CorMedix Inc. (NASDAQ: CRMD) shares tumbled 7.15% in pre-market trading on Tuesday, despite the company reporting positive fourth-quarter results and providing optimistic revenue guidance for the first half of 2025. The biopharmaceutical firm, focused on developing and commercializing therapeutic products for life-threatening diseases, announced its Q4 and full-year 2024 financial results along with key business updates.
CorMedix reported its first-ever profitable commercial quarter in Q4 2024, with net income of $13.5 million and earnings per share of $0.22. The company's net revenue for Q4 reached $31.2 million, contributing to a full-year 2024 revenue of $43.5 million. These figures were largely driven by the successful implementation of DefenCath by outpatient dialysis customers following its launch in July 2024.
Despite the positive financial results, investors seemed to focus on the company's announcement to commence a Phase 3 study of DefenCath in patients receiving Total Parenteral Nutrition (TPN) in Q2 2025. This new clinical trial, while potentially expanding DefenCath's market reach, could also represent significant future expenses. Additionally, CorMedix provided preliminary net revenue guidance for the first half of 2025, projecting $50 - $60 million, with more than $33 million expected in the first quarter. While this guidance suggests continued growth, it's possible that some investors had higher expectations, contributing to the stock's pre-market decline.
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