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BERKELEY HEIGHTS, N.J. - CorMedix Inc. (NASDAQ:CRMD), a biopharmaceutical company with a market capitalization of $923 million and impressive year-to-date returns of 68%, announced Monday that its Large Dialysis Organization (LDO) customer has begun ordering DefenCath and will implement the product in the second half of 2025, targeting at least 50% more patients than previously planned.
The biopharmaceutical company has amended its existing agreement with the LDO customer to accommodate the anticipated increased product usage. CorMedix expects modest revenue contribution in June, with growth projected through the latter half of 2025.
Following this development and other positive business trends, CorMedix has increased its second quarter net sales guidance from $31 million to a range of $35 million to $40 million.
"Their implementation of our product will provide access to DefenCath for thousands of adult patients at risk for catheter related bloodstream infections," said CorMedix CEO Joseph Todisco in the press release statement.
DefenCath, a catheter lock solution containing taurolidine and heparin, received FDA approval on November 15, 2023. The company launched the product in inpatient settings in April 2024 and outpatient settings in July 2024.
CorMedix plans to commence clinical studies for DefenCath in Total Parenteral Nutrition and Pediatric patient populations in 2025, according to the company’s press release.
In other recent news, CorMedix Inc. reported a notable earnings beat for the first quarter of 2025. The company achieved earnings per share of $0.32, doubling the forecast of $0.16, and posted revenue of $39.1 million, surpassing expectations by over $6 million. This strong performance is attributed to successful product launches and strategic partnerships, leading to a net income of $20.6 million compared to a net loss of $14.5 million in the same quarter last year. In addition, RBC Capital raised its price target for CorMedix from $13 to $17, maintaining an Outperform rating, citing expected growth in the outpatient segment and potential revenue from new opportunities. The firm anticipates robust performance in the coming months, driven by expansion in the inpatient sector and other strategic initiatives. CorMedix has also revised its net revenue guidance for the first half of 2025 to approximately $70 million, indicating further growth expectations. The company remains optimistic about its mid-year implementation plans with a large dialysis operator and is targeting FDA approval for a new indication by late 2027.
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