CorMedix (CRMD) on Tuesday reported preliminary Q1 net sales of $39 million.

Analysts polled by FactSet expected $32.3 million.

The company raised its H1 net sales guidance to a range of $62 million to $70 million from $50 million to $60 million previously, citing larger-than-expected orders in the last week of March.

Cash and short-term investments, excluding restricted cash, amounted to around $77.5 million as of March 31, CorMedix said.

CorMedix shares were more than 20% in premarket trading.