Biopharma firm CorMedix's Q3 net income beats expectations

Overview

• CorMedix Q3 net income of $108.6 mln, beating analyst expectations

• Adjusted EPS for Q3 beats consensus, driven by DefenCath sales

• Company raises FY 2025 pro forma net revenue guidance to $390-$410 mln

Outlook

• CorMedix raises FY 2025 pro forma net revenue guidance to $390-$410 mln

• Company expects Q4 2025 net revenue between $115 mln and $135 mln

• CorMedix increases 2025 pro forma adjusted EBITDA guidance to $220-$240 mln

Result Drivers

• DEFENCATH SALES - Higher than expected utilization by outpatient dialysis customers drove DefenCath sales, contributing $88.8 mln to net revenue

• MELINTA ACQUISITION - Integration of Melinta Therapeutics ahead of schedule, capturing synergies of approximately $30 mln

• TAX BENEFIT - One-time tax benefit of $59.7 mln from deferred tax assets boosted net income

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for CorMedix Inc is $20.00, about 44.1% above its November 11 closing price of $11.19

• The stock recently traded at 5 times the next 12-month earnings vs. a P/E of 8 three months ago

Press Release: ID:nGNX42dlvZ

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)