Shares of CorMedix plunged after management issued guidance for fiscal 2026 revenue of up to 320 million, sharply below the approximately 400 million reported for the prior year. The announcement spurred a wave of selling, with volume surging to over 20 million shares as investors reacted to the unexpected slowdown in top-line growth. Market participants cited concerns that the revised outlook reflects increased competition in CorMedix’s core sepsis and dialysis adjunct markets, as well as potential delays in new product launches scheduled for late 2026.

In its unaudited preliminary release, CorMedix reported net revenue of 127 million for the fourth quarter and 400 million for the full year of 2025. Those figures represent year-over-year increases of 15% and 18%, respectively, driven primarily by expanded hospital adoption of its lead injectable therapy. Management noted that revenue growth in Q4 was supported by a 20% rise in recurring orders from existing accounts, offsetting softer demand from new customer activations in international markets.

CorMedix expects adjusted EBITDA for Q4 to fall between 77 million and 81 million, implying a margin near 60%, one of the highest levels among peers in the biopharma space. The company also disclosed cash and short-term investments of approximately 148 million as of December 31, providing a runway through mid-2027 even under conservative spending scenarios. Management emphasized ongoing cost discipline and the potential for incremental margin expansion as fixed-cost leverage improves with revenue growth.