CorMedix Inc.

Second quarter 2026 consolidated revenue was $101.9 million, compared with $39.7 million in Q2 2025. Revenue included $66.1 million from DefenCath and $35.8 million from the acquired Melinta portfolio. Net income was $26.0 million, or $0.33 per basic share and $0.29 per diluted share, versus $19.8 million, or $0.29 per basic share and $0.28 per diluted share, in Q2 2025. Adjusted EBITDA was $58.7 million, compared with $22.4 million a year ago. Cash and cash equivalents were $256.7 million at quarter-end, and first-half operating cash flow was $128.6 million versus $49.7 million in the first half of 2025. For 2026, the company reaffirmed revenue guidance of $325 million to $345 million, reiterated DefenCath revenue guidance of $175 million to $195 million, raised adjusted EBITDA guidance to $125 million to $140 million, and narrowed cash OpEx guidance to $145 million to $155 million.

Joe Todisco emphasized three pillars: DefenCath commercialization through the TDAPA transition, late-stage pipeline progress, and disciplined capital deployment. He said July DefenCath orders were tracking with the post-TDAPA forecast, new contract amendments improved pricing and utilization visibility through year-end, and the company is focused on Medicare Advantage contracting as a longer-term growth driver. He also framed REZZAYO prophylaxis as a meaningful opportunity if approved, while noting back-half 2026 spending will rise modestly to prepare for a possible launch.

Susan Blum highlighted that the Q2 results were boosted by the full-quarter inclusion of Melinta, which management said makes year-over-year comparisons less comparable. She cited operating expenses of $34.2 million, R&D of $6.7 million, sales and marketing of $12.4 million, and G&A of $15.1 million, with G&A reflecting a $4.2 million reduction tied to expected insurance reimbursement of legal fees. She also pointed to $256.7 million in cash and cash equivalents, $128.6 million in six-month operating cash flow, and the company’s updated 2026 guidance ranges for revenue, DefenCath revenue, adjusted EBITDA, and cash OpEx.

Analysts focused on the new large dialysis organization pilot, asking how quickly it could scale and whether it was included in guidance; management said the pilot is just starting, is already within current revenue guidance, and is too early to quantify for 2027. Questions also centered on post-TDAPA volume trends and the final ESRD payment rule; management said July volumes were stable with larger customers, smaller players were churning as expected, and future growth likely depends on the new LDO ramp or Medicare Advantage contracting. On REZZAYO, analysts asked about prescriber reaction and possible label breadth, and management said the full data set is not yet published and the final label remains a review issue, so they do not yet have visibility into the final scope.