CorMedix Reports 4,829% Revenue Growth to $39.7 Million in Q2 2025

CorMedix Inc. reported significant financial growth in its latest quarterly filing, with revenues reaching $39.7 million for the three months ended June 30, 2025, compared to just $806,000 in the same period last year. This marks an increase of 4,829%. For the first half of 2025, the company generated $78.8 million in revenue, a substantial rise from $806,000 in the first half of 2024. The surge in revenue is attributed to the successful commercialization of its lead product, DefenCath, which was launched in April 2024 for inpatient use and in July 2024 for outpatient hemodialysis settings.

The company's net income for the second quarter was $19.8 million, a stark contrast to a net loss of $14.2 million in the same quarter of 2024. For the six months ended June 30, 2025, net income was $40.5 million, compared to a loss of $28.6 million in the prior year. The gross profit for the second quarter was $37.9 million, significantly up from $296,000 in the previous year, reflecting the impact of increased sales and improved cost management. Operating expenses also rose, with research and development costs increasing by 275% to $2.4 million, driven by ongoing clinical studies.

In terms of strategic developments, CorMedix announced a merger agreement with Melinta Therapeutics on August 7, 2025, which is expected to close in September 2025, pending regulatory approvals. The merger will involve a cash payment of $260 million and $40 million in common stock to Melinta's equity holders. Additionally, the company is preparing for a $150 million convertible notes offering to help finance the acquisition. This strategic move is aimed at expanding CorMedix's product portfolio and enhancing its market position.

Operationally, CorMedix has made strides in customer acquisition, with its current customer base representing approximately 60% of the outpatient dialysis centers in the U.S. The company has also established multi-year commercial supply agreements with several large and mid-sized dialysis organizations. As of June 30, 2025, CorMedix reported total assets of $252.6 million, a significant increase from $118.8 million at the end of 2024, bolstered by cash and cash equivalents of $159.3 million.

Looking ahead, CorMedix remains optimistic about its growth trajectory, driven by the continued commercialization of DefenCath and the anticipated benefits from the merger with Melinta. The company expects to leverage its strong cash position and operational capabilities to fund ongoing research and development, as well as potential future acquisitions. However, management acknowledges that future profitability will depend on the successful marketing of DefenCath and the ability to navigate competitive pressures in the biopharmaceutical landscape.