New York, October 30, 2024 - PRISM MarketView - Today, CorMedix, Inc. (CRMD) who focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases, announced its Q3 financial results reporting better than expected EPS of ($0.05) vs FactSet ($0.12). CorMedix reported $11.5M in net sales for the quarter, which marks its first full quarter of DefenCath sales following its outpatient launch in July. The success was primarily driven by an initial anchor customer, a mid-sized dialysis operator. Additionally, the company secured commercial agreements with one large and two additional mid-sized dialysis operators, covering about 60% of U.S. outpatient dialysis centers, with plans to expand DefenCath usage in Q4.
CorMedix is also gaining traction in inpatient facilities as hospitals finalize P&T reviews. The company is finalizing a clinical study protocol for Total Parenteral Nutrition, targeting FDA submission by mid-November.
At the end of Q3, CorMedix held $46M in cash and short-term investments. CorMedix’s operating expenses for Q3 rose 34% to $14.1M from $10.5M from the same period the year before. This was mainly due to a 66% increase in selling and marketing and a 76% increase in G&A costs, driven by heightened marketing efforts and new hires for DefenCath’s commercial launch. This rise was partially offset by a 73% decrease in R&D expenses.
“I am excited about the Company’s recent progress as we execute on our launch objectives and increase patient access to DefenCath across settings of care. Having established patient access at roughly 60% of outpatient dialysis clinics in the US, I’m optimistic about the opportunity for DefenCath as we shift focus toward 2025. We have several important clinical initiatives commencing early next year aimed at expanding indications for DefenCath beyond adult hemodialysis, providing an important catalyst for future growth.”
Joe Todisco, CorMedix CEO
About PRISM MarketView:
Established in 2020, PRISM MarketView is dedicated to the monitoring and analysis of small cap stocks in burgeoning sectors. We deliver up-to-the-minute financial market news, provide comprehensive investor tools and foster a dynamic investor community. Central to our offerings are proprietary indexes that observe emerging sectors, including biotech, clean energy, next-generation tech, medical devices and beyond. Visit us at prismmarketview.com and follow us on X.
Disclaimer:
PRISM MarketView is not a registered or licensed broker-dealer or investment adviser and does not offer investment advice. The information provided in this communication is not intended to constitute an offer to sell, a solicitation of an offer to buy, or a recommendation for any security.
Contact:
Prism MarketView | Stock Market News & Investment Opportunities