CorMedix Inc. Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update

Core Insights - CorMedix Inc. reported a net revenue of $31.2 million for Q4 2024 and $43.5 million for the full year 2024, marking significant growth driven by the launch of its product DefenCath [1][3][4] - The company achieved its first profitable quarter in history with a net income of $13.5 million in Q4 2024, compared to a net loss of $14.8 million in Q4 2023 [3][4][6] - Operating expenses for Q4 2024 were $17.1 million, an increase of approximately 9% from $15.7 million in Q4 2023, primarily due to higher general and administrative expenses [4][5] Financial Performance - For the year ended December 31, 2024, CorMedix recorded a net loss of $17.9 million, a significant improvement from a net loss of $46.3 million in 2023 [6][7] - Operating expenses for the full year 2024 totaled $62.6 million, up from $49.0 million in 2023, reflecting increased marketing and commercial activities [7][8] - The company anticipates preliminary net revenue guidance for the first half of 2025 to be between $50 million and $60 million, with over $33 million expected in Q1 2025 [4][6] Product Development and Market Strategy - CorMedix is focused on expanding the utilization of DefenCath in both outpatient and inpatient settings, with a dedicated sales team expected to begin activities in Q2 2025 [4][10] - The company has initiated a Phase 3 study of DefenCath for patients receiving Total Parenteral Nutrition (TPN) and has applied for Orphan Drug Status with the FDA [4][10] - Partnerships with Syneos Health and WSI have been established to enhance sales and marketing efforts for DefenCath, particularly in VA facilities [4][10] Cash Position - As of December 31, 2024, CorMedix had cash and short-term investments of $51.7 million, with expectations to exceed $75 million by the end of Q1 2025 [4][8]