Full Press Release Details
Inc. Reports First Quarter 2025 Financial Results and Provides Business Update
Revenue of $39.1mm; Adjusted EBITDA of $23.6mm
Call Scheduled for Today at 8:30 a.m. Eastern Time
NJ - May 6, 2025 - CorMedix Inc. (Nasdaq: CRMD), a biopharmaceutical company focused on developing and commercializing
therapeutic products for life-threatening diseases and conditions, today announced financial results for the first quarter ended March
31, 2025 and provided an update on its business.
First Quarter 2025 Financial Highlights
For the first quarter of 2025, CorMedix recorded
$39.1 million in net revenue from sales of DefenCath, and recorded net income of $20.6 million, or $0.32 per share, compared with a net
loss of $14.5 million, or $0.25 per share, in the first quarter of 2024. The net income was driven primarily by net sales of DefenCath
Operating expenses in the first quarter of 2025
were $17.4 million, compared with $15.9 million in the first quarter of 2024, an increase of approximately 9%. The increase was
driven by higher research and development (R&D) expenses of $3.2 million, compared with $0.8 million for the same period in 2024.
The increase in R&D was primarily due to the increase in personnel and clinical trial services in support of the ongoing clinical
General and administrative expenses increased
approximately 11% to $9.7 million in first quarter of 2025, driven primarily by non-cash charges for stock-based compensation. Selling
and marketing expense decreased approximately 29% to $4.5 million in first quarter of 2025. This decrease is considered temporary due
to the timing of onboarding the outsourced sales force during first quarter. The Company expects these costs to be normalized for the
second quarter of 2025 and to be more closely in-line with the comparison period.
The Company reported cash and short-term investments
of $77.5 million at March 31, 2025, excluding restricted cash. The Company believes that it has sufficient resources to fund operations
for at least twelve months from the issuance of the Company's Quarterly Report on Form 10-Q.
Conference Call Information
The management team of
CorMedix will host a conference call and webcast today, May 6, 2025, at 8:30AM Eastern Time, to discuss recent corporate developments
and financial results. Call details and dial-in information are as follows:
Tuesday, May 6th @ 8:30am ET
| Domestic: | 1-844-676-2922 |
| International: | 1-412-634-6840 |
| Conference ID: | 10198548 |
| Webcast: | Webcast Link |
Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of
life-threatening conditions and diseases. The Company is focused on commercializing its lead product DefenCath (taurolidine
and heparin) which was approved by the FDA on November 15, 2023. CorMedix commercially launched DefenCath in inpatient settings in April
2024 and in outpatient settings in July 2024. CorMedix is commencing clinical studies in adult Total Parenteral Nutrition (TPN) patients
and pediatric hemodialysis (HD) patient populations in 2025 and also intends to develop DefenCath as a catheter lock solution for use
in other therapeutic areas. For more information visit: www.cormedix.com.
Forward-Looking Statements
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are subject to risks and uncertainties. Forward-looking
statements are often identified by the use of words such as, but not limited to, "anticipate," "believe," "can,"
"continue," "could," "estimate," "expect," "intend," "may," "will,"
"plan," "project," "seek," "should," "target," "will," "would,"
and similar expressions or variations intended to identify forward-looking statements. All statements, other than statements of historical
facts, regarding management's expectations, beliefs, goals, plans or CorMedix's prospects should be considered forward-looking
statements. Readers are cautioned that actual results may differ materially from projections or estimates due to a variety of important
factors, and readers are directed to the Risk Factors identified in CorMedix's filings with the SEC, including its Annual Report
on Form 10-K and its Quarterly Reports on Form 10-Q, copies of which are available free of charge at the SEC's website at www.sec.gov
or upon request from CorMedix. CorMedix may not actually achieve the goals or plans described in its forward-looking statements, and such
forward-looking statements speak only as of the date of this press release. Investors should not place undue reliance on these statements.
CorMedix assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
Non-GAAP Financial Measures
This release includes certain non-GAAP financial
measures, including EBITDA, adjusted EBITDA, which are intended as supplemental measures of the Company's performance that are not
required by or presented in accordance with GAAP. Management uses these non-GAAP measures internally to evaluate and manage the Company's
operations and to better understand its business because they facilitate a comparative assessment of the Company's operating performance
relative to its performance based on results calculated under GAAP. These non-GAAP measures also isolate the effects of some items that
vary from period to period without any correlation to core operating performance and eliminate certain charges that management believes
do not reflect the Company's operations and underlying operational performance.
The Company believes that these non-GAAP measures
also provide useful information to investors regarding certain financial and business trends relating to the Company's financial
condition and operating results facilitates an evaluation of the financial performance of the Company and its operations on a consistent
basis. Providing this information therefore allows investors to make independent assessments of the Company's financial performance,
results of operations and trends while viewing the information through the eyes of management.
These non-GAAP measures are subject to limitations.
