CorMedix Reports $39.1 Million in Net Sales for Q1 2025, Driven by DefenCath Launch

CorMedix Inc. reported significant financial performance for the first quarter of 2025, achieving net sales of $39.1 million, a notable increase from zero revenue in the same period last year. This surge in revenue is attributed to the commercial launch of its lead product, DefenCath, which received FDA approval in November 2023 and was launched in the U.S. in April 2024 for inpatient settings and July 2024 for outpatient hemodialysis. The company recorded a gross profit of $37.5 million, compared to a gross loss of $818,539 in the first quarter of 2024.

The company's operating expenses for the quarter totaled $17.4 million, up from $15.9 million in the prior year, primarily driven by increased research and development costs, which rose by 281% to $3.2 million. Selling and marketing expenses decreased by 29% to $4.5 million, reflecting a strategic shift following the severance of the internal sales force in early January 2025. General and administrative expenses increased by 11% to $9.7 million, largely due to non-cash stock-based compensation charges.

CorMedix's total assets as of March 31, 2025, stood at $149.6 million, up from $118.8 million at the end of 2024. The company reported cash and cash equivalents of $66.3 million, a significant increase from $40.7 million at the end of the previous year. The increase in cash is attributed to net proceeds of approximately $6.8 million from the sale of common stock under its at-the-market program, which remains available for further capital raising efforts.

The company has made strategic advancements in its operations, including securing multi-year commercial supply agreements with several dialysis organizations, which represent about 60% of the outpatient dialysis centers in the U.S. This expansion is expected to enhance product adoption rates and market share. As of March 31, 2025, CorMedix had approximately 67.7 million shares of common stock outstanding, reflecting a growth in equity as the company continues to build its market presence.

Looking ahead, CorMedix anticipates that its existing cash reserves, along with expected revenue from DefenCath, will support its operations for at least the next twelve months. The company remains focused on the successful commercialization of DefenCath and is exploring additional funding options to support its research and development initiatives. The management's outlook emphasizes the importance of maintaining operational momentum and addressing market conditions to ensure sustained growth.