CorMedix shares gained 5.7% following Q1 results that beat expectations on net revenue and adjusted EBITDA, leading the company to raise full-year guidance across key metrics including DefenCath sales despite anticipated reimbursement variability in the second half of the year.

• Q1 net revenue reached $127.4 million, significantly above prior consensus.
• Adjusted EBITDA totaled $70 million, prompting an increase in full year guidance to $115 million–$135 million from a prior $100 million–$125 million range.
• Full-year net revenue guidance was raised to $325 million–$345 million, up from $300 million–$320 million, driven by strong early performance and sustained DefenCath demand.
• DefenCath full-year guidance increased to $175 million–$195 million, reflecting robust utilization despite the expiration of initial TDAPA reimbursement and transition to post-TDAPA add-on pricing in H2 2026.
• The company announced positive top-line clinical data for REZZAYO, supporting upcoming FDA sNDA submission and potential 2027 launch, with planned commercial infrastructure investments in the latter half of 2026.