CRMD · CorMedix Inc.

CorMedix delivered exceptional Q1 2026 results with net revenue surging to $127.4 million from $39.1 million in the prior year, primarily fueled by $97.5 million from DefenCath sales—including a $9.0 million favorable sales allowance adjustment—and $29.9 million from the acquired Melinta anti-infective portfolio. Gross profit reached $105.1 million, reflecting robust margins despite higher cost of sales from the larger portfolio. Operating expenses rose 139% to $41.5 million, driven by full-quarter Melinta integration, expanded R&D ($7.2M for clinical programs including TPN study and pediatrics), elevated selling/marketing ($12.5M for broader portfolio), and G&A ($21.7M for combined operations). This yielded operating income of $63.7 million and net income of $38.6 million after other expenses and taxes. CEO Joseph Todisco highlighted strong DefenCath demand amid TDAPA expiration, pipeline progress like REZZAYO Phase III success (sNDA H2 2026), and cash generation enabling growth reinvestment and buybacks. The raised FY2026 guidance signals confidence in sustained momentum, with $178.1 million cash providing runway beyond 12 months.