CorMedix recently released its 10-Q report. The company is a biopharmaceutical business based in Parsippany, New Jersey, focused on developing and commercializing products for serious diseases and conditions in the United States. Its lead product is DefenCath, an antimicrobial catheter lock solution used to help reduce catheter-related bloodstream infections in adult patients with kidney failure. CorMedix was incorporated in 2006 and changed its name from Picton Holding Company, Inc. in January 2007.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
CorMedix said its results are being driven by DefenCath sales in the United States and, since the August 2025 acquisition of Melinta, a broader portfolio of hospital* and clinic-focused infectious disease products. The company said Melinta’s financial results have been included in its consolidated statements since the acquisition date, making year-over-year comparisons less directly comparable.
For the three months ended June 30, 2026, total revenue and grant income rose to $101.9 million from $39.7 million a year earlier. For the six months ended June 30, 2026, total revenue and grant income increased to $229.4 million from $78.8 million. Product sales accounted for most of the increase, rising to $94.3 million in the quarter from $39.7 million, and to $216.3 million for the six-month period from $78.8 million.
DefenCath generated $66.1 million of product sales in the second quarter and $163.6 million for the first half of 2026. The Melinta portfolio contributed $28.2 million in product sales in the quarter and $52.6 million in the six-month period. CorMedix also recorded $5.0 million of contract revenue in the quarter and $8.0 million for the first half, all tied to Melinta licensing agreements. Grant income totaled $2.6 million in the quarter and $5.1 million in the six-month period under the BARDA agreement.
Cost of sales increased sharply alongside the higher revenue base, reaching $14.5 million in the quarter from $1.8 million a year earlier, and $26.5 million for the first half from $3.4 million. The company attributed the increase to higher product volume, including DefenCath and the newly acquired Melinta portfolio.
Amortization of intangibles jumped to $10.3 million in the quarter from $0.1 million a year earlier, and to $20.6 million for the first half from $0.1 million, reflecting intangible assets acquired with Melinta. Research and development expense rose to $6.7 million in the quarter from $2.4 million, and to $13.9 million for the six months from $5.6 million, driven by personnel and clinical trial services for pediatric programs in the Melinta portfolio and work supporting additional DefenCath indications.
Selling and marketing expense increased to $12.4 million in the quarter from $6.4 million, and to $25.0 million for the six months from $10.9 million, mainly because of higher personnel costs and marketing programs tied to the expanded portfolio. General and administrative expense climbed to $15.1 million in the quarter from $9.5 million, and to $36.8 million for the six months from $19.2 million, with the company citing higher costs associated with the larger business.
Operating income improved to $42.9 million in the quarter from $19.5 million, and to $106.6 million for the first half from $39.7 million. After other expenses, income before taxes was $38.7 million in the quarter and $94.4 million for the six months. Net income increased to $26.0 million in the quarter from $19.8 million, and to $64.6 million for the six-month period from $40.5 million.
CorMedix also flagged several developments in the period. On April 27, 2026, it reported positive Phase III topline results for REZZAYO in prophylaxis of invasive fungal diseases in adult patients undergoing allogeneic hematopoietic stem cell transplantation, and said it is targeting a 2027 launch in that second indication if approved. On April 2, 2026, the U.S. government imposed new tariffs on certain imported goods, including APIs, excipients, and packaging materials, and CorMedix said it is assessing the impact on gross margins and operating results. On June 8, 2026, the Federal Circuit affirmed the validity and infringement of patents covering MINOCIN for Injection against Nexus Pharmaceuticals.
CorMedix said DefenCath’s TDAPA reimbursement transitioned on July 1, 2026 to a post-TDAPA Add-On Adjustment. The company said the CMS methodology significantly reduced reimbursement to institutions treating dialysis patients, which it expects will reduce net pricing and lower DefenCath net sales in the second half of 2026 relative to historical periods. It added that, based on current CMS methodology, the 2027 payment could increase meaningfully above the second-half 2026 rate. The market has reacted to these announcements by moving the company's shares 17.89% to a price of $8.37. For the full picture, make sure to review CorMedix's 10-Q report.