The non-GAAP measures presented in this release may not be comparable to similarly titled measures used by other companies because other
companies may not calculate one or more in the same manner. Additionally, the non-GAAP performance measures exclude significant expenses
and income that are required by GAAP to be recorded in the Company's financial statements; do not reflect changes in, or cash requirements
for, working capital needs. Further, our historical adjusted results are not intended to project our adjusted results of operations or
financial position for any future period. To compensate for these limitations, management presents and considers these non-GAAP measures
in conjunction with the Company's GAAP results; no non-GAAP measure should be considered in isolation from or as alternatives to
any measure determined in accordance with GAAP. Readers should review the reconciliations included below, and should not rely on any single
financial measure to evaluate the Company's business.
Inc. and SubsidiarIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
AND COMPREHENSIVE LOSS
| For the Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | ||||||||
| Net sales | $ | 39,081,657 | $ | - | ||||
| Cost of revenues | (1,596,715 | ) | (818,539 | ) | ||||
| Gross income (loss) | 37,484,942 | (818,539 | ) | |||||
| Operating Expenses | ||||||||
| Research and development | (3,192,440 | ) | (837,445 | ) | ||||
| Selling and marketing | (4,473,840 | ) | (6,337,219 | ) | ||||
| General and administrative | (9,693,382 | ) | (8,711,033 | ) | ||||
| Total operating expenses | (17,359,662 | ) | (15,885,697 | ) | ||||
| Income (Loss) from Operations | 20,125,280 | (16,704,236 | ) | |||||
| Other Income (Expense) | ||||||||
| Total other income | 518,618 | 843,343 | ||||||
| Net Income (Loss) Before Income Taxes | 20,643,898 | (15,860,893 | ) | |||||
| Tax benefit | - | 1,394,770 | ||||||
| Net Income (Loss) | 20,643,898 | (14,466,123 | ) | |||||
| Other Comprehensive Income (Loss) | ||||||||
| Total other comprehensive loss | (6,090 | ) | (10,647 | ) | ||||
| Other Comprehensive Income (Loss) | $ | 20,637,808 | $ | (14,476,770 | ) | |||
| Net Income (Loss) Per Common Share - Basic | $ | 0.32 | $ | (0.25 | ) | |||
| Net Income (Loss) Per Common Share - Diluted | $ | 0.30 | $ | (0.25 | ) | |||
| Weighted Average Common Shares Outstanding - Basic | 65,244,341 | 57,503,154 | ||||||
| Weighted Average Common Shares Outstanding - Diluted | 68,975,418 | 57,503,154 |
CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEET DATA
| March 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | (Audited) | |||||||
| ASSETS | ||||||||
| Cash, cash equivalents and restricted cash | $ | 66,390,985 | $ | 40,756,138 | ||||
| Short-term investments | $ | 11,216,989 | $ | 11,036,857 | ||||
| Total Assets | $ | 149,582,766 | $ | 118,845,673 | ||||
| Total Liabilities | $ | 34,694,718 | $ | 34,188,723 | ||||
| Accumulated deficit | $ | (318,986,135 | ) | $ | (339,630,033 | ) | ||
| Total Stockholders' Equity | $ | 114,888,048 | $ | 84,656,950 |
CORMEDIX INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Three Months Ended March 31, | ||||||||
| 2025 | 2024 | |||||||
| Cash Flows from Operating Activities: | ||||||||
| Net income (loss) | $ | 20,643,898 | $ | (14,466,123 | ) | |||
| Net cash provided by (used in) operating activities | 19,736,503 | (17,310,294 | ) | |||||
| Cash Flows Used in Investing Activities: | ||||||||
| Net cash (used in) provided by investing activities | (194,820 | ) | 8,944,932 | |||||
| Cash Flows from Financing Activities: | ||||||||
| Net cash provided by (used in) financing activities | 6,092,935 | (97,118 | ) | |||||
| Net Increase (Decrease) in Cash and Cash Equivalents | 25,634,847 | (8,463,285 | ) | |||||
| Cash and Cash Equivalents and Restricted Cash - Beginning of Period | 40,756,138 | 43,823,192 | ||||||
| Cash and Cash Equivalents and Restricted Cash - End of Period | $ | 66,390,985 | $ | 35,359,907 |
CORMEDIX INC. AND SUBSIDIARIES
Non-GAAP Reconciliations
| Three Months Ended March 31, 2025 | ||||
| Net income (loss) | $ | 20,643,898 | ||
| Adjusted to add (deduct): | ||||
| Interest expense (income), net | (556,790 | ) | ||
| Provision for (benefit from) income taxes | - | |||
| Depreciation and amortization | 161,942 | |||
| EBITDA (Non-GAAP) | $ | 20,249,050 | ||
| Adjusted to add (deduct): | ||||
| Stock-based compensation expense | 3,500,355 | |||
| Restructuring expense | (145,976 | ) | ||
| Adjusted EBITDA (Non-GAAP) | $ | 23,603,429 |