CorMedix Q3 Revenue Beats Estimates as DefenCath Faces Post-TDAPA Pressure

what happened

CorMedix Therapeutics has released its third-quarter 2026 results, according to a GlobeNewswire report. Consolidated revenue reached $54.5 million, topping the $51.2 million street consensus. The company booked a net loss of $14.7 million, with adjusted EBITDA at $3.1 million and a per-share loss of $0.19.

DefenCath sales came to $17.2 million, while the rest of the portfolio generated $37.3 million. Results were helped by a $5.0 million favorable change in sales allowance estimates, while lower net pricing followed the product's shift into the post-TDAPA period.

CorMedix kept its 2026 revenue forecast of $325 to $345 million, narrowed adjusted EBITDA guidance to $130 to $140 million and cut its cash operating expense outlook. It suspended 2027 DefenCath revenue guidance after recent CMS reimbursement changes, and separately agreed to buy substantially all assets of Heron Therapeutics, with closing expected in the first quarter of 2027.

why it matters

For investors, the revenue beat and the Heron deal are the main positives, while the suspended DefenCath outlook adds uncertainty about pricing under the new reimbursement rules. A term loan of up to $150 million, with $75 million expected at closing, would support the acquisition, and the company reported $355.2 million in cash and short-term investments at September 30.

market impact

CorMedix shares: revenue above expectations supports the stock, but the withdrawn DefenCath outlook adds uncertainty.

• ↔CorMedix shares mixed — revenue above consensus, but the 2027 DefenCath guidance was suspended

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