its commercial footprint and strengthens its marketing infrastructure. Moreover, eligibility for reimbursement in the U.S. healthcare system enhances patient access and should serve as a strong catalyst for growth in the years ahead. CorMedix is also planning future potential label expansion of DefenCath into total parenteral nutrition (TPN). Subject to approval, CRMD expects the peak annual sales of DefenCath in the TPN indication to be in the range of $150-$200 million.
Beyond DefenCath, CorMedix is benefitting from its $300 million acquisition of Melinta Therapeutics, a strategic move aimed at broadening the company’s revenue base and strengthening its presence in hospital acute care and infectious disease markets. The deal added seven approved therapies, including Rezzayo, which is being evaluated in a phase III study for prophylaxis of invasive fungal infections — a potential $2 billion market opportunity with a possible data readout in 2026.
In 2025, CorMedix anticipates Melinta’s portfolio to generate $125 million to $135 million in revenues. The company has made notable progress in integrating Melinta and now expects to realize at least $30 million in annualized cost synergies by the end of the fourth quarter of 2025, with an additional $5-$15 million in targeted synergies anticipated in 2026.
While CorMedix currently holds a first-mover advantage in the United States with DefenCath, competition risks remain due to the presence of larger players already active in the heparin market. Companies, such as Pfizer (PFE - Free Report) and Amphastar Pharmaceuticals (AMPH - Free Report) , alongside B. Braun, Baxter, and Fresenius Kabi, market various heparin-based products across multiple indications. With their scale, financial strength, and established manufacturing networks, these firms could potentially expand into CRBSI-specific applications, challenging CRMD’s market exclusivity and growth trajectory.
Pfizer, which markets Heparin Sodium Injection for a broad range of clinical uses — including dialysis, surgery, and thrombosis management — could leverage its global reach and clinical expertise to enter the CRBSI prevention space. Similarly, Amphastar Pharmaceuticals, which produces Enoxaparin and controls its full supply chain from API manufacturing to finished product, has the operational efficiency and technical depth to pursue similar market opportunities. Should Pfizer or Amphastar Pharmaceuticals expand their anticoagulant portfolios toward catheter-related infection prevention, CorMedix could face meaningful competitive pressure in its core therapeutic niche.
Invest in CRMD Stock
CorMedix’s strong preliminary third-quarter performance underscores the continued success of DefenCath, its flagship and only FDA-approved antimicrobial catheter lock solution for preventing bloodstream infections in dialysis patients. With more than $85 million in third-quarter revenues from DefenCath alone and total unaudited pro forma net revenues exceeding $125 million, the company’s commercial momentum remains robust. The expanded adoption among dialysis organizations and new site launches have propelled top-line growth, while Melinta’s integration has begun to contribute meaningfully to revenues. Reflecting this strength, CorMedix upped its financial guidance for 2025.
Looking ahead, CorMedix’s investment case remains compelling, backed by DefenCath’s market exclusivity through 2033, reimbursement support, and potential label expansion into TPN. The Melinta acquisition also positions CorMedix for diversified, sustainable growth, adding a portfolio of marketed anti-infective therapies and a late-stage asset, Rezzayo, with significant upside potential in a $2 billion addressable market. While competitive risks from larger heparin producers like Pfizer and Amphastar Pharmaceuticals remain, CorMedix’s first-mover advantage, solid balance sheet, and growing profitability make the stock an attractive long-term buy for investors seeking exposure to a high-margin, defensible niche in the infectious disease market.