CorMedix Stock Rises on Q4 Preliminary Sales Beating Estimates

Core Insights - CorMedix's shares increased nearly 30% following the announcement of preliminary sales figures for Q4 and full-year 2024 [1] - Preliminary net revenues for Q4 2024 reached approximately $31 million, surpassing the Zacks Consensus Estimate of $21.5 million, with adjusted EBITDA expected to exceed $12 million [2] - For the full year 2024, preliminary net revenues were about $43 million, exceeding the Zacks Consensus Estimate of $33.8 million, with cash and short-term investments totaling around $52 million at year-end [3] Company Performance - The sales figures are likely attributed to the sales of DefenCath, CorMedix's sole marketed product, which received FDA approval in November 2023 [4] - CorMedix has exceeded its previous guidance of achieving break-even by the end of 2024, although no specific bottom-line numbers were provided [5] - Over the past year, CorMedix's shares have surged 185.3%, contrasting with a 15.7% decline in the industry [5] Business Strategy - CorMedix plans to expand its efforts in the inpatient hospital segment in 2025, collaborating with Syneos Health to create a dedicated field sales team for DefenCath [7] - The company anticipates that the expanded deployment and internal realignment will have a neutral impact on overall sales and marketing expenses, projecting operating expenses between $72 million and $78 million [8] - CorMedix is working with its Large Dialysis Operator customer to implement DefenCath, targeting a patient utilization of 4,000 by the second half of 2025, with existing purchase orders exceeding $25 million for Q1 2025 [9]