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CRMD Stock Down 9% Despite Q3 Earnings and Revenues Beat Estimates
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Key Takeaways
CorMedix beat Q3 earnings and revenue estimates, but shares fell 8.7% after the results.
DefenCath sales fell 74% sequentially as lower post-TDAPA pricing weighed on revenues.
CorMedix maintained 2026 revenue guidance and expects Heron to add $125-$150 million in 2027.
CorMedix Therapeutics (CRMD - Free Report) reported an adjusted loss of 4 cents per share in the third quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 9 cents. The company reported adjusted earnings of 57 cents per share in the year-ago quarter. These figures exclude non-recurring items.
Consolidated revenues of about $54.5 million declined almost 48% from $104.3 million a year earlier but beat the Zacks Consensus Estimate of $52 million. DefenCath's transition to lower post-TDAPA net pricing drove the decline, even as large dialysis customers largely maintained utilization. CRMD stock declined 8.7% following the earnings release, reflecting concerns over lower realized prices for DefenCath.
CRMD's DefenCath Sales Face Post-TDAPA Pressure
DefenCath generated $17.2 million in third-quarter net sales, down 74% sequentially from the preceding quarter. The decline primarily reflected lower net pricing following the product's transition to the post-TDAPA reimbursement period on July 1, 2026. Large outpatient dialysis customers largely maintained utilization despite the reimbursement change.
DefenCath revenues included a $5-million favorable adjustment to estimates for Medicaid rebates and product returns. Management said actual Medicaid utilization and product returns were below earlier expectations. The adjustment boosted reported sales even as reduced reimbursement weighed on underlying revenues.
CorMedix's Melinta Portfolio Supports Sales
CorMedix’s remaining portfolio accounted for $37.3 million of the quarter's $54.5 million in consolidated revenues. This included $31.4 million in product sales and roughly $5.9 million in contract revenues and grant income under its BARDA agreement.
The Melinta acquisition closed in August last year. Consequently, the year-ago quarter included only one month of Melinta operations compared with a full quarter in 2026. Management described Vabomere and Minocin as relatively durable products, with occasional low-single-digit growth. Meanwhile, Kimyrsa and Orbactiv faced pressure following the launch of generic Dalvance in 2025.
Shares of CorMedix have plunged 58.4% so far this year against the industry’s 10.4% growth.
Image Source: Zacks Investment Research
CRMD's Costs Decline on Lower Integration Expenses
Total operating expenses fell about 12% year over year to $36.6 million in the third quarter. The reduction mainly reflected transaction, integration and reorganization costs incurred following the Melinta acquisition in 2025, partly offset by a full quarter of costs for the expanded business in 2026.
Research and development expenses increased 37.3% year over year to $7 million, driven by higher personnel and clinical study costs. Selling and marketing expenses rose 4.5% year over year to $11.7 million, reflecting investments in the larger portfolio. General and administrative expenses decreased 29.8% to $17.9 million, mainly due to lower Melinta-related transaction and integration costs.
CorMedix ended the third quarter of 2026 with $355.2 million in cash and cash equivalents, excluding restricted cash compared with $256.7 million at the end of the second quarter.
CorMedix Holds Revenue View, Narrows EBITDA Outlook
Management maintained its full-year 2026 consolidated revenue guidance of $325-$345 million. It narrowed adjusted EBITDA guidance to $130-$140 million from $125-$140 million and lowered cash-based operating expense guidance to $140-$145 million from $145-$155 million.
However, CorMedix deferred its 2027 DefenCath revenue guidance until early 2027, citing uncertainty over quarterly changes to Medicare reimbursement. The Centers for Medicare & Medicaid Services set the first-quarter 2027 add-on payment at $8.32 but adopted a quarterly reset mechanism. Management expects the full-year average to be below $8.32 but at least double the current $2.37 rate. It continues discussions with customers and Medicare Advantage plans about pricing and reimbursement.
CRMD's Key Updates
The FDA accepted the supplemental new drug application for Rezzayo to prevent invasive fungal disease in certain immunosuppressed transplant patients, granting priority review in October. The application follows positive phase III ReSPECT study results, with regulatory action expected in the first quarter of 2027. If approved, Rezzayo's label would expand beyond its current indication for treating candidemia and invasive candidiasis in adults and pediatric patients aged 12 years and older with limited or no alternative treatment options. CorMedix plans to begin promotional efforts in the second half of 2027, subject to approval.
