CRMD · CorMedix Inc.

Revenue increased to $127.4 million in Q1 2026 from $39.1 million in the prior year, primarily due to higher product sales driven by increased volume of DefenCath sales and the acquisition of Melinta in August 2025. This reflects sustained DefenCath demand, including onboarding of a large dialysis customer mid-last year, along with Melinta revenue contribution. The 226.1% year-over-year surge underscores the success of commercial execution post-acquisition.

Gross profit rose to $105.1 million, up 180.4% from $37.5 million, yielding an 82.5% gross margin. This resilience stems from favorable product mix and scale efficiencies as volume grew, despite integration dynamics from the larger portfolio. Operating income expanded sharply to $63.7 million, a 216.3% increase from $20.1 million, achieving a 50.0% operating margin. The improvement occurred because revenue acceleration outpaced operating expense growth tied to higher personnel costs, marketing programs, and commercialization investments supporting the expanded business from Melinta.

Net income reached $38.6 million, up 87.0% from $20.6 million, with diluted EPS advancing to $0.43 from $0.30. This profitability reflects the leverage from top-line momentum, adjusted for the company's capital structure including interest on convertible senior notes and ongoing commercial infrastructure buildout. Operating results continue to be shaped by product adoption trends, pricing and reimbursement dynamics for DefenCath, and Melinta portfolio integration.

Looking forward, management notes CMS methodology changes will reduce dialysis reimbursement in the second half of 2026, expecting corresponding DefenCath net pricing pressure—key given its role as a revenue driver. Melinta integration persists with focus on commercialization and personnel expansion. These factors highlight execution risks amid the validated acquisition strategy and operational leverage demonstrated in Q1.