CorMedix Therapeutics reported financial results for the third quarter of 2026, announcing consolidated revenue of $54.5 million. This figure exceeded street consensus estimates of $51.2 million. The company recorded a net loss of $14.7 million for the quarter, with basic and diluted earnings per share (EPS) at $(0.19). Adjusted EBITDA for the period was reported at $3.1 million.
Revenue for the third quarter was driven by $17.2 million in sales of DefenCath, a taurolidine and heparin product. The remainder of the portfolio contributed $37.3 million. The company noted that DefenCath sales decreased year-over-year largely due to the product's transition to the post-TDAPA period on July 1, 2026, which resulted in lower net pricing. This decrease was partially offset by higher revenue from the acquired Melinta portfolio, which was included for a full quarter in 2026 compared to one month in the prior year.
Operating expenses for the third quarter totaled $36.6 million, a decrease of approximately 12% compared to the same period in 2025. Research and development expenses increased to $7.0 million, while selling and marketing expenses rose to $11.7 million. General and administrative expenses decreased to $17.9 million.
On November 9, 2026, CorMedix announced a definitive asset purchase agreement to acquire substantially all of the assets of Heron Therapeutics. The company expects the transaction to be immediately accretive to earnings and free cash flow upon closing in the first quarter of 2027. To support the acquisition, CorMedix entered into a term loan agreement for up to $150 million, expecting to utilize $75 million at closing.
CorMedix maintains its full-year 2026 consolidated revenue guidance of $325 million to $345 million. The company has narrowed its adjusted EBITDA guidance to a range of $130 million to $140 million and reduced cash-based operating expense guidance to $140 million to $145 million. In light of changes to CMS reimbursement frameworks, the company has suspended any previously issued 2027 DefenCath revenue guidance.
As of September 30, 2026, the company reported cash and short-term investments of $355.2 million. The company also announced that the FDA accepted for review the submission of an sNDA for an expanded indication of REZZAYO for the prophylaxis of invasive fungal disease, with an anticipated agency action in the first quarter of 2027.
