Company Overview
CorMedix is a small-cap biopharmaceutical story that’s quietly becoming impossible to ignore. On November 12th – just two weeks ago – the company reported one of the most stunning earnings beats of the quarter: Q3 2025 revenue exploded 810% year-over-year to $104.3 million (beating estimates by $18.25 million), while EPS of $1.26 crushed consensus of $0.63 by exactly double. The dramatic revenue surge came from DefenCath, the company’s FDA-approved catheter lock solution that prevents life-threatening bloodstream infections in dialysis patients.
What makes this particularly compelling is that DefenCath only launched commercially in April 2024 for inpatient settings and July 2024 for outpatient dialysis centers – meaning the product went from essentially zero to generating $88.8 million in a single quarter. The growth has been driven by faster-than-expected adoption at the company’s Large Dialysis Organization (LDO) customer, which has now expanded its rollout to cover 50% more patients than initially projected. Following the blowout Q3 results, CorMedix raised its full-year 2025 pro forma revenue guidance to $390-$410 million (consensus was only $283.69 million), representing guidance 45% above Street expectations. H.C. Wainwright analyst Brandon Folkes responded on November 13th by reaffirming a Buy rating and raising the price target from $17 to $18.
Key Technical and Fundamental Drivers
Recent Earnings Shock → 810% Revenue Surge
CorMedix’s November 12th Q3 results showed revenue skyrocketing 810% YoY to $104.3 million (vs. $11.5M last year), with EPS of $1.26 crushing the $0.63 consensus by 100%, driven by DefenCath generating $88.8 million in just one quarter.
Massive Guidance Raise → 45% Above Street
The company raised full-year 2025 pro forma revenue guidance to $390-$410 million versus Wall Street consensus of only $283.69 million, representing a 45% upside surprise as DefenCath adoption accelerates beyond all projections.
Fresh Analyst Upgrade → $18 Price Target
H.C. Wainwright raised its price target from $17 to $18 on November 13th following the earnings beat, maintaining a Buy rating and citing DefenCath’s rapid adoption, Melinta acquisition synergies, and multiple upcoming catalysts.
LDO Expansion → 50% More Patients
The Large Dialysis Organization customer expanded its DefenCath rollout in Q3 to cover 50% more patients than originally planned, with the company amending its agreement to reflect the anticipated growth in product utilization across thousands of at-risk patients.
Melinta Integration → $30M Synergies
The August 2025 acquisition of Melinta Therapeutics is progressing ahead of schedule, with CorMedix estimating $30 million in annual synergy capture (of total $35-$45M) before year-end, adding a portfolio of anti-infective products including REZZAYO and VABOMERE.
Market Takeaway
CorMedix represents the type of under-the-radar small-cap opportunity that can generate outsized returns when fundamentals inflect dramatically. The November 12th earnings report wasn’t just a beat – it was a declaration that DefenCath has achieved genuine commercial traction in a massive addressable market. With over 500,000 hemodialysis patients in the U.S. using central venous catheters and catheter-related bloodstream infections representing a serious and costly complication, the need for DefenCath is clear and the early adoption metrics are validating the product’s value proposition.
The company’s transition from development-stage biotech to commercial revenue generator happened with stunning speed – going from zero to nearly $400 million in annual revenue guidance in less than 18 months post-launch. What’s particularly encouraging is the expansion of the LDO customer’s implementation by 50% beyond original plans, suggesting DefenCath is proving its clinical and economic value in real-world use. The company is also rebranding to CorMedix Therapeutics to reflect its evolution beyond a single-product company, especially with the Melinta portfolio adding established anti-infective products and the upcoming Q2 2026 Phase III data for REZZAYO in a $2+ billion market. Trading at a market cap under $1 billion with analyst consensus at Buy and a $18.33 average price target, CRMD offers small-cap growth potential for investors willing to accept biotech volatility in exchange for exposure to what could be a transformative commercial success story.