Q2 2024 CorMedix Inc Earnings Call Transcript
Key Points
- Successful launch of DefenCath in both inpatient and outpatient settings.
- Recorded unaudited quarter-to-date sales of $5.2 million as of August 13, 2024.
- Positive feedback from FDA on clinical pathway for adult Total Parenteral Nutrition (TPN).
- UnitedHealthcare and Humana confirmed TDAPA reimbursement for DefenCath.
- Strong engagement with small and midsized dialysis operators, with verified pull-through to the clinic level for more than 95% of shipments.
- Second quarter sales were modest due to the long inpatient sales cycle.
- Net loss increased to $14.2 million in Q2 2024 from $11.3 million in Q2 2023.
- Operating expenses increased by 32% to $15.6 million in Q2 2024.
- SG&A expenses more than doubled to $14.9 million in Q2 2024.
- Some larger dialysis operators are taking a wait-and-see approach, delaying broader adoption.
Good day, and welcome to the CorMedix Inc. second quarter 2024 financial results conference call. (Operator Instructions) Please note, this event is being recorded.
I'd now like to turn the conference over to your host today, Daniel Ferry. Please go ahead.
Good morning, and welcome to the CorMedix second quarter 2024 earnings conference call. Leading the call today is Joe Todisco, Chief Executive Officer of CorMedix and he is joined by Dr. Matt David, Executive Vice President and CFO; Beth Zelnick Kaufman, EVP and Chief Legal Officer; Liz Hurlburt, EVP and Chief Clinical Strategy and Operations Officer; and Erin Mistry, EVP and Chief Commercial Officer.
Before we begin, I would like to remind everyone that during the call, management may make what are known as forward-looking statements within the meaning set forth in the Private Securities Litigation Reform Act of 1995. These statements are statements other than statements of historical fact regarding management's expectations, beliefs, goals and
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