Shares of CorMedix Inc (NASDAQ:CRMD) dropped about 6% in premarket trading on Thursday after the biopharmaceutical company released its revenue forecast for fiscal 2026, which points to a possible decline compared with the prior year.
The Berkeley Heights, New Jersey–based company guided for 2026 revenue of between $300 million and $320 million, including $150 million to $170 million from its DefenCath product. This range implies a step down from the company’s preliminary, unaudited pro forma net revenue of roughly $400 million for fiscal 2025.
CorMedix said the outlook reflects upcoming changes to DefenCath’s reimbursement profile. Specifically, the product’s TDAPA reimbursement is scheduled to shift to a post-TDAPA add-on adjustment on July 1, 2026, a change that is expected to materially reduce institutional reimbursement and net pricing during the third and fourth quarters of 2026.
For the fourth quarter of 2025, CorMedix reported preliminary, unaudited net revenue of about $127 million and said it expects adjusted EBITDA in a range of $77 million to $81 million. For the full 2025 fiscal year, preliminary unaudited net revenue totaled approximately $310 million.
Looking beyond the near-term pressure, the company said DefenCath sales in 2027 could reach between $100 million and $140 million, supported by expectations for a higher net selling price compared with the second half of 2026.
CorMedix ended 2025 with around $148 million in cash and short-term investments. For fiscal 2026, the company forecast adjusted EBITDA of $100 million to $125 million.
The company also announced management changes, naming CEO Joseph Todisco as Chairman of the Board in addition to his current role, and appointing Mike Seckler as Executive Vice President and Chief Commercial Officer.
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