Company Overview
CorMedix reported blockbuster Q3 2025 earnings last Tuesday, November 12th, delivering what may be the most impressive earnings surprise of the entire 2025 biotech reporting season. The company posted EPS of $1.26 versus consensus expectations of just $0.43—a stunning 193% beat. Revenue soared to $104.3 million, crushing the $65.9 million estimate and marking a $77.5 million increase year-over-year. Net income exploded to $108.6 million compared to just $2.8 million a year ago, representing a jaw-dropping 4,009.6% surge.
The transformative performance comes on the heels of CorMedix’s August 2025 acquisition of Melinta Therapeutics for $300 million, which added a portfolio of anti-infective products to the company’s flagship DefenCath catheter lock solution. DefenCath sales alone contributed $88.8 million in Q3 revenue, driven by faster-than-expected adoption by the company’s large dialysis organization customer and strong utilization growth across its customer base. Management announced the integration is proceeding ahead of schedule, with $30 million of the projected $35-$45 million in annual synergies expected to be captured before year-end 2025.
Key Technical and Fundamental Drivers
Blowout Earnings → 193% EPS Beat Last Week CorMedix reported Q3 results on November 12th with EPS of $1.26 vs. $0.43 expected and revenue of $104.3M vs. $65.9M consensus, triggering a 12%+ stock surge on the news.
Raised Guidance → $390-$410M Revenue Management raised full-year 2025 pro forma revenue guidance to $390-$410 million (from $375M minimum) and increased adjusted EBITDA guidance to $220-$240 million (from $165-$185M), reflecting accelerating momentum.
Ahead-of-Schedule Integration → $30M Synergies The Melinta acquisition integration is progressing faster than expected, with approximately $30 million in annual synergies to be captured by year-end 2025, with remaining $5-$15M targeted for 2026.
DefenCath Momentum → 71% CLABSI Reduction DefenCath, approved for preventing catheter-related bloodstream infections in hemodialysis patients, demonstrated a 71% reduction in infection risk in Phase III trials, driving rapid adoption by dialysis organizations.
Pipeline Catalyst → Phase III ReSPECT Data The company completed enrollment in its Phase III ReSPECT study of Rezzayo for prophylaxis of invasive fungal infections, with topline data expected in Q2 2026 addressing a $2 billion+ addressable market.
Market Takeaway
CorMedix’s transformation from a single-product company to a diversified specialty pharmaceutical powerhouse happened with remarkable speed. The Melinta acquisition, which closed just 10 weeks ago on August 29th, has already begun generating meaningful revenue contribution while delivering cost synergies ahead of management’s original timeline. The company announced it is rebranding as CorMedix Therapeutics to reflect its expanded portfolio, which now includes multiple FDA-approved anti-infective products alongside DefenCath.
What makes CorMedix particularly compelling is the dual growth drivers at work. DefenCath continues to see accelerating adoption in the dialysis market, where catheter-related bloodstream infections represent a major clinical and economic burden. The product’s 71% reduction in infection risk gives it a clear value proposition, and the faster-than-expected uptake by the company’s large dialysis organization customer suggests the commercial opportunity may be larger than initially modeled. Meanwhile, the acquired Melinta portfolio adds immediate revenue and profitability while the company works toward bringing Rezzayo’s prophylaxis indication to market.
The financial transformation is staggering. CorMedix went from $11.5 million in Q3 2024 revenue to $104.3 million in Q3 2025—nearly a 10x increase in one year. Adjusted EBITDA of $71.9 million in a single quarter demonstrates the profitability potential of the combined company. With management raising full-year EBITDA guidance to $220-$240 million, CorMedix is now generating substantial cash flow that can fund pipeline development and potential future M&A.
The stock jumped 12% on the earnings announcement but has shown resilience, suggesting institutional investors see the Q3 performance as sustainable rather than a one-time spike. With the Phase III ReSPECT trial data for Rezzayo’s prophylaxis indication expected in Q2 2026 (addressing a $2+ billion market opportunity), CorMedix has meaningful near-term catalysts beyond just operational execution. For investors seeking exposure to a biotech turnaround story with proven commercial products, accelerating revenue, and expanding profitability, CorMedix represents one of 2025’s most dramatic transformations.