CRMD Stock Up as Q2 Earnings & Sales Beat on DefenCath, Melinta Gains

Management also lifted its full-year EBITDA outlook following the better-than-expected second-quarter 2026 results. The stock gained 14.7% on Thursday following the earnings release.

CRMD's DefenCath Sales Lead Q2 Revenues

DefenCath remained the largest revenue source in the quarter, generating $66.1 million in sales. Management said continued utilization by large outpatient dialysis customers supported performance, while the year-over-year increase was driven largely by the onboarding of a large dialysis organization in mid-2025.

CorMedix also signed a multi-year commercial supply agreement for DefenCath with another large dialysis organization, bringing its commercial supply agreements to all five of the top U.S. dialysis providers. The customer placed an initial order and is set to begin a pilot in the third quarter, giving CRMD another potential avenue for broader DefenCath utilization.

CorMedix's Melinta Portfolio Broadens Sales Base

The acquired Melinta portfolio contributed $35.8 million to second-quarter revenues.

The Melinta acquisition closed in August 2025, so the second quarter of 2025 included revenues only from DefenCath, making the year-over-year revenue comparison structurally different.

Shares of CorMedix have plunged 30% so far this year against the industry’s 5.8% growth.

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CRMD's Costs Rise With Larger Combined Business

Total operating expenses were $34.2 million in the second quarter, up about 87% from $18.3 million a year earlier. The increase mainly reflected a full quarter of expenses from the Melinta acquisition and the combined company's larger cost structure.

R&D expenses rose significantly to $6.7 million from $2.4 million, driven primarily by higher personnel and clinical study services supporting ongoing programs. Selling and marketing expenses increased about 95% to $12.4 million, while general and administrative expenses rose about 59% to $15.1 million.

CorMedix ended the second quarter with cash and cash equivalents of $256.7 million, excluding restricted cash, up from $178.1 million at the end of the first quarter of 2026. Management believes its existing resources are sufficient to fund operations for at least 12 months from the issuance of the company’s second-quarter Form 10-Q.

CorMedix Holds Revenue View, Lifts EBITDA Outlook

Management maintained its full-year 2026 consolidated revenue guidance of $325-$345 million. It also reiterated DefenCath's revenue guidance of $175-$195 million, with management noting that the franchise was tracking toward the middle to upper end of that range.

CorMedix raised its full-year adjusted EBITDA guidance to $125-$140 million. Management also said recent customer contract amendments covering third- and fourth-quarter 2026 pricing, and in some cases 2027 pricing and volume commitments, improved visibility into utilization through year-end.

CRMD's Key Pipeline Updates

CorMedix, with partner Mundipharma, expects to submit a supplemental new drug application for Rezzayo in prophylaxis of invasive fungal disease in the third quarter of 2026. The phase III ReSPECT study of the drug met its primary FDA endpoint of fungal-free survival at day 90 and demonstrated non-inferiority versus the standard antifungal regimen.

If the filing is accepted for review, the company expects FDA action in the first half of 2027. CorMedix is also advancing its phase III DefenCath study in patients with total parenteral nutrition, having submitted a protocol amendment to narrow certain exclusion criteria. The company continues to expect study completion in 2028.

CRMD’s Zacks Rank & Stocks to Consider

CorMedix currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the biotech sector are Amneal Pharmaceuticals AMRX, Repligen RGEN and AC Immune ACIU. AMRX and RGEN currently sport a Zacks Rank #1 (Strong Buy) each, while ACIU carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Over the past 60 days, earnings estimates for Amneal Pharmaceuticals have increased from $1.00 to $1.02 for 2026. Over the same period, earnings estimates increased from $1.12 to $1.21 for 2027. AMRX shares have risen 37% year to date.

Amneal Pharmaceuticals beat earnings in each of the trailing four quarters, delivering an average surprise of 32.82%.

Over the past 60 days, estimates for Repligen’s 2026 earnings per share have risen from $1.99 to $2.06, while estimates for 2027 have increased from $2.57 to $2.62. RGEN shares have lost 2.2% year to date.

Repligen’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 16.80%.

Over the past 60 days, estimates for AC Immune’s 2026 loss per share have narrowed from 84 cents to 60 cents. Over the same period, earnings estimates for 2027 remained unchanged at 17 cents. ACIU shares have plunged 18.2% year to date.

AC Immune’s earnings beat estimates in each of the trailing four quarters, with the average surprise being 33.25%.

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