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Investing.com -- CorMedix Inc . (NASDAQ:CRMD) reported first quarter earnings and revenue that exceeded analyst expectations, driving its stock up 3.8% in response to the positive results.
The biopharmaceutical company posted adjusted earnings per share of $0.32 for the first quarter, beating the analyst consensus of $0.16 by $0.16. Revenue came in at $39.1 million, surpassing estimates of $32.35 million and marking a significant increase from the same quarter last year when the company had not yet launched its DefenCath product.
CorMedix attributed the strong quarter primarily to successful implementation by its outpatient dialysis customers. The company achieved profitability and positive cash flow, reporting net income of $20.6 million and adjusted EBITDA of $23.6 million.
"We are pleased with the strong adoption of DefenCath by our outpatient dialysis customers, which drove our revenue and profitability in the first quarter," said Joe Todisco, CorMedix CEO. "As we continue to expand into the inpatient market and advance our clinical programs, we remain focused on executing our growth strategy."
The company expects to be at the high end of its previously announced first half net sales guidance of $62 million to $70 million, based on current order trends and inventory tracking with existing customers.
CorMedix ended the quarter with $77.5 million in cash and short-term investments, excluding restricted cash. The company believes it has sufficient resources to fund operations for at least the next twelve months.
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