Summary of CorMedix Q2 2026 Earnings Call

1Key Financial Results and Metrics:

Consolidated Revenue: $101.9 million, up from $39.7 million in Q2 2025.

DefenCath Sales: $66.1 million, driven by onboarding a large dialysis customer.

Melinta Portfolio Revenue: $35.8 million, reflecting a full quarter of operations post-acquisition.

Adjusted EBITDA: $58.7 million, compared to $22.4 million in Q2 2025.

Net Income: $26.0 million, or $0.33 per share, compared to $19.8 million, or $0.29 per share in Q2 2025.

Operating Expenses: $34.2 million, up 87% year-over-year, primarily due to Melinta's operational costs.

Cash Position: $256.7 million in cash and cash equivalents.

2Strategic Updates and Business Highlights:

DefenCath: Signed a multi-year commercial supply agreement with a large dialysis organization (LDO), now partnering with all top five U.S. dialysis providers.

REZZAYO: Positive Phase III ReSPECT data announced; collaboration with Mundipharma for sNDA submission for prophylaxis of invasive fungal disease expected in Q3 2026.

Pipeline Development: Focused on expanding DefenCath's applications, including TPN indications, with ongoing clinical trials.

Real-World Evidence: Anticipated publications at upcoming medical conferences to support DefenCath's clinical and economic value.

3Forward Guidance and Outlook:

2026 Revenue Guidance: Reaffirmed at $325 million to $345 million.

DefenCath Revenue Guidance: Set at $175 million to $195 million.

Adjusted EBITDA Guidance: Raised to $125 million to $140 million.

Medicare Advantage: Ongoing discussions with no contributions assumed for 2026 guidance, but viewed as a long-term growth opportunity.

4Bad News, Challenges, or Points of Concern:

Post-TDAPA Landscape: While order volumes have stabilized, there is attrition among smaller players, and growth depends on new LDO adoption and Medicare Advantage contracting.

Regulatory Uncertainty: The final ESRD rule is pending, with potential impacts on reimbursement that could affect DefenCath sales.

Increased Operating Expenses: Significant rise in operating expenses due to the Melinta acquisition and ongoing litigation costs, which could pressure margins if not managed effectively.

5Notable Q&A Insights:

LDO Pilot Program: The pilot involves a couple hundred clinics, but specifics on its impact on 2027 guidance remain unclear.

Volume Growth: Current volume growth is stable among larger players, with potential for growth contingent on new contracts and Medicare Advantage.

REZZAYO Reception: Feedback from potential prescribers is pending full data release, expected later in Q4 2026.

Sales and Marketing Infrastructure: No significant changes have been made in response to reimbursement challenges, with staffing expected to ramp up later in the year. Overall, CorMedix demonstrated strong financial performance in Q2 2026, with positive developments in strategic partnerships and pipeline advancements, while facing challenges related to market dynamics and regulatory changes.