CorMedix Inc. (NASDAQ: CRMD) shares tumbled 7.15% in pre-market trading on Tuesday following the release of its fourth quarter and full-year 2024 financial results, coupled with an announcement of a new Phase 3 study for its flagship product, Defencath.

The biopharmaceutical company reported its second full quarter of Defencath sales since its outpatient launch in July 2024. CorMedix posted net sales of $31.2 million for the fourth quarter and $43.5 million for the full year 2024. The company achieved its first profitable commercial quarter with a net income of $13.5 million and adjusted EBITDA of $15.3 million in Q4. Despite these positive results, investors seem to be focusing on future prospects and upcoming challenges.

CorMedix announced plans to commence a Phase 3 study of Defencath in patients receiving Total Parenteral Nutrition (TPN) in the second quarter of 2025. This new study, along with the company's preliminary net revenue guidance of $50-$60 million for the first half of 2025, may have raised concerns about future growth and expenses. The market's negative reaction suggests that investors were possibly expecting stronger guidance or faster expansion of Defencath's applications. As CorMedix continues to navigate its commercial phase and invest in new studies, the stock's performance will likely remain sensitive to the company's ability to meet growth expectations and successfully expand Defencath's market presence.