CorMedix Inc. reported $11.5 million in revenue for Q3 2024, with plans for expansion and clinical studies.
From GlobeNewswire
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CorMedix Inc. reported a net revenue of $11.5 million for Q3 2024, driven by successful DefenCath sales to top US dialysis providers. The company secured commercial agreements with key operators, totaling access to 60% of US dialysis centers. Plans for clinical studies and expansion beyond adult hemodialysis are on track.
In Q3 2024, CorMedix recorded $11.5 million in net revenue from DefenCath sales, resulting in a net loss of $2.8 million. Operating expenses rose to $14.1 million, with increased selling and marketing costs. For the first nine months of 2024, net loss decreased slightly to $31.4 million, with $45.5 million in operating expenses.
CorMedix’s cash and short-term investments stood at $46.0 million as of September 30, 2024. The company believes it has ample resources to fund operations for at least the next twelve months. A conference call is scheduled for October 30, 2024, at 8:30 a.m. Eastern Time to discuss these financial results and corporate developments. CorMedix Inc. reported a net loss of $2.8 million for the third quarter of 2024, with revenue totaling $11.5 million. Operating expenses were $14.1 million, resulting in a loss from operations of $3.3 million. The company’s total assets as of September 30, 2024, were $77.6 million, with total liabilities at $18.9 million.
For the nine months ended September 30, 2024, CorMedix reported a net loss of $31.4 million. Cash, cash equivalents, and restricted cash totaled $35.4 million, with short-term investments at $10.7 million. The company’s total stockholders’ equity was $58.7 million. Operating activities resulted in a net cash usage of $45 million.
CorMedix’s revenue for the first nine months of 2024 was $12.3 million, with a gross profit of $10.8 million. The company’s accumulated deficit was $353.1 million, and its total liabilities were $18.9 million. Cash and cash equivalents, along with restricted cash, totaled $35.4 million as of September 30, 2024.
Read more at GlobeNewswire
– Tesla’s stock rose 4% after the company reported record-breaking quarterly revenue of $11.96 billion, exceeding analysts’ expectations. The electric car maker also announced plans to invest $1 billion in a new factory in Texas.
– Apple unveiled its new line of iPhones, including the iPhone 13 and iPhone 13 Pro, at its annual event. The company also introduced the Apple Watch Series 7 and updated its iPad and iPad Mini models.
– Moderna announced that its COVID-19 vaccine is safe and effective for children ages 6 to 11, based on clinical trial data. The company plans to seek FDA authorization for emergency use in this age group in the coming weeks.:: CorMedix Inc. Reports Third Quarter and Nine Month 2024