Overview

• US biopharma firm's Q1 revenue rose sharply, beating analyst expectations

• Adjusted EPS for Q1 beat analyst expectations

• Company raised full-year 2026 revenue and adjusted EBITDA guidance

Outlook

• CorMedix raises 2026 net revenue guidance to $325 mln-$345 mln

• Company lifts 2026 adjusted EBITDA outlook to $115 mln-$135 mln

• CorMedix expects to submit sNDA for REZZAYO in H2 2026, targeting commercial launch in 2027

Result Drivers

• DEFENCATH SALES - Higher utilization by outpatient dialysis customers and onboarding of a large dialysis organization drove DefenCath sales, with a $9 mln non-recurring favorable change in sales allowance estimates

• MELINTA PORTFOLIO - Revenue from acquired Melinta products contributed $29.9 mln, reflecting typical first quarter purchasing patterns

Company press release: ID:nGNX4q1c8x

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue	Beat	$127.4 mln	$105.02 mln (7 Analysts)
Q1 EPS	Beat	$0.43	$0.36 (7 Analysts)
Q1 Net Income	Beat	$38.6 mln	$34.56 mln (6 Analysts)
Q1 Basic EPS		$0.48

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the pharmaceuticals peer group is "buy"

• Wall Street's median 12-month price target for CorMedix Inc is $14.00, about 86.7% above its May 13 closing price of $7.50

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 6 three months ago

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