Shares of CorMedix (CRMD – Free Report) rose nearly 30% on Tuesday after management announced fourth-quarter and full-year 2024 preliminary sales figures.
CorMedix’s Preliminary Sales Figures Beat Estimates
CorMedix reported preliminary net revenues of nearly $31 million for the fourth quarter of 2024. This unaudited figure significantly beat the Zacks Consensus Estimate of $21.5 million. Based on these figures, management expects adjusted EBITDA for the quarter to exceed $12 million.
For the full year, management reported preliminary net revenues of about $43 million, which beat the Zacks Consensus Estimate of $33.8 million. The preliminary unaudited cash and short-term investments, as of 2024-end, totaled around $52 million.
These figures were possibly generated entirely from the sale of CorMedix’s sole marketed product, DefenCath, which was approved by the FDA in November 2023 as the first catheter lock solution. The product has been designed to significantly reduce the incidence of catheter-related bloodstream infections in adult patients receiving chronic hemodialysis with central venous catheters.
Though CorMedix did not provide any bottom-line numbers, it mentioned that it has surpassed its previous guidance of “becoming break-even by 2024-end.”
CRMD Stock’s Performance
In the past year, CorMedix’s shares have skyrocketed 185.3% against the industry’s 15.7% decline.
Image Source: Zacks Investment Research
CorMedix’s Business Plans for 2025
Apart from the preliminary figures, CorMedix also announced plans to expand its deployment efforts within the inpatient hospital segment starting this year. To support this initiative, management has teamed up with Syneos Health to establish a dedicated field sales team focused on promoting DefenCath to hospitals and health systems. Based on these plans, management will reorganize its current field team.
Management expects the expanded inpatient deployment and internal commercial realignment to have a neutral impact on its overall sales and marketing expenses in 2025. It expects to incur operating expenses in the range of $72–$78 million (excluding non-cash and one-time items).
CorMedix is also working with its Large Dialysis Operator (“LDO”) customer to initiate the implementation of DefenCath in the first half of 2025. It intends to meet the LDO’s targeted patient utilization of 4,000 patients by the second half of the year.
While management did not issue any top or bottom-line numbers, it mentioned having existing open purchase orders of more than $25 million scheduled for delivery in the first quarter of 2025.
CRMD’s Zacks Rank
CorMedix currently carries a Zacks Rank #3 (Hold).
CorMedix Inc Price
CorMedix Inc price | CorMedix Inc Quote
Key Picks Among Biotech Stocks
Some better-ranked stocks from the sector are Castle Biosciences (CSTL – Free Report) , CytomX Therapeutics (CTMX – Free Report) and Puma Biotechnology (PBYI – Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Bottom-line estimates for Castle Biosciences have improved from a loss of 8 cents per share to earnings of 34 cents for 2024 in the past 60 days. During the same timeframe, loss per share estimates for 2025 have narrowed from $1.88 to $1.84. In the past year, shares of Castle Biosciences have surged 41.3%.
CSTL’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 172.72%.
In the past 60 days, estimates for CytomX Therapeutics’ 2024 loss per share have narrowed from 29 cents to 5 cents. Estimates for 2025 loss per share have narrowed from 56 cents to 35 cents during the same timeframe. CTMX’s shares have lost 35.8% in the past year.
CytomX’s earnings beat estimates in two of the trailing four quarters and missed the mark in the other two, delivering an average surprise of 115.70%.
In the past 60 days, estimates for Puma Biotechnology’s 2024 earnings per share have risen from 43 cents to 49 cents. Estimates for 2025 EPS have increased from 42 cents to 54 cents during the same timeframe. In the past year, Puma’s shares have lost 22.4%.
PBYI’s earnings beat estimates in three of the trailing four quarters and missed the mark on one occasion, delivering an average surprise of 32.78%.
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