CorMedix reported a second-quarter consolidated revenue of $101.9 million for 2026, marking a substantial increase from $39.7 million during the same period in 2025, according to official company financial releases. The performance was driven by $66.1 million in sales from DefenCath and $35.8 million from the acquired Melinta portfolio, pushing adjusted EBITDA to $58.7 million.
The latest quarterly disclosures from CorMedix highlight significant operational scaling. The company posted a net income of $26.0 million, translating to basic earnings per share of $0.33 and diluted earnings per share of $0.29. Total cash and cash equivalents stood at $256.7 million at the end of the quarter, backed by $128.6 million in operating cash flow for the first half of 2026.
Financial Growth and Melinta Integration
The year-over-year revenue growth is heavily influenced by the inclusion of the Melinta product portfolio, which was acquired in August 2025, giving the combined entity a full quarter of operations compared to the prior year. Operating expenses for the quarter rose by approximately 87% to $34.2 million, up from $18.3 million in the second quarter of 2025, primarily driven by the broader cost structure of the expanded company.
Research and development expenses reached $6.7 million, compared to $2.4 million in the prior-year period, reflecting increased personnel and clinical trial costs for pediatric studies and the DefenCath total parenteral nutrition (TPN) program. Sales and marketing expenses climbed roughly 95% to $12.4 million, while general and administrative expenses increased by about 59% to $15.1 million. The G&A total included a $4.2 million credit reflecting expected insurance reimbursements for legal fees tied to ongoing securities litigation, of which $2.7 million applied to costs incurred in prior periods, according to the company’s Form 10-Q filing.
DefenCath Supply Agreements and Market Transitions
CorMedix announced that it has signed a multi-year commercial supply agreement for DefenCath with an additional large dialysis organization (LDO), securing commercial contracts with all five of the top dialysis providers in the United States. The newly added LDO placed an initial order and scheduled a pilot program covering several hundred clinics to begin in the third quarter of 2026, with potential utilization expansion anticipated in 2027.
Chairman and Chief Executive Officer Joseph Todisco noted during the earnings call that July order volumes for DefenCath tracked consistently with post-TDAPA (Transitional Drug Add-on Payment Adjustment) forecasts. While larger dialysis providers demonstrated stabilized ordering patterns, smaller providers showed some expected attrition. To maintain visibility through the reimbursement transition, the company secured contract amendments with major customers covering third- and fourth-quarter pricing, alongside volume commitments for 2027.
Guidance Updates and Pipeline Progress
Following the strong first-half execution, CorMedix reaffirmed its full-year 2026 revenue guidance of $325 million to $345 million and maintained DefenCath revenue guidance at $175 million to $195 million. Management raised its full-year adjusted EBITDA guidance to a new range of $125 million to $140 million and narrowed its cash operating expense guidance to $145 million to $155 million, excluding non-cash charges like stock-based compensation.
In the clinical pipeline, the Phase 3 ReSPECT study evaluating Rezzayo for the prophylaxis of invasive fungal disease in adult immunosuppressed patients met its primary endpoint of fungal-free survival at day 90, demonstrating non-inferiority compared to standard antifungal regimens. CorMedix is collaborating with partner Mundipharma to support the submission of a supplemental New Drug Application (sNDA) to the U.S. Food and Drug Administration in the third quarter of 2026. Under the terms of the agreement, Mundipharma will transfer U.S. NDA ownership to CorMedix following regulatory approval of the prophylaxis indication.
Upcoming Industry Presentations
CorMedix management expects to present additional real-world evidence for DefenCath at the American Society of Nephrology’s Kidney Week and at IDWeek during the fourth quarter of 2026. These presentations are slated to feature final results from the U.S. Renal Care real-world evidence study, data on DefenCath use with chlorhexidine antimicrobial caps, and analyses highlighting reductions in facility tPA utilization.
The company continues to advance its Phase 3 TPN study for DefenCath following a protocol amendment submitted to the FDA to narrow specific exclusion criteria and activate additional clinical sites, with study completion projected for 2028.
Readers seeking further details can review the company’s official financial statements and filings via the U.S. Securities and Exchange Commission or the investor relations portal on the official CorMedix website. We invite our global readers to share their thoughts and perspectives on these developments in the comments section below.