Enrollment in the phase III DefenCath study for patients receiving total parenteral nutrition remains significantly behind schedule despite additional study sites and a protocol amendment. The company is evaluating alternative regulatory pathways if enrollment does not improve and expects to determine its strategy before the next quarterly update.
Earlier in November, CorMedix announced an agreement to acquire substantially all assets of Heron Therapeutics, including four commercial products, Zynrelef, Aponvie, Cinvanti and Sustol. These products complement CorMedix's existing portfolio by expanding its presence across acute care and oncology supportive care. The acquisition is expected to close in the first quarter of 2027, subject to Heron stockholder approval, regulatory clearance and other customary closing conditions. Management expects the acquired portfolio to contribute $125-$150 million in revenues in 2027, effectively doubling its non-DefenCath revenue base. The transaction is expected to be immediately accretive to earnings and free cash flow upon closing.
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.06 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.21. AMRX’s shares have climbed 72.2% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 27.21%.
Over the past 30 days, loss per share estimates for AC Immune have narrowed from 60 cents to 54 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from 17 cents to 43 cents. ACIU’s shares have plunged 31.9% year to date.
AC Immune’s earnings beat estimates in each of the trailing four quarters, with an average surprise of 37.79%.
Over the past 30 days, loss per share estimates for Adaptive Biotechnologies have narrowed from 55 cents to 39 cents for 2026. Over the same period, estimates for 2027 loss per share have also improved from 17 cents to 3 cents. ADPT’s shares have surged 81.5% year to date.
Adaptive Biotechnologies’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 53.62%.
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CRMD Stock Down 9% Despite Q3 Earnings and Revenues Beat Estimates
Key Takeaways
CorMedix Therapeutics (CRMD - Free Report) reported an adjusted loss of 4 cents per share in the third quarter of 2026, narrower than the Zacks Consensus Estimate of a loss of 9 cents. The company reported adjusted earnings of 57 cents per share in the year-ago quarter. These figures exclude non-recurring items.
Consolidated revenues of about $54.5 million declined almost 48% from $104.3 million a year earlier but beat the Zacks Consensus Estimate of $52 million. DefenCath's transition to lower post-TDAPA net pricing drove the decline, even as large dialysis customers largely maintained utilization. CRMD stock declined 8.7% following the earnings release, reflecting concerns over lower realized prices for DefenCath.
CRMD's DefenCath Sales Face Post-TDAPA Pressure
DefenCath generated $17.2 million in third-quarter net sales, down 74% sequentially from the preceding quarter. The decline primarily reflected lower net pricing following the product's transition to the post-TDAPA reimbursement period on July 1, 2026. Large outpatient dialysis customers largely maintained utilization despite the reimbursement change.
DefenCath revenues included a $5-million favorable adjustment to estimates for Medicaid rebates and product returns. Management said actual Medicaid utilization and product returns were below earlier expectations. The adjustment boosted reported sales even as reduced reimbursement weighed on underlying revenues.
CorMedix's Melinta Portfolio Supports Sales
CorMedix’s remaining portfolio accounted for $37.3 million of the quarter's $54.5 million in consolidated revenues. This included $31.4 million in product sales and roughly $5.9 million in contract revenues and grant income under its BARDA agreement.
The Melinta acquisition closed in August last year. Consequently, the year-ago quarter included only one month of Melinta operations compared with a full quarter in 2026. Management described Vabomere and Minocin as relatively durable products, with occasional low-single-digit growth. Meanwhile, Kimyrsa and Orbactiv faced pressure following the launch of generic Dalvance in 2025.
Shares of CorMedix have plunged 58.4% so far this year against the industry’s 10.4% growth.
Image Source: Zacks Investment Research
CRMD's Costs Decline on Lower Integration Expenses
Total operating expenses fell about 12% year over year to $36.6 million in the third quarter. The reduction mainly reflected transaction, integration and reorganization costs incurred following the Melinta acquisition in 2025, partly offset by a full quarter of costs for the expanded business in 2026.
