The quarter cleared the published bar. CorMedix delivered $101.9 million of revenue and grant income versus published consensus of roughly $97.5 million, while diluted EPS came in at $0.29 versus approximately $0.24 expected. That is a genuine earnings beat, not merely growth against last year.
| Metric | Q2 2026 | Q2 2025 / expectation |
|---|---|---|
| Total revenue and grant income | $101.9M (Financial Highlights) | $39.7M prior year; ~$97.5M consensus |
| DefenCath sales | $66.1M (Revenue discussion) | — |
| Melinta portfolio revenue | $35.8M (Revenue discussion) | Not included in Q2 2025 |
| Diluted EPS | $0.29 (Income Statement) | $0.28 prior year; ~$0.24 consensus |
| Adjusted EBITDA | $58.7M (Adjusted EBITDA reconciliation) | $22.4M prior year |
| FY2026 revenue guidance | $325M–$345M (Guidance section) | Reaffirmed |
| FY2026 adjusted EBITDA guidance | $125M–$140M (Guidance section) | Previously $115M–$135M |
The beat was powered by both established DefenCath demand and the acquired portfolio. DefenCath contributed $66.1 million, with continued ordering from large outpatient dialysis customers, while the acquired Melinta products supplied $35.8 million. The year-over-year comparison is not clean because Melinta was acquired in August 2025, so the headline 156% revenue increase overstates organic momentum. (Revenue discussion)
Profitability was the sharper surprise. Management maintained revenue guidance but raised adjusted EBITDA guidance to $125 million–$140 million from the prior $115 million–$135 million range, implying confidence that the combined company is converting sales into cash earnings better than previously assumed. (Guidance section) The six-month operating cash flow of $128.6 million versus $49.7 million a year earlier also supports the improved earnings quality. (Cash Flow statement)
The headline profitability has a few one-off assists. Second-quarter G&A benefited from a $4.2 million expected insurance reimbursement for securities-litigation legal fees, including $2.7 million related to prior periods. Adjusted EBITDA also excludes several items, including $4.1 million of other expense and $1.2 million of merger-related and reorganization costs. The underlying quarter still looks strong, but the reported margin should not be treated as entirely recurring. (G&A discussion; Adjusted EBITDA reconciliation)
Commercial reach expanded, but the new contract is still only entering its proof phase. The new multi-year DefenCath supply agreement brings all five largest U.S. dialysis providers into CorMedix’s commercial contract footprint. The customer has started ordering, but its pilot begins in Q3 2026, so the filing establishes access and potential rather than a fully realized revenue contribution. (Commercial developments)
Net read: a beat with a higher earnings outlook, not a revenue-guide reset. The market received better-than-expected Q2 revenue and EPS, plus an adjusted EBITDA raise, while full-year revenue remained unchanged. The main remaining test is whether the new dialysis pilot converts into sustained utilization and whether the planned REZZAYO sNDA is submitted in Q3 2026 as stated. (Guidance section; Pipeline update)
Read the original 8-K on SEC EDGAR ↗