The raised guidance and positive Phase 3 ReSPECT data create a strong catalyst path. Monitor the sNDA submission timeline for REZZAYO prophylaxis (expected H2 2026) and the TDAPA expiration impact on DefenCath pricing. The $75M share repurchase authorization provides downside support. Key risk: the $9.0M favorable adjustment is non-recurring, and DefenCath growth trajectory without it needs assessment.
Price Chart
Executive Summary
CorMedix reported Q1 2026 revenue of $127.4M and GAAP net income of $38.6M ($0.43 diluted EPS), with DefenCath sales of $97.5M and Melinta portfolio contributing $29.9M. The company raised full-year 2026 revenue guidance to $325-345M and adjusted EBITDA guidance to $115-135M, citing strong DefenCath utilization and positive Phase 3 ReSPECT data for REZZAYO prophylaxis. The quarter included a non-recurring $9.0M favorable sales allowance adjustment, and the YoY revenue comparison is distorted by the August 2025 Melinta acquisition.
Key Financial Metrics
Key Facts
- Q1 2026 net revenue $127.4M vs $39.1M in Q1 2025 (226% YoY growth, largely acquisition-driven)
- GAAP net income $38.6M ($0.43 diluted EPS) vs $20.6M ($0.30 diluted EPS) in Q1 2025
- Adjusted EBITDA $70.0M vs $23.6M in Q1 2025
- DefenCath sales $97.5M (includes $9.0M non-recurring favorable sales allowance adjustment)
- Melinta portfolio contributed $29.9M in Q1 2026 (first full quarter of combined operations)
- Raised FY 2026 revenue guidance to $325-345M (from $300-320M) and adjusted EBITDA to $115-135M (from $100-125M)
- Positive Phase 3 ReSPECT topline results for REZZAYO prophylaxis announced April 27, 2026; sNDA submission expected H2 2026
- Cash and short-term investments $178.1M at March 31, 2026, up from $148.5M at December 31, 2025
- Operating cash flow $42.4M in Q1 2026 vs $19.7M in Q1 2025
Financial Impact
Revenue guidance raised by $25M at midpoint ($335M vs prior $310M); adjusted EBITDA guidance raised by $12.5M at midpoint ($125M vs prior $112.5M)
Risk Factors
- Pending TDAPA expiration could pressure DefenCath reimbursement and revenue
- Non-recurring $9.0M favorable sales allowance adjustment inflated Q1 DefenCath revenue
- Melinta portfolio integration and anti-infective market competition
- REZZAYO sNDA regulatory risk and commercial launch timing (target 2027)
- Dilution from 92.985M diluted shares vs 68.975M in Q1 2025 (35% increase from Melinta acquisition)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001410098-26-000020 |
| Document: crmd-20260514.htm | 0001410098-26-000020 |
| Document: 0001410098-26-000020-index-headers.html | 0001410098-26-000020 |
| Document: 0001410098-26-000020-index.html | 0001410098-26-000020 |
| Document: 0001410098-26-000020.txt | 0001410098-26-000020 |
| 8-K Data (Synthetic) | 0001410098-26-000020 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 13, 2026 7w ago | 8-K | $8.14 $7.83 | ▼ −3.87% | ▼ −2.12% | $7.19 (−11.67%) |
Aug 13, 2026 7w ago | Press Release | $8.14 $7.83 | ▼ −3.87% | ▼ −2.12% | $7.19 (−11.67%) |
Jul 1, 2026 13w ago | 8-K | $8.47 $7.19 | ▼ −15.11% | ▼ −12.93% | $7.19 (−15.11%) |
Jun 12, 2026 16w ago | Institutional Cluster | $8.74 $8.40 | ▼ −3.89% | ▼ −5.67% | $7.19 (−17.73%) |
Jun 8, 2026 16w ago | 8-K | $8.54 $8.79 | ▲ +2.93% | ▲ +1.30% | $7.19 (−15.81%) |
Jun 8, 2026 16w ago | Press Release | $8.54 $8.79 | ▲ +2.93% | ▲ +1.30% | $7.19 (−15.81%) |
May 14, 2026 20w ago | 8-K | $7.93 $8.74 | ▲ +10.21% | ▲ +11.07% | $7.19 (−9.33%) |
May 14, 2026 20w ago | Press Release | $7.93 $8.74 | ▲ +10.21% | ▲ +11.07% | $7.19 (−9.33%) |
Apr 27, 2026 22w ago | 8-K | $7.82 $8.27 | ▲ +5.75% | ▲ +0.80% | $7.19 (−8.06%) |
Apr 27, 2026 22w ago | Press Release | $7.82 $8.27 | ▲ +5.75% | ▲ +0.80% | $7.19 (−8.06%) |
US Market Status
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