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CorMedix Q3 revenue beats on higher sales from acquired Melinta portfolio

By Reuters News


Overview

  • U.S. biopharma firm's Q3 revenue rose and beat analyst expectations

  • Q3 net loss widened and missed analyst expectations

  • Company announced acquisition of Heron Therapeutics assets, expects deal to close in Q1 2027


Outlook

  • CorMedix maintains FY 2026 consolidated revenue guidance of $325 mln to $345 mln

  • Company narrows FY 2026 adjusted EBITDA guidance to $130 mln to $140 mln from $125 mln to $140 mln

  • Company suspends previously issued 2027 DefenCath revenue guidance due to CMS reimbursement changes


Result Drivers

  • DEFENCATH PRICING PRESSURE - Co said DefenCath sales fell year over year due to lower net pricing after transition to post-TDAPA period

  • MELINTA PORTFOLIO IMPACT - Higher revenue from acquired Melinta portfolio partially offset decline in DefenCath sales, as Q3 2026 included a full quarter of sales versus one month in prior year

  • FAVORABLE SALES ALLOWANCE ESTIMATE - Q3 DefenCath revenue benefited from a $5 mln favorable change in estimate related to certain sales allowances


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Revenue

Beat

$54.52 mln

$52.31 mln (5 Analysts)

Q3 Loss Per Share

Miss

$0.19

$0.12 (5 Analysts)

Q3 Net Loss

Miss

$14.72 mln

$10.95 mln (4 Analysts)

Q3 Loss Per Basic Share

$0.19


Analyst Coverage

  • The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

  • The average consensus recommendation for the pharmaceuticals peer group is "buy"

  • Wall Street's median 12-month price target for CorMedix Inc. is $15.00, about 183% above its November 11 closing price of $5.30

  • The stock recently traded at 48 times the next 12-month earnings vs. a P/E of 28 three months ago


Reuters Recommended Reads

  • Nov 9 - Heron Therapeutics Q3 net revenue falls 7.8%, to sell all assets to CorMedix

  • Nov 10 - Liquidia Q3 loss widens on litigation charge, negating Yutrepia demand

  • Nov 9 - Oncology firm Delcath Systems' Q3 revenue beats on Hepzato growth


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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