On Thursday, 08 May 2025, CorMedix Inc. (NASDAQ:CRMD) participated in The Citizens JMP Life Sciences Conference 2025, where CEO Joe Tedesco highlighted the company’s strategic initiatives. The focus was on the successful commercial launch of DefenCath, a catheter lock solution, which has driven profitability within a year. While the company boasts a strong financial position and promising clinical results, challenges such as price erosion under the TDAPA program remain.
Key Takeaways CorMedix achieved profitability within 12 months of launching DefenCath. First-quarter sales reached $39 million with an adjusted EBITDA of over $23 million.
The company maintains a robust cash position, expecting nearly $100 million by mid-year. DefenCath shows a 71% reduction in CRBSI risk, with over 3,000 patients at US Renal Care. CorMedix is exploring business development opportunities and potential acquisitions. Financial Results First-quarter 2024 sales totaled $39 million. Adjusted EBITDA exceeded $23 million. The company holds $77 million in cash, projecting close to $100 million by mid-year. No debt on the balance sheet, highlighting financial stability. A slight decrease in Government ASP from $2.45 in Q1 to $2.41 in Q2, with further decreases expected. Future Outlook Focus remains on DefenCath adoption and exploring acquisitions in the renal or hospital space. Potential peak sales in the TPN market are estimated at $150 to $200 million. Shifting reimbursement strategy towards direct contracting with Medicare Advantage payers to counter TDAPA-related price erosion. |