CorMedix (NASDAQ:CRMD) reported preliminary unaudited financial results for the fourth quarter and full year ended December 31, 2025, alongside initial fiscal 2026 guidance and program updates.
Fourth-quarter net revenue reached approximately $127 million, contributing to full-year net revenue of about $310 million and pro forma net revenue of roughly $400 million.
Adjusted EBITDA for the fourth quarter is expected in the range of $77 million to $81 million.
The company ended the year with approximately $148 million in cash and short-term investments.
Management introduced fiscal 2026 guidance, projecting net revenue between $300 million and $320 million, including $150 million to $170 million from DefenCath.
Adjusted EBITDA for 2026 is anticipated in the range of $100 million to $125 million.
The company noted that DefenCath reimbursement will transition on July 1, 2026, which is expected to reduce net pricing in the second half of the year.
Management indicated potential for higher pricing in 2027 should the Centers for Medicare & Medicaid Services apply its prior methodology.
On the pipeline front, CorMedix expects topline data from the Phase 3 prophylaxis study of REZZAYO in the second quarter of 2026.
The company has scheduled an Analyst Day for February 10, 2026, to provide further details on its commercial progress and development programs.