Cormedix Hikes FY Revenue to $345M and EBITDA to $135M After Q1
Cormedix reported Q1 net revenue of $127.4 million, surpassing consensus estimates and ending with $178.1 million in cash. The company raised full-year revenue guidance to $325–$345 million and adjusted EBITDA outlook to $115–$135 million after ROSEO’s non-inferiority RESPECT study success.
1. Strong Q1 Financial Results
Cormedix reported net revenue of $127.4 million in Q1, surpassing consensus estimates, and closed the quarter with $178.1 million in cash. Operating expenses rose to $41.5 million driven by personnel and development costs, reflecting heightened investment.
2. Upgraded Full-Year Guidance
Management increased full-year revenue guidance to $325–$345 million and adjusted EBITDA outlook to $115–$135 million. The RESPECT study met its primary endpoint, demonstrating ROSEO’s non-inferiority to standard antifungal therapy, bolstering commercial outlook.
3. Headwinds and Trial Delays
DefenCath sales volatility is expected after initial TDAPA reimbursement expires, and the Phase III TPN trial is now projected to complete in 2028 due to enrollment challenges. A high 28% tax rate and planned incremental commercial readiness spending will pressure second-half cash flow.