CorMedix Q1 2026: $127.4M Revenue, Raises 2026 Guidance

CorMedix Therapeutics reported $127.4 million in net revenue for the first quarter of 2026 and net income of $38.6 million, while adjusted EBITDA came in at $70.0 million. Management raised full-year financial guidance following the strong quarter and cited sustained underlying demand across its commercial portfolio.

Revenue composition showed $97.5 million from DefenCath sales and $29.9 million from the acquired Melinta anti‑infective portfolio, with DefenCath benefiting from a one-time favorable $9.0 million change in estimate related to certain sales allowances. Total operating expenses rose to $41.5 million, reflecting the larger combined company following the acquisition.

As a result of the quarter’s performance, CorMedix increased its full‑year 2026 net revenue guidance to $325–$345 million and adjusted EBITDA guidance to $115–$135 million. The company also updated its DefenCath revenue expectation to a $175–$195 million range for 2026, based on current customer run rates and adoption trends.

Management discussed reimbursement dynamics tied to TDAPA and noted that while the transition may create variability in the back half of 2026, current CMS calculation methodology points to a material increase in the post‑TDAPA add‑on in 2027, which should support higher net selling prices per unit next year. CorMedix closed the quarter with $178.1 million in cash and reported positive operating cash flow for the period.

On the clinical front, CorMedix announced positive topline results from the global ReSPECT Phase III trial for REZZAYO® (rezafungin for injection) in prophylaxis of invasive fungal disease; the company and its partner are preparing a supplemental NDA (sNDA) filing for the U.S. in the second half of 2026 and are targeting a potential 2027 launch. Ongoing trials to expand DefenCath’s addressable indications continue, with management taking steps to accelerate enrollment where feasible.

Analysts view the quarter as a validation of CorMedix’s commercial trajectory—turning it into a profitability and cash‑generation story rather than solely a product launch narrative. Key near‑term risks remain reimbursement transitions, inventory and stocking adjustments, and the timing of clinical enrollments; however, the revised guidance and solid cash position provide the company with flexibility to execute its growth plans.