EL7.AI
StocksMedium•12 November 2026•
3 min read

CorMedix Revenue Falls to $54.5 Million in Third Quarter of 2026

Key Facts

1Consolidated revenue was $54.5 million in the third quarter of 2026, compared with $104.3 million a year earlier.
2The company posted a net loss of $14.7 million and adjusted EBITDA of $3.1 million in the third quarter of 2026.
3Third-quarter 2026 revenue comprised $17.2 million from DefenCath and $37.3 million from the rest of the portfolio.
4The company reaffirmed 2026 revenue guidance of $325 million to $345 million and reported about $355 million in cash and cash equivalents on September 30.
5The scheduled DefenCath add-on for the first quarter of 2027 is about $8.32 per dialysis session, compared with the current rate of $2.37.

CorMedix reported consolidated revenue of $54.5 million in the third quarter of 2026, down from $104.3 million in the same period of 2025. The total comprised $17.2 million in DefenCath sales and $37.3 million from the rest of the company’s portfolio. The breakdown puts the performance of the core product alongside contributions from the company’s other operations, including the acquired Melinta portfolio. The company said the revenue decline was tied to lower DefenCath sales, while higher Melinta revenue limited the impact. It also reported a net loss of $14.7 million, while adjusted EBITDA was $3.1 million.

CorMedix attributed a large part of the decline in DefenCath sales to the product’s transition to the post-TDAPA period on July 1, 2026, and the accompanying fall in net prices. That means the quarterly revenue comparison was affected by price changes after the period ended, not only by the distribution of revenue among products. By contrast, revenue from the acquired Melinta portfolio increased, as the third quarter of 2026 included a full quarter of sales. In the third quarter of 2025, the company counted only one month of portfolio sales. The company said the increase partly offset the decline in DefenCath, but did not prevent total revenue from falling between the periods.

The company reaffirmed its full-year revenue guidance range of $325 million to $345 million on November 2. It also said cash and cash equivalents totaled about $355 million on September 30, 2026. These figures provide context for assessing third-quarter results against the annual guidance the company maintained and the liquidity it reported at the end of September. For DefenCath reimbursement after TDAPA, CorMedix set the scheduled add-on for the first quarter of 2027 at $8.32 per dialysis session. The company said this level falls within a range it had previously described as three to five times higher than the current add-on of $2.37 per session, in effect in the third and fourth quarters of 2026.

CorMedix was scheduled to hold an investor update call on the results on November 12, 2026, at 8:30 a.m. Eastern time. Before that, the company’s shares, traded under the ticker CRMD, closed at $5.30 in the November 11 session. The close places the stock’s movement in the session before the announcement in the background of the report, without by itself determining the market’s response to the results. The results combine a year-over-year revenue decline and a reported net loss with positive adjusted earnings under the measure cited by the company. Full-year revenue guidance and the DefenCath add-on scheduled for the first quarter of 2027 remain among the key figures the company provided in its update.

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