CorMedix Inc. Q4 FY2025 earnings call

2025 was a transformational year with the acquisition of Moenta Therapeutics and achieving a $35 million synergy in the fourth quarter. For 2026, DefendCast guidance is $150 - $170 million in 2026 and $100 - $125 million in 2027. Full - year 2026 revenue is guided to be 300 - 320 million with adjusted EBITDA of $100 - $125 million. The first Analyst R&D Day was completed, focusing on the market opportunity for Roseo, Minison, and Vabomir. The phase three respect data for Roseo and prophylaxis is on track for the second quarter of 2026. The combined clinical development and operations teams are working on numerous clinical activities. The employee base has grown from around 100 to just under 200.

In the fourth quarter of 2025, net revenue was $128.6 million. DefendCast contributed $91.2 million, and the Malenta portfolio added $37.4 million. For the full year 2025, pro forma total revenue was $401.3 million, with DefendCast generating $258.8 million in net sales. Fourth - quarter operating expenses were $48.2 million. Net income in the fourth quarter of 2025 was $14 million, and adjusted EBITDA was $77.2 million.

CoreMedix affirms the 2026 DefendCast guidance of $150 to $170 million and 2027 DefendCast guidance of $100 to $125 million. It also affirms the full - year 2026 financial guidance of revenue 300 to 320 million and adjusted EBITDA $100 to $125 million. The company is actively in discussions with Medicare Advantage providers and new potential customers for DefendCast in various settings and will evaluate updates to financial guidance as 2026 progresses. The phase three respect data for Roseo and prophylaxis is on track for the second quarter of 2026.

Actual results may deviate significantly from forward - looking statements because of various factors detailed in CoreMedix's SEC filings. There are risks associated with achieving the goals and plans in forward - looking statements as actual outcomes can differ from estimates and projections based on multiple important factors.

Q: Could you provide more details on the conversations with Dialysis customers regarding supplying contract pricing for DefendCast?

A: Conversations are going fairly well. The near - term focus is on maintaining patient utilization for the latter part of 2026 and establishing a structure for a price increase in 2027. It is also set up with flexibility to accommodate changes in case of successful Medicare Advantage contracting.

Q: Regarding Rosseo, how would you define the most clinically significant information for physicians and how to utilize the data in future payer discussions if the top line is positive?

A: With RISEO top - line data, different aspects will guide commercial practicality. If the respect data reads out successfully, there is an opportunity to communicate with payers about an option that doesn't have the drug - drug interactions of other therapeutics, which could lead to an understanding of reduced hospitalizations, etc.

Q: Are there any developments on the bipartisan proposed Tdapa extension bills and the timing?

A: Legislation is uncertain. We have been working closely with the other company involved in TDAPA, have many co - sponsors of the bill. However, timing is tricky as it likely needs to be attached to another piece of legislation and is affected by events such as the war in the Middle East.

Q: What are the updates on the potential partnership with other LDO and post - TDAPA dynamics?

A: We can't comment on ongoing discussions with customers.

Q: What are the updates on the DefendCast customer mix and changes in the 2026 - 2027 guidance?

A: Currently, the volume is quite concentrated with one LDO and two mid - sized players driving most of the volume. Changes in the mix depend on the ability to onboard the other LDO or get the third mid - sized player to significantly increase volume.

Q: How should we consider the operating cash flow in the quarter and thoughts on 2026?

A: EBITDA can be a proxy for cash flow. We need to take into account inventory stockpiling due to tech transfers and large accrued rebates that will be paid out early in 2026.