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BERKELEY HEIGHTS, N.J. - CorMedix Inc. (NASDAQ:CRMD), a biopharmaceutical company specializing in products for critical diseases, announced preliminary results for the first quarter of 2025 today. The company reported unaudited net revenue of $39.0 million for Q1 and expects adjusted EBITDA to surpass $22.5 million. According to InvestingPro data, the company maintains impressive gross profit margins of 92.66% and holds more cash than debt on its balance sheet, indicating strong operational efficiency.
The company experienced larger-than-anticipated orders in the last week of March, leading to an increase in H1 2025 net sales guidance for existing purchasing customers, now expected to be between $62 million and $70 million. Although CorMedix forecasts lower net sales in Q2 compared to Q1, this is attributed to the timing of shipments rather than a decrease in patient utilization. Analysts tracked by InvestingPro expect significant sales growth this year, with price targets ranging from $12 to $19 per share. The company's overall financial health score is rated as "FAIR" by InvestingPro analysts, who have identified 12 additional key factors that could impact the stock's performance.
Patient enrollment for a Phase 3 study of DefenCath in Total Parenteral Nutrition (TPN) patients is projected to start in late April. DefenCath, pending approval for this use, is anticipated to reach peak annual sales of $150 million to $200 million in this patient group, within a total addressable market of $500 million to $750 million.
As of March 31, 2025, the company's cash and short-term investments stood at approximately $77.5 million, excluding restricted cash. These figures are subject to adjustment following the completion of quarterly financial statement reviews. The company maintains a healthy current ratio of 3.39x, with liquid assets well exceeding short-term obligations. For detailed financial analysis and comprehensive valuation metrics, investors can access the full Pro Research Report available on InvestingPro, which provides in-depth analysis of CorMedix among 1,400+ top US stocks.
CorMedix launched DefenCath, its leading product approved by the FDA on November 15, 2023, in inpatient settings in April 2024 and outpatient settings in July 2024. The company is initiating clinical studies for additional patient populations this year and aims to expand DefenCath's use as a catheter lock solution.
The information in this article is based on a press release statement. The preliminary financial data is subject to change, and the company will provide a reconciliation of adjusted EBITDA to the most comparable GAAP measure with its earnings release for the first quarter of 2025.
In other recent news, CorMedix Inc. reported its first profitable quarter in Q4 2024, achieving a net income of $13.5 million and earnings per share (EPS) of $0.22, surpassing Wall Street's forecast of $0.17. The company's revenue for the quarter was $31.2 million, slightly above the expected $31 million. Despite these positive results, a significant customer order delay for the DefenCath product has impacted investor sentiment, leading to a notable decline in the company's stock. The delay, caused by operational resource constraints, postponed shipments initially planned for the fourth quarter of 2024 to 2025. Rodman & Renshaw maintained a Buy rating for CorMedix, with a $20 price target, expressing optimism for the company's future growth, particularly from the second quarter of 2025 onward. The firm revised its 2025 revenue estimate for CorMedix to $120 million and adjusted its EPS forecast to $0.47, reflecting increased expectations. CorMedix also reported cash and equivalents totaling $51.7 million as of December 31, 2024, with projections to end Q1 2025 with over $75 million in cash and short-term investments. The company's strategic initiatives include expanding its market presence and increasing access to DefenCath across care settings in 2025.
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