CorMedix Inc. Announces Preliminary Fourth Quarter 2024 Results and Provides Business Update

Financial Performance - CorMedix Inc. reported preliminary unaudited net revenue of approximately $31 million for Q4 2024 and approximately $43 million for FY 2024 [1][3] - The company expects Q4 2024 adjusted EBITDA to exceed $12 million [1][3] - Preliminary unaudited cash and short-term investments as of December 31, 2024, are approximately $52 million [3] Business Developments - The company is actively shipping DefenCath to all three midsized dialysis operator customers, with continuous ordering of increasing size throughout the quarter [3] - CorMedix has over $25 million of existing open purchase orders scheduled for delivery during Q1 2025 [3] - An expanded deployment effort in the inpatient hospital segment is set to begin in Q1 2025, with Syneos Health engaged to build a dedicated inpatient field sales team [3] Clinical Initiatives - A final clinical study protocol for DefenCath in Total Parenteral Nutrition (TPN) was submitted to the FDA in Q4, with study enrollment expected to begin in H1 2025 [3] - Patient enrollment in the pediatric study for DefenCath in pediatric hemodialysis is expected to begin in H2 2025 [3] Operational Guidance - The company estimates that the expanded inpatient deployment and internal commercial realignment will be cost neutral on overall sales and marketing expenses in 2025 [3] - Preliminary operating expense guidance for FY 2025 is set at $72 million to $78 million, excluding non-cash and one-time items, with the increase primarily driven by R&D spending [3]