Research and development expenses increased 37.3% year over year to $7 million, driven by higher personnel and clinical study costs. Selling and marketing expenses rose 4.5% year over year to $11.7 million, reflecting investments in the larger portfolio. General and administrative expenses decreased 29.8% to $17.9 million, mainly due to lower Melinta-related transaction and integration costs.
CorMedix ended the third quarter of 2026 with $355.2 million in cash and cash equivalents, excluding restricted cash compared with $256.7 million at the end of the second quarter.
CorMedix Holds Revenue View, Narrows EBITDA Outlook
Management maintained its full-year 2026 consolidated revenue guidance of $325-$345 million. It narrowed adjusted EBITDA guidance to $130-$140 million from $125-$140 million and lowered cash-based operating expense guidance to $140-$145 million from $145-$155 million.
However, CorMedix deferred its 2027 DefenCath revenue guidance until early 2027, citing uncertainty over quarterly changes to Medicare reimbursement. The Centers for Medicare & Medicaid Services set the first-quarter 2027 add-on payment at $8.32 but adopted a quarterly reset mechanism. Management expects the full-year average to be below $8.32 but at least double the current $2.37 rate. It continues discussions with customers and Medicare Advantage plans about pricing and reimbursement.
CRMD's Key Updates
The FDA accepted the supplemental new drug application for Rezzayo to prevent invasive fungal disease in certain immunosuppressed transplant patients, granting priority review in October. The application follows positive phase III ReSPECT study results, with regulatory action expected in the first quarter of 2027. If approved, Rezzayo's label would expand beyond its current indication for treating candidemia and invasive candidiasis in adults and pediatric patients aged 12 years and older with limited or no alternative treatment options. CorMedix plans to begin promotional efforts in the second half of 2027, subject to approval.
Enrollment in the phase III DefenCath study for patients receiving total parenteral nutrition remains significantly behind schedule despite additional study sites and a protocol amendment. The company is evaluating alternative regulatory pathways if enrollment does not improve and expects to determine its strategy before the next quarterly update.
Earlier in November, CorMedix announced an agreement to acquire substantially all assets of Heron Therapeutics, including four commercial products, Zynrelef, Aponvie, Cinvanti and Sustol. These products complement CorMedix's existing portfolio by expanding its presence across acute care and oncology supportive care. The acquisition is expected to close in the first quarter of 2027, subject to Heron stockholder approval, regulatory clearance and other customary closing conditions. Management expects the acquired portfolio to contribute $125-$150 million in revenues in 2027, effectively doubling its non-DefenCath revenue base. The transaction is expected to be immediately accretive to earnings and free cash flow upon closing.
CorMedix Inc Price, Consensus and EPS Surprise
CorMedix Inc price-consensus-eps-surprise-chart | CorMedix Inc Quote
CRMD’s Zacks Rank & Stocks to Consider
CorMedix currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the biotech sector are Amneal Pharmaceuticals (AMRX - Free Report) , AC Immune (ACIU - Free Report) and Adaptive Biotechnologies (ADPT - Free Report) . AMRX sports a Zacks Rank #1 (Strong Buy), while ACIU and ADPT carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Over the past 30 days, earnings per share estimates for Amneal Pharmaceuticals have increased from $1.03 to $1.06 for 2026. Over the same period, estimates for 2027 earnings per share have risen from $1.16 to $1.21. AMRX’s shares have climbed 72.2% year to date.
Amneal Pharmaceuticals’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 27.21%.
Over the past 30 days, loss per share estimates for AC Immune have narrowed from 60 cents to 54 cents for 2026. Over the same period, estimates for 2027 earnings per share have increased from 17 cents to 43 cents. ACIU’s shares have plunged 31.9% year to date.
AC Immune’s earnings beat estimates in each of the trailing four quarters, with an average surprise of 37.79%.
Over the past 30 days, loss per share estimates for Adaptive Biotechnologies have narrowed from 55 cents to 39 cents for 2026. Over the same period, estimates for 2027 loss per share have also improved from 17 cents to 3 cents. ADPT’s shares have surged 81.5% year to date.
Adaptive Biotechnologies’ earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 53.62%.