CorMedix Posts $101.9M Q2 Revenue and $26M Net Income as DefenCath and Melinta Portfolio Combine for First Full Quarter

CorMedix Therapeutics (Nasdaq: CRMD) reported $101.9 million in consolidated revenue and $26.0 million in net income for the second quarter ended June 30, 2026, per the company's August 13, 2026 earnings release.

Total revenue in Q2 2025 was $39.7 million. The Melinta acquisition closed September 2, 2025, so Q2 2025 carried only DefenCath revenue — making this the first quarter in which the combined business ran for a full three months.

DefenCath® (taurolidine and heparin) contributed $66.1 million of the quarter's net revenue. The acquired Melinta portfolio added $35.8 million. Adjusted EBITDA came in at $58.7 million. Basic EPS was $0.33; fully diluted EPS was $0.29.

Total operating expenses were $34.2 million in Q2 2026, up from $18.3 million in Q2 2025 — an increase of approximately 87%, which the company attributed in its August 13, 2026 earnings release to the contribution of Melinta operating expenses for the full quarter.

The balance sheet: $256.7 million in cash and short-term investments as of the end of June 2026, against a market cap of $557.01 million as of August 12, 2026, with 78.45 million shares outstanding.

On full-year guidance, CorMedix maintained its 2026 consolidated revenue target of $325 to $345 million and raised its adjusted EBITDA guidance to $125 to $140 million, per the company's August 13, 2026 earnings release.

The Melinta deal — announced complete on September 2, 2025 — brought a portfolio that now includes MINOCIN® (minocycline), REZZAYO™ (rezafungin), VABOMERE® (meropenem and vaborbactam), ORBACTIV™ (oritavancin), BAXDELA® (delafloxacin), KIMYRSA® (oritavancin), and TOPROL-XL® (metoprolol succinate). At the time of closing, the transaction was described as expected to be near-term accretive to EPS with double-digit accretion expected in 2026, and annual run-rate synergies of approximately $35 to $45 million, per the September 2, 2025 GlobeNewswire release.

CEO Joe Todisco stated: "I am excited about the Company's recent progress as we have now launched DefenCath in both the inpatient and outpatient settings. I'm very pleased with the early revenue trajectory from our outpatient launch, as well as the progress we are making on the inpatient P&T formulary process. We have also set the stage for expanded indications for the DefenCath technology, which we believe can have a meaningful impact on bloodstream infection rates in new patient populations beyond adult hemodialysis."

One risk worth noting: CorMedix has flagged that the transition away from TDAPA reimbursement for DefenCath creates pricing pressure in the second half of 2026, per the company's August 13, 2026 earnings release. DefenCath sales growth year-over-year was also driven in part by the onboarding of a large dialysis organization in mid-2025 — a tailwind that is now baked into the base.

CRMD closed at $7.10 on August 12 — down $0.20, or 2.74% — and was showing $7.36 in pre-market trading on August 14, a gain of 3.64%, per Yahoo Finance and Morningstar data. The 52-week range is $6.13 to $14.96.