Why Did CRMD Stock Crash 28% Today?

• The outlook includes $150 million to $170 million from DefenCath, with results weighted toward the first half of the year.
• The company expects adjusted EBITDA for 2026 to be between $100 million and $125 million.
• CorMedix is commercializing a portfolio of anti-infective products.

Shares of CorMedix Therapeutics (CRMD) plunged 28% on Thursday after the company issued a cautious full-year 2026 outlook, signalling revenue could come in below 2025 levels.

CRMD was among the top trending stocks at the time of writing.

CorMedix posted net revenue of around $127 million in the fourth quarter (Q4) of 2025 and $310 million for the full year, with pro forma full-year revenue of about $400 million. Adjusted earnings before interest, tax, depreciation and amortization (EBITDA) for Q4 is expected to range between $77 million and $81 million.

Full-Year Expectations

For 2026, CorMedix expects revenue between $300 million and $320 million, including $150 million to $170 million from DefenCath, with performance weighted toward the first half of the year. DefenCath is an FDA-approved catheter lock solution used to reduce bloodstream infections in certain adult dialysis patients with central venous catheters.

Adjusted EBITDA for 2026 is projected at $100 million to $125 million, supported by $35 million in annualized cost synergies from the Melinta acquisition. Last August, CorMedix acquired Melinta Therapeutics in a $300 million deal, which also includes up to $25 million in regulatory milestone payments and royalties.

Key Updates

Commercial momentum continues to be driven by DefenCath, which is seeing strong utilization and patient growth among outpatient dialysis customers. CorMedix noted that reimbursement for DefenCath will decline in the second half of 2026 as the Transitional Drug Add-on Payment Adjustment (TDAPA) transitions to a post-TDAPA add-on adjustment, pressuring pricing later in the year.

However, the company expects reimbursement to improve in 2027, potentially supporting higher pricing compared to late 2026.

On the clinical front, Phase 3 data from the ReSPECT study of REZZAYO antifungal medication is expected in Q2 2026, while enrollment continues in a Phase 3 study of DefenCath in total parenteral nutrition (TPN) patients. CorMedix is also commercializing a portfolio of anti-infective products.

How Did Stocktwits Users React?

Despite the sharp intraday decline, retail sentiment on Stocktwits flipped to ‘bullish’ from ‘bearish’ a day earlier, amid ‘high’ message volumes. CRMD was among the top trending tickers on the platform.

One user questioned the company’s financial outlook.

Another user sounded skeptical about the company’s second-half performance.

Over the past year, the stock has declined about 20%.

Read also: Why Did MLTX Stock Jump 45% In Pre-Market Today?

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