Reported Earlier, CorMedix Announces Preliminary Q4 2024 Revenue Of $31M, FY24 Revenue Of $43M; Expects Q4 EBITDA To Exceed $12M; Plans DefenCath Expansion In Dialysis, Inpatient Segments; Reports $52M In Cash And Investments; Highlights Cost-Neutral Inpatient Deployment And FY25 Expense Guidance Of $72M-$78M

‒ Q4 2024 Unaudited Net Revenue of Approximately $31mm ‒

‒ FY 2024 Unaudited Net Revenue of Approximately $43mm ‒

‒ Expects Q4 Adjusted EBITDA to Exceed $12mm ‒

BERKELEY HEIGHTS, N.J., Jan. 07, 2025 (GLOBE NEWSWIRE) -- CorMedix Inc. (NASDAQ:CRMD), a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions, today announces its preliminary unaudited fourth quarter results and provides an update on its business. These include the following key updates:

• CorMedix announces preliminary, unaudited net revenue of approximately $31mm for Q4 2024 and approximately $43mm for FY 2024, and expects Q4 2024 adjusted EBITDA(1) to exceed $12mm.
  
• The Company is shipping DefenCath to all three of its midsized dialysis operator (MDO) customers and has seen continuous ordering of increasing size throughout the quarter. CorMedix has more than $25mm of existing open purchase orders scheduled for delivery during the first quarter of 2025.
  
• The CorMedix team is actively working with its Large Dialysis Operator (LDO) customer to begin DefenCath implementation in the first half of 2025, and hopes to achieve the LDO's targeted patient utilization of 4,000 patients in H2 2025.
  
• The Company today announces an expanded deployment effort in the inpatient hospital segment beginning in Q1 2025. The Company has engaged Syneos Health to build a dedicated inpatient field sales team that will exclusively promote DefenCath to hospitals and health systems. As part of this expanded inpatient deployment, the current field team which was covering both inpatient and outpatient segments is being reorganized, with existing field roles being transitioned or eliminated.
  
• A final clinical study protocol for DefenCath in Total Parenteral Nutrition (TPN) was submitted to FDA in Q4, and study enrollment is expected to begin in H1 2025. The Company also expects patient enrollment in the pediatric study for DefenCath in pediatric hemodialysis to begin in H2 2025.
  
• CorMedix estimates the expanded inpatient deployment and internal commercial realignment to be cost neutral on overall S&M expense in 2025, and announces preliminary operating expense guidance for FY 2025 of $72 – $78mm, excluding non-cash and one-time items, with the increase over 2024 spending levels largely driven by R&D spending on previously announced clinical initiatives.
  
• The Company reports preliminary unaudited cash and short-term investments, as of December 31, 2024, of approximately $52 million.