CorMedix Reaffirms 2026 Revenue Guidance, Reports $355M Cash, Details 2027 DefenCath Add-On
CRMD is trading near its 52-week low of $5.63 (2.3% below the low) on elevated volume (5.7× avg).
Summary
CorMedix reaffirmed 2026 revenue guidance of $325M-$345M, disclosed about $355M of cash at September 30, and detailed a Q1 2027 DefenCath Add-on of $8.32 per session while pushing back on a dialysis operator's third-party projections.
Key Events · Earnings and Guidance · CRMD
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2026 Revenue Guidance Reaffirmed
Full-year 2026 total revenue guidance held at $325 million to $345 million, the August 2026 range.
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Q3 Cash Position Disclosed
Unaudited cash and cash equivalents of approximately $355 million as of September 30, 2026.
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CMS Sets Q1 2027 Add-On at $8.32
The October 28, 2026 ESRD PPS final rule set the Q1 2027 DefenCath post-TDAPA Add-on at $8.32 per dialysis session, versus the current $2.37.
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Company Disavows Third-Party Projections
CorMedix said it gave a large dialysis organization no utilization or pricing data and that investors should not treat that party's projections as company guidance.
Analysis · CRMD · Life Sciences
The headline guidance is unchanged, but the substance is new: CMS finalized a Q1 2027 DefenCath Add-on of $8.32 per dialysis session, roughly 3.5x the current $2.37, and management laid out its own quarterly path for 2027. That matters because the Add-on is the main swing factor in DefenCath economics, and a large dialysis organization had already put its own quarterly projections into the market. CorMedix explicitly disavowed those numbers, saying it never supplied the utilization or pricing data behind them, and guided instead to a Q2 2027 dip followed by a Q3/Q4 recovery, with the full-year 2027 average above 2x the current rate. Against a stock trading near its 52-week low, the filing also puts roughly $355 million of cash on the balance sheet as of September 30, which removes any near-term financing question. The November 12 earnings call is the next scheduled update.
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At the time of this filing, CRMD was trading at $5.50 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $443.9M. The 52-week trading range was $5.63 to $13.02. This filing was assessed with positive market sentiment and an importance score of 7 out of 10.