Cormedix Inc. has reported its financial results for the third quarter of 2025, showcasing significant growth and positive developments. The company posted a net revenue of $104.3 million for the third quarter, with pro forma net revenue reaching $130.8 million, compared to a net loss of $2.8 million in the same period in 2024.
The company also reported a substantial net income of $108.6 million and adjusted EBITDA of $71.9 million for the third quarter of 2025. This significant improvement in financial performance was largely attributed to higher-than-expected utilization of Defencath by outpatient dialysis customers, which contributed $88.8 million to the net revenue in the quarter.
Moreover, Cormedix raised its full-year 2025 pro forma net revenue guidance to a range of $390 to $410 million, marking a notable increase from previous projections. The company also raised its guidance for fully synergized pro forma adjusted EBITDA for 2025 to a range of $220 to $240 million.
The acquisition of Melinta Therapeutics, which closed on August 29, 2025, contributed to the positive performance, with the company estimating synergy capture of approximately $30 million on an annual run-rate basis before the end of 2025.
In terms of strategic investments, Cormedix completed a minority investment in Talphera, Inc., which includes a board seat and an exclusive right of first negotiation for an acquisition of Talphera following the announcement of phase 3 clinical data for Niyad, a hospital anticoagulant with a potential indication in patients undergoing continuous renal replacement therapy.
Looking at the financial position, the company reported cash and short-term investments, excluding restricted cash, of $55.7 million at September 30, 2025, and projected year-end cash of approximately $100 million.
It's important to note the substantial rise in total operating expenses in the third quarter of 2025, amounting to $41.7 million compared to $14.1 million in the third quarter of 2024, primarily driven by non-recurring costs associated with the Melinta acquisition and increased investment in research and development programs.
Following these announcements, the company's shares moved 0.99%, and are now trading at a price of $11.19. Check out the company's full 8-K submission here.
