Cormedix (CRMD) Records First Profitable Quarter in 2024

By Bobby Samwell • Tuesday, March 25 15:17 • Permanent Link

Cormedix Inc. has reported its financial results for the fourth quarter and full year of 2024, showcasing significant growth and achievements. In the fourth quarter of 2024, the company recorded net revenue of $31.2 million from sales of Defencath, marking the first profitable commercial quarter in Cormedix's history. This resulted in a net income of $13.5 million and adjusted EBITDA of $15.3 million.

For the full year of 2024, Cormedix reported net revenue of $43.5 million from sales of Defencath, representing a substantial increase from the previous year. The company also reported a net loss of $17.9 million for the full year, a marked improvement compared to the net loss of $46.3 million in the previous year.

Operating expenses for the fourth quarter of 2024 were $17.1 million, marking an increase of approximately 9% from the fourth quarter of 2023. This increase was primarily driven by higher general and administrative expenses, which rose by approximately 36%. Additionally, the company's operating expenses for the full year of 2024 amounted to $62.6 million, representing a 28% increase from the previous year. This increase was primarily attributed to costs related to marketing and commercial activities in support of the launch of Defencath.

Cormedix also provided preliminary net revenue guidance for the first half of 2025, projecting a range of $50 million to $60 million based on the run rate of current purchasing customers, with more than $33 million expected in the first quarter. Furthermore, the company reiterated its previously announced cash operating expense guidance for 2025, ranging from $72 million to $78 million.

The company's cash and short-term investments, excluding restricted cash, amounted to $51.7 million at the end of December 31, 2024. Cormedix anticipates ending the first quarter of 2025 with more than $75 million in cash and short-term investments.

Cormedix CEO, Joe Todisco, expressed pride in the company's progress, highlighting the continued growth from existing customers throughout the first quarter and the focus on expanding the patient base in 2025 with both existing and new accounts.

As a result of these announcements, the company's shares have moved -27.5% on the market, and are now trading at a price of $7.81. For the full picture, make sure to review CorMedix's 8-K report.

The above analysis is intended for educational purposes only and was performed on the basis of publicly available data. It is not to be construed as a recommendation to buy or sell any security. Any buy, sell, or other recommendations mentioned in the article are direct quotations of consensus recommendations from the analysts covering the stock, and do not represent the opinions of Market Inference or its writers. Past performance, accounting data, and inferences about market position and corporate valuation are not reliable indicators of future price movements. Market Inference does not provide financial advice. Investors should conduct their own review and analysis of any company of interest before making an investment decision.