CorMedix Misses Q4 Estimates, Affirms $300–320M 2026 Guidance and Warns of Price Erosion
CorMedix reported Q4 revenue of $128.6 million, net income of $14 million and adjusted EPS of $0.61, missing consensus estimates. The company ended Q4 with $148.5 million cash, affirmed 2026 guidance of $300–320 million revenue and $100–125 million adjusted EBITDA, while warning of late-2026 price erosion for DefendCA reimbursement.
1. Q4 Financial Results
CorMedix reported Q4 2025 revenue of $128.6 million and net income of $14 million, or $0.16 per share. Adjusted EPS of $0.61 fell $0.25 below consensus estimates, though this represents a threefold increase from the prior-year quarter’s $0.22 adjusted EPS.
2. Cash Position and Liquidity
The company closed the quarter with $148.5 million in cash and equivalents, driven by robust operating cash flow. This liquidity position supports ongoing R&D initiatives and potential expansion of DefendCA into new dialysis accounts.
3. 2026 Guidance and Outlook
CorMedix affirmed its full-year 2026 guidance, forecasting revenue between $300 million and $320 million and adjusted EBITDA of $100 million to $125 million. This outlook excludes any upside from additional dialysis customers or managed care contracting upgrades.
4. Product and Reimbursement Risks
The transition of TDAPA reimbursement for DefendCA into a bundled add-on mechanism could lead to price erosion in late 2026. Management is negotiating 2027 price increases with dialysis providers and exploring Medicare Advantage contracts, but legislative timing remains uncertain.