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BERKELEY HEIGHTS, N.J. – CorMedix Inc . (NASDAQ:CRMD) shares surged 20% after the biopharmaceutical firm reported preliminary fourth quarter income that considerably exceeded analyst expectations.
CorMedix introduced preliminary unaudited web income of roughly $31 million for the fourth quarter of 2024, effectively above the analyst consensus estimate of $19.7 million. For the total 12 months 2024, the corporate expects web income of roughly $43 million.
The corporate additionally anticipates fourth quarter 2024 adjusted EBITDA to exceed $12 million, indicating a transfer in direction of profitability. CorMedix CEO Joe Todisco acknowledged, “I am proud to announce our preliminary This fall outcomes at this time, together with surpassing our steerage of changing into breakeven by year-end 2024.”
CorMedix reported robust demand for its DefenCath product, with greater than $25 million in open buy orders scheduled for supply throughout the first quarter of 2025. The corporate is delivery DefenCath to all three of its midsized dialysis operator clients and has seen steady ordering of accelerating measurement all through the quarter.
Wanting forward, CorMedix introduced plans to increase its deployment efforts within the inpatient hospital phase starting in Q1 2025. The corporate has engaged Syneos Well being (NASDAQ:SYNH) to construct a devoted inpatient area gross sales group to solely promote DefenCath to hospitals and well being methods.
CorMedix supplied preliminary working expense steerage for FY 2025 of $72 – $78 million, excluding non-cash and one-time gadgets. The corporate reported preliminary unaudited money and short-term investments of roughly $52 million as of December 31, 2024.
The robust preliminary outcomes and optimistic outlook drove the 20% surge in CorMedix’s inventory value following the announcement.
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