CorMedix Therapeutics (Nasdaq: CRMD) provided a business update on November 2, 2026, disclosing its unaudited cash position and reaffirming its revenue outlook for the full year 2026. The company reported that it held approximately $355 million in cash and cash equivalents as of September 30, 2026.
The company reaffirmed its total revenue guidance for 2026, which was originally issued in August 2026, to be between $325 million and $345 million. This guidance remains unchanged despite recent regulatory updates.
CorMedix noted that on October 28, 2026, the Centers for Medicare & Medicaid Services (CMS) released the 2027 End-Stage Renal Disease Prospective Payment System (ESRD PPS) final rule. The rule established a post-TDAPA Add-on payment for DefenCath (taurolidine and heparin) of $8.32 per dialysis session for the first quarter of 2027. This rate is within the company’s previously guided range of 3x to 5x higher than the current rate of $2.37 in effect for the third and fourth quarters of 2026.
The company anticipates that the 2027 DefenCath Add-on rate will decline in the second quarter of 2027 compared to the first quarter but increase in the third and/or fourth quarters of 2027. CorMedix expects the average Add-on rate for all four quarters of 2027 to exceed the current rate of $2.37 and equate to more than 2x the current rate.
CorMedix stated that it has not provided a large dialysis organization (LDO) with past or forecasted utilization or pricing data necessary to estimate future quarterly adjustments to the 2027 Add-on. The company indicated that it expects to hold a conference call on November 12, 2026, to discuss its complete quarterly financial performance.
