CorMedix (CRMD, Financial) has provided an update on its agreement with a major Large Dialysis Organization (LDO) customer, focusing on the deployment of its product, DefenCath. The LDO has started placing orders and plans to roll out DefenCath to a larger patient base than initially planned, aiming for at least a 50% increase in patient coverage. The agreement between CorMedix and the LDO has been revised to accommodate this anticipated expansion. This strategic move is projected to contribute modestly to CorMedix's revenue by June, with further growth anticipated throughout the latter half of 2025.
Wall Street Analysts Forecast
Based on the one-year price targets offered by 5 analysts, the average target price for Cormedix Inc (CRMD, Financial) is $17.20 with a high estimate of $20.00 and a low estimate of $15.00. The average target implies an upside of 6.97% from the current price of $16.08. More detailed estimate data can be found on the Cormedix Inc (CRMD) Forecast page.
Based on the consensus recommendation from 6 brokerage firms, Cormedix Inc's (CRMD, Financial) average brokerage recommendation is currently 1.8, indicating "Outperform" status. The rating scale ranges from 1 to 5, where 1 signifies Strong Buy, and 5 denotes Sell.
CRMD Key Business Developments
Release Date: May 06, 2025
- Net Revenue: $39.1 million for Q1 2025.
- Net Income: $20.6 million or $0.32 per share for Q1 2025, compared to a net loss of $14.5 million or $0.25 per share in Q1 2024.
- Operating Expenses: Increased by 9% to $17.4 million in Q1 2025 from $15.9 million in Q1 2024.
- R&D Expense: Increased by 281% to $3.2 million from $800,000 in Q1 2024.
- Selling and Marketing Expense: Decreased by 29% to $4.5 million from $6.3 million in Q1 2024.
- G&A Expense: Increased by 11% to $9.7 million from $8.7 million in Q1 2024.
- Cash Provided by Operations: $19.7 million in Q1 2025, compared to cash used of $17.3 million in Q1 2024.
- Cash and Cash Equivalents: $77.5 million as of March 31, 2025.
- Adjusted EBITDA: $23.6 million for Q1 2025.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- Cormedix Inc (CRMD, Financial) reported strong first-quarter net sales of $39.1 million, aligning with earlier pre-announced results.
- The company achieved profitability for the first quarter with a net income of $20.6 million, a significant improvement from the previous year's net loss.
- There is steady utilization growth with existing anchor customers and new utilization with smaller outpatient dialysis operators and inpatient hospitals.
- Cormedix Inc (CRMD) has begun a Phase 3 clinical study for reducing central line-associated bloodstream infections, with the first site operational and actively screening patients.
- The company has a strong cash position with $77.5 million in cash and cash equivalents as of March 31, 2025, supporting ongoing clinical initiatives.
Negative Points
- Operating expenses increased by approximately 9% in the first quarter of 2025 compared to the same period in 2024.
- Research and Development expenses surged by 281%, driven by increased personnel and clinical trial services.
- There is a moderate sequential decline in revenue anticipated between Q1 and Q2 due to the timing of shipments to US Renal Care.
- Selling and marketing expenses decreased by 29%, which is considered temporary and related to the timing of the prior internal sales force versus the ramping of costs related to the outsourced salesforce.
- The company's financial outlook is dependent on the timing and scale of uptake by a large dialysis operator customer, which remains uncertain.
