Cormedix Inc. has announced its preliminary unaudited fourth quarter results and provided an update on its business, with some significant metrics to note.
For the fourth quarter of 2024, the company reported unaudited net revenue of approximately $31 million, and for the full year 2024, unaudited net revenue was approximately $43 million. Moreover, Cormedix expects the adjusted EBITDA for the fourth quarter to exceed $12 million.
The company has been actively engaging with its customers, having shipped Defencath to all three of its midsized dialysis operator (MDO) customers and seeing continuous ordering of increasing size throughout the quarter. There are more than $25 million of existing open purchase orders scheduled for delivery during the first quarter of 2025.
Cormedix is also making efforts to expand its deployment in the inpatient hospital segment beginning in the first quarter of 2025, and has engaged Syneos Health to build a dedicated inpatient field sales team. The company has also submitted a final clinical study protocol for Defencath in total parenteral nutrition (TPN) to the FDA in the fourth quarter, with study enrollment expected to begin in the first half of 2025.
In terms of financials, the company reported preliminary unaudited cash and short-term investments, as of December 31, 2024, of approximately $52 million.
Looking ahead, Cormedix estimates the expanded inpatient deployment and internal commercial realignment to be cost-neutral on overall sales and marketing expense in 2025. The company has also announced preliminary operating expense guidance for the full year 2025 of $72–$78 million, excluding non-cash and one-time items.
Cormedix's CEO, Joe Todisco, expressed pride in the preliminary fourth quarter results, especially in surpassing the guidance to become breakeven by year-end 2024. He emphasized the company's commitment to growing Defencath across various care settings and expressed optimism for the year ahead.
It's important to note that the preliminary financial information is subject to potential adjustments as a result of the completion of the company's internal review process and customary annual audit procedures.
Following these announcements, the company's shares moved 32.9%, and are now trading at a price of $10.54. For more information, read the company's full 8-K submission here.
