Cormedix Inc (STU:19KA)
€ 9.65 0.25 (2.66%) Market Cap: 601.04 Mil Enterprise Value: 558.66 Mil PE Ratio: 0 PB Ratio: 10.17 GF Score: 52/100

Q3 2024 CorMedix Inc Earnings Call Transcript

Oct 30, 2024 / 12:30PM GMT
Release Date Price: €11.9 (-4.80%)

Key Points

Positve
  • Cormedix Inc (CRMD) reported net revenue of $11.5 million for the third quarter, exceeding street consensus.
  • The company has secured new agreements with two midsized dialysis operators and one large-scale operator, expanding access to 60% of US dialysis clinics.
  • Cormedix Inc (CRMD) expects to achieve positive EBITDA in the fourth quarter, indicating strong financial performance.
  • The company has a robust cash position with $46 million in cash and cash equivalents as of September 30, 2024.
  • Cormedix Inc (CRMD) is actively working on expanding the label for DefenCath beyond hemodialysis, indicating potential for future growth.
Negative
  • There is significant variability in fourth-quarter revenue projections due to the timing and scale of purchases by large dialysis organization (LDO) customers.
  • The setup for protocolizing DefenCath can take several weeks to a few months, potentially delaying revenue realization.
  • Operating expenses increased by 33% in the third quarter compared to the same period in 2023, driven by higher selling, marketing, and G&A expenses.
  • The inpatient uptake process for DefenCath is expected to be longer and more consistent with traditional inpatient launches, delaying potential revenue from this segment.
  • The company is not providing specific revenue guidance for the fourth quarter due to uncertainties in customer onboarding timelines.
Operator

Good day and welcome to the CorMedix Inc third quarter, 2024 financial results conference call (Operator Instructions). I would now like to turn the conference over to Dan Ferry of lifestyle advisers. Please go ahead.

Dan Ferry
CorMedix Inc - IR Contact Officer

Thanks operator. Good morning and welcome to the CorMedix third quarter, 2024 earnings conference call leading the call today is Joe Tedisco, Chief Executive Officer of for CorMedix and he is joined by Dr Matt David, Executive Vice President and CFO Beth Zelma Kaufman VP and Chief Legal Officer, Liz Hurlbert, EVP and Chief Clinical Strategy and Operations Officer and Erin M 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 meeting 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 plans about the company's

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