CorMedix Inc. (NASDAQ: CRMD) shares began Tuesday sharply down on the price scale. The Berkeley Heights, New Jersey-based biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions, announced financial results for the fourth quarter and full year ended December 31, 2024.
CorMedix today reports its second full quarter of DefenCath sales since commencing outpatient launch in July 2024 and first partial year of DefenCath sales. The Company reported net sales of $31.2 million for the fourth quarter and $43.5 million for full year 2024, largely driven by successful implementation by its outpatient dialysis customers.
The Company’s fourth quarter of 2024 was the first profitable commercial quarter in CorMedix history, with net income of $13.5 million and adjusted EBITDA of $15.3 million.
The Company previously announced a partnership with Syneos Health to build a dedicated inpatient sales team. The staffing of this team is nearly complete and the Company expects the team to initiate activity in the early part of the second quarter. CorMedix has started to see increased DefenCath utilization at a number of larger hospitals and anticipates further inpatient growth throughout 2025 as the new field team commences activity.
CRMD shares began Tuesday’s trading off $3.14, or 29.1%, to $7.64.
