CorMedix (CRMD) Q2 2026 earnings summary

Executive summary

• Q2 2026 consolidated revenue reached $101.9 million, up 157% year-over-year, driven by strong demand for DefenCath and the Melinta portfolio following the August 2025 acquisition.

• Net income for Q2 2026 was $26.0 million, up 31% year-over-year, with adjusted EBITDA of $58.7 million, reflecting higher sales and expanded product offerings.

• Signed a multi-year commercial supply agreement for DefenCath with a large dialysis organization, now covering all top five U.S. dialysis providers.

• Advanced pipeline with positive phase III ReSPECT data for REZZAYO and anticipated sNDA submission for prophylaxis of invasive fungal disease in Q3 2026.

• Maintained disciplined capital deployment and ongoing integration of Melinta to drive long-term value and diversification.

Financial highlights

• Q2 2026 revenue: $101.9 million (up from $39.7 million in Q2 2025); H1 2026 revenue: $229.4 million (up from $78.8 million in H1 2025).

• DefenCath sales reached $66.1 million; Melinta portfolio contributed $35.8 million in Q2 2026.

• Operating expenses increased to $34.2 million in Q2 2026, up 87% year-over-year, reflecting the larger combined company.

• Net income was $26.0 million ($0.33 basic, $0.29 diluted EPS), up from $19.8 million ($0.29 basic, $0.28 diluted) in Q2 2025.

• Adjusted EBITDA was $58.7 million, up from $22.4 million in Q2 2025.

• Ended Q2 with $256.7 million in cash and cash equivalents.

Outlook and guidance

• Reaffirmed FY 2026 revenue guidance of $325–$345 million and raised adjusted EBITDA guidance to $125–$140 million.

• Full-year DefenCath revenue guidance set at $175–$195 million.

• Cash OpEx guidance narrowed to $145–$155 million, excluding non-cash charges.

• Sufficient liquidity to fund operations for at least twelve months from June 30, 2026.

• Anticipates lower net sales for DefenCath in H2 2026 due to CMS reimbursement changes, but expects a potential payment increase in 2027.