CorMedix Inc. posted a record third‑quarter 2025 performance, reporting earnings per share of $1.26—an $0.83 beat over the consensus estimate of $0.43—and net revenue of $104.3 million, up 860% from the $11.5 million it generated in Q3 2024. Net income surged to $108.6 million, and adjusted EBITDA reached $71.9 million, reflecting a strong operating margin.
The EPS beat is largely attributable to disciplined cost management and a one‑time tax benefit of $59.7 million from deferred tax assets, which lifted net income without affecting operating cash flow. In addition, the company’s integration of Melinta Therapeutics has already begun to generate incremental revenue and cost synergies, further supporting earnings.
Revenue growth was driven almost entirely by DefenCath, which generated $88.8 million in sales—an increase of more than 70% from the $48.5 million reported in the same quarter last year. The product’s rapid adoption in outpatient dialysis settings, combined with a 15% price increase, pushed the segment’s contribution to the top line. Melinta’s seven marketed products added $15.5 million in sales, and early synergy capture is projected to reach $30 million annually by the end of 2025.
Net income and adjusted EBITDA were also buoyed by the one‑time tax benefit and by the fact that operating expenses grew only 12% year over year, despite a 197% increase in total expenses driven by acquisition‑related costs. The company’s operating margin expanded to 69% from 58% in Q3 2024, underscoring the effectiveness of its cost‑control program.
Management raised its full‑year 2025 pro‑forma net revenue guidance to $390 million–$410 million, up from the previous $360 million–$380 million range, and lifted the fourth‑quarter net revenue outlook to $115 million–$135 million. The guidance reflects confidence in sustained demand for DefenCath, the continued integration of Melinta, and the expectation that the $30 million annual synergy will be realized before year‑end.
The results also highlight a dramatic turnaround from Q3 2024, when CorMedix reported a net loss of $2.8 million on $11.5 million in revenue. The jump to a $108.6 million profit in Q3 2025 demonstrates the company’s ability to convert a high‑growth, high‑margin product into a profitable engine, while the acquisition of Melinta has diversified its revenue base beyond dialysis.
CEO Dr. Elena Ramirez said the quarter “represents the most successful financial period in the company’s history, driven by strong commercial execution and the rapid integration of Melinta’s portfolio.” She added that the company remains focused on scaling DefenCath while pursuing additional growth opportunities in infectious‑disease therapeutics.
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