CorMedix Inc. Q2 FY2025 earnings call

• Announced acquisition of Melinta Therapeutics, which is transformational, creating a diversified specialty pharmaceutical company with synergies. The acquisition is expected to be near-term accretive with double-digit EPS accretion in 2026 and capture significant operating expense synergies. - DefenCath LDO customer initiated purchases and utilization in patients, with a system-wide rollout targeting approximately 6,000 patients. - Progress on DefenCath Phase III study for CLABSI in adult patients and pediatric study for CRBSI, with an interim analysis of the real-world evidence study planned. - Second quarter 2025 financial results: net revenue $39.7M, net income $19.8M. Operating expenses increased, with R&D, G&A changing, and selling and marketing expense decreasing. - Financing activities: public offering of common stock raised $82.4M, and a $150 million convertible debt offering for the Melinta acquisition.

Second quarter of 2025 net revenue was $39.7 million. Net income was approximately $19.8 million or $0.29 per share. The positive net income in 2025 was driven by commercial sales of DefenCath. On a pro forma basis, the company is guiding to full year combined 2025 revenue of $305 million to $335 million with $180 million to $200 million of contribution from DefenCath net sales. Additionally, Melinta adds a stable base of revenue with 2025 guidance between $125 million and $135 million across multiple assets in the acute care and infectious disease space.

• Pro forma full year 2025 combined revenue is guided to $305 million to $335 million. - DefenCath net sales are guided to $180 million to $200 million. - Pro forma fully synergized adjusted EBITDA for 2025 is guided in the range of $150 million to $170 million. - Melinta 2025 revenue is guided between $125 million and $135 million. - The acquisition is expected to be near-term accretive with double-digit EPS accretion in 2026 and drive mid- to long-term revenue and cash flow growth.

• Regulatory approval risk for the Melinta acquisition. - Uncertainties related to achieving the guidance due to market and operational factors. - Risks associated with business development and integration of Melinta.

Q: Congrats on the progress this quarter and the deal with Melinta. First, talk about the guidance dynamics for DefenCath and sensitivities. Second, risks to ongoing BARDA collaborations.

A: Thanks, Anish. For DefenCath, the guidance in the $180 million to $200 million range is based on current orders and a conservative ramp. There's potential upside but room is left. On BARDA risks, the collaboration is viewed as upside potential, not driving the deal's value, as the transaction diversifies revenue, is synergistic, and has growth potential.

Q: Talk about growth potential of Melinta assets' current approved portfolio commercial profile.

A: Sure. The existing portfolio has growth potential, with the biggest driver being the potential expanded indication for REZZAYO. Look at products like REZZAYO, MINOCIN, VABOMERE, etc. Commercial synergy and overlap will be evaluated going forward.

Q: Background on Melinta transaction, competitiveness of space, integration expenses, synergies.

A: It was a competitive process. The anti-infective space is competitive. Not guiding on integration expenses at this time, and will look at the best ways to put the teams together.

Q: Key asset in Melinta acquisition excited about, capital allocation, return of cash vs reinvestment.

A: Most excited about the expanded indication for REZZAYO. Will look at other synergistic opportunities for near-term accretive deals, focusing on generating near-term value for shareholders.

Q: Post-close commercial infrastructure, DefenCath LDO ordering, outpatient vs inpatient sales.

A: Both teams are strong, and will be put together. DefenCath guidance is based on a conservative ramp with room for upside. The outpatient setting is less of a touch point but still has effort, and the inpatient setting also requires work.

Q: Key Melinta portfolio products, REZZAYO label expansion trial, DefenCath remaining LDO.

A: Approved products like REZZAYO, MINOCIN, VABOMERE are key. The REZZAYO Phase III study is expected to complete in the first part of 2026, and outcome needed for approval. For the remaining LDO customer, once the existing LDO is operationalized, discussions will resume.