BERKELEY HEIGHTS, N.J. - CorMedix Inc . (NASDAQ:CRMD) shares surged 20% after the biopharmaceutical company reported preliminary fourth quarter revenue that significantly exceeded analyst expectations.
CorMedix announced preliminary unaudited net revenue of approximately $31 million for the fourth quarter of 2024, well above the analyst consensus estimate of $19.7 million. For the full year 2024, the company expects net revenue of approximately $43 million.
The company also anticipates fourth quarter 2024 adjusted EBITDA to exceed $12 million, indicating a move towards profitability. CorMedix CEO Joe Todisco stated, "I'm proud to announce our preliminary Q4 results today, including surpassing our guidance of becoming breakeven by year-end 2024."
CorMedix reported strong demand for its DefenCath product, with more than $25 million in open purchase orders scheduled for delivery during the first quarter of 2025. The company is shipping DefenCath to all three of its midsized dialysis operator customers and has seen continuous ordering of increasing size throughout the quarter.
Looking ahead, CorMedix announced plans to expand its deployment efforts in the inpatient hospital segment beginning in Q1 2025. The company has engaged Syneos Health (NASDAQ:SYNH) to build a dedicated inpatient field sales team to exclusively promote DefenCath to hospitals and health systems.
CorMedix provided preliminary operating expense guidance for FY 2025 of $72 – $78 million, excluding non-cash and one-time items. The company reported preliminary unaudited cash and short-term investments of approximately $52 million as of December 31, 2024.
The strong preliminary results and positive outlook drove the 20% surge in CorMedix's stock price following the announcement.
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