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BERKELEY HEIGHTS, N.J. - CorMedix Inc. (NASDAQ:CRMD), a biopharmaceutical company with a market capitalization of approximately $795 million, reported preliminary unaudited third-quarter net revenue exceeding $100 million, with DefenCath sales contributing more than $85 million, according to a company press release issued Monday. According to InvestingPro data, the company’s current valuation appears fairly priced relative to its Fair Value.
The biopharmaceutical firm has raised its full-year 2025 pro forma net revenue guidance to at least $375 million, up from its previous range of $325-$350 million, citing stronger than projected utilization of DefenCath by its LDO customer and continued growth with other customers. The company maintains impressive profitability metrics, with a gross profit margin of nearly 96% and a return on assets of 33%.
CorMedix expects third-quarter adjusted EBITDA of at least $70 million and reports making significant progress integrating Melinta Therapeutics, which it acquired in August 2025. The company forecasts cost synergy capture of at least $30 million on a run-rate basis before year-end, with remaining targeted synergies of $5-$15 million expected in 2026.
The company also announced completion of enrollment in its Phase III ReSPECT study of Rezzayo for prophylaxis of fungal infection in adult patients undergoing allogeneic blood and marrow transplant, with clinical data expected in the second quarter of 2026.
Cash, cash equivalents and short-term investments stood at approximately $56 million as of September 30, with the company projecting a year-end cash balance of approximately $100 million. The third-quarter cash balance was affected by payments for the Melinta acquisition, a strategic investment in Talphera, and increased working capital requirements to support revenue growth. InvestingPro analysis shows CorMedix maintains a strong financial health score of 3.64 (rated as "GREAT"), with a robust current ratio of 7.82x and minimal debt exposure.
CorMedix focuses on developing and commercializing therapeutic products for prevention and treatment of life-threatening conditions and diseases, including DefenCath for prevention of catheter-related bloodstream infections in adult hemodialysis patients. For detailed analysis of CorMedix’s financial health, growth prospects, and comprehensive valuation metrics, visit InvestingPro, where you’ll find exclusive insights and 8 additional ProTips about this promising biotech company.
In other recent news, CorMedix Inc. has announced the completion of a $150 million convertible notes offering due in 2030, marking a significant financial maneuver for the company. This transaction was finalized through a private placement, exempt from registration under Section 4(a)(2) of the Securities Act of 1933, and involves an indenture agreement with U.S. Bank Trust Company. Additionally, CorMedix has completed enrollment for its Phase III ReSPECT trial, which is evaluating REZZAYO for the prevention of fungal infections, with results anticipated in the second quarter of 2026.
Furthermore, CorMedix has made a strategic move by leading a $29 million financing round in Talphera, Inc., with an initial $17 million closing expected soon. This investment grants CorMedix an exclusive right of first negotiation to acquire Talphera after Phase 3 results for its lead candidate Niyad are announced. Analysts at JMP Securities have reiterated a Market Outperform rating with a $22.00 price target, reflecting optimism about CorMedix’s investment in Talphera. Meanwhile, RBC Capital has adjusted its price target for CorMedix to $21.00 from $23.00, while maintaining an Outperform rating, based on the analysis of TDAPA dynamics. These recent developments highlight CorMedix’s strategic initiatives and financial activities.
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