Executive Summary

Q2 2025 delivered net revenue of $39.7mm and diluted EPS of $0.28, both above S&P Global consensus ($35.9mm revenue, $0.19 EPS); EBITDA was slightly below consensus ($19.7mm actual vs $20.4mm est). Drivers were strong DefenCath adoption and a large dialysis organization (LDO) implementation that expanded patient coverage .*
Sequential momentum continued: revenue $39.7mm vs $39.1mm in Q1 and $31.2mm in Q4; gross profit remained >95% of net revenue .
Guidance actions: H1 2025 net sales guidance raised to $62–$70mm in April, and Q2 net sales guidance raised to $35–$40mm in June; FY25 cash OpEx guidance reiterated at $72–$78mm .
Strategic catalyst: announced acquisition of Melinta Therapeutics ($260mm cash + $40mm equity, plus milestones/royalties) supported by a $150mm 4.00% 2030 convertible notes financing; expected close in September pending customary approvals .

What Went Well and What Went Wrong

Revenue and EPS beats: Net revenue $39.7mm and diluted EPS $0.28 surpassed consensus ($35.9mm and $0.19), reflecting broadening DefenCath adoption and the LDO rollout .*
Profitability sustained: Net income $19.8mm with gross profit $37.9mm and limited cost of revenues ($1.86mm), maintaining very high gross margins .
Strategic expansion: Signed definitive agreement to acquire Melinta, adding a marketed infectious disease portfolio including REZZAYO and TOPROL-XL; CEO: “The combination…creates a specialty pharmaceutical leader…with scale, resources, and expertise” .

EBITDA slight miss: EBITDA of $19.7mm was modestly below S&P Global consensus of $20.4mm, reflecting higher-than-expected G&A and R&D in support of clinical programs and business development .*
Operating expense growth: Total OpEx rose 18% YoY to $18.3mm, driven by G&A (+25%) and R&D (+$1.7mm YoY) as trials ramped; S&M declined YoY from launch-related costs in 2024 but normalizing sequentially .
Integration risks ahead: Management highlighted typical M&A execution risks (HSR clearance, integration complexity, customer/distributor continuity, and talent retention) per the 8-K forward-looking statements .

Metric	Q4 2024	Q1 2025	Q2 2025
Revenue ($USD)	$31,209,936	$39,081,657	$39,736,790
Net Income ($USD)	$13,464,404	$20,643,898	$19,827,981
Diluted EPS ($USD)	$0.22	$0.30	$0.28
Cost of Revenues ($USD)	$1,175,559	$1,596,715	$1,862,448
Gross Profit ($USD)	$30,034,377	$37,484,942	$37,874,342
Total Operating Expenses ($USD)	$17,098,369	$17,359,662	$18,330,837
EBITDA (Non-GAAP) ($USD)	$13,097,702	$20,249,050	$19,690,151
Adjusted EBITDA (Non-GAAP) ($USD)	$15,326,910	$23,603,429	$22,367,231

Q2 2025 actuals vs S&P Global consensus:

Values marked with * retrieved from S&P Global.

OpEx detail (Q2 2025 vs Q2 2024):

Balance sheet highlights:

Metric	Dec 31, 2024	Jun 30, 2025
Cash, Cash Equivalents & Restricted Cash ($USD)	$40,756,138	$159,414,050
Short-term Investments ($USD)	$11,036,857	$31,402,850
Total Assets ($USD)	$118,845,673	$252,599,103
Total Liabilities ($USD)	$34,188,723	$31,968,916
Total Stockholders’ Equity ($USD)	$84,656,950	$220,630,187

Metric	Period	Previous Guidance	Current Guidance	Change
Net Sales to Existing Purchasing Customers ($USD)	H1 2025	$50–$60mm	$62–$70mm	Raised
Net Sales ($USD)	Q2 2025	$31mm (prior internal baseline)	$35–$40mm	Raised
Cash Operating Expenses ($USD)	FY 2025	—	$72–$78mm (reiterated)	Maintained

Topic	Previous Mentions (Q4 2024, Q1 2025)	Current Period (Q2 2025)	Trend
Product performance (DefenCath)	Q4: $31.2mm net revenue; first profitable quarter . Q1: $39.1mm net revenue; strong outpatient adoption .	Q2: $39.7mm net revenue; continued adoption, LDO implementation expansion .	Improving utilization; resilient run-rate.
R&D execution	Q4: preparing TPN Phase 3; pediatric HD planned . Q1: TPN Phase 3 commenced; higher R&D spend .	Q2: R&D $2.44mm with ongoing trials; focus maintained .	Execution ramping; spend rising appropriately.
Inpatient/channel strategy	Q4: inpatient team staffing near complete; VA promotions started . Q1: inpatient shipments doubled; field ops active .	Q2: continued inpatient growth outlook; LDO implementation expanded .	Scaling across settings of care.
Liquidity/financing	Q1: cash/STI $77.5mm .	Q2: cash+STI $190.7mm; June equity raise $85mm .	Strengthened balance sheet.
Strategic M&A	—	Announced Melinta acquisition; portfolio/scale expansion; $150mm converts .	Transformational; integration ahead.
Regulatory/milestones	Q4: Orphan application for TPN; government program participation detailed .	Melinta’s REZZAYO prophylaxis Phase III ongoing; potential $25mm milestone on approval .	Added optionality via deal.

Note: A Q2 2025 earnings call transcript was not available in the document catalog; themes reflect press releases and the 8-K .

“I am excited to announce that our LDO customer is moving forward with the implementation of DefenCath…Implementation will initially target at least 50% more patients than previously communicated” — CEO Joseph Todisco .
“The combination of CorMedix and Melinta represents a compelling opportunity to create a specialty pharmaceutical leader…with scale, resources, and expertise” — CEO Joseph Todisco .
“We have seen continued growth from existing customers…focused on growing our patient base in 2025 with both existing and new accounts” — CEO Joe Todisco .

A full Q2 2025 earnings call transcript was not available; no verified Q&A content could be extracted [ListDocuments result: none for Aug 2025]. Key areas of investor focus likely included LDO ramp and inventory normalization, inpatient growth trajectory, and Melinta integration/financing terms as outlined in the 8-K .

Q2 beat on revenue and EPS vs S&P Global consensus; EBITDA slightly below. Revenue: $39.7mm actual vs $35.9mm est; EPS: $0.28 actual vs $0.19 est; EBITDA: $19.7mm actual vs $20.4mm est .*
Near-term estimates may drift upward for revenue/EPS given sustained run-rate and expanded LDO implementation; EBITDA revisions hinge on OpEx trajectory (R&D and G&A) and integration costs tied to Melinta .
Values marked with * retrieved from S&P Global.

Strong operating momentum: Revenue/EPS beats with high gross margins and sustained profitability; watch sequential shipment patterns but underlying utilization remains healthy .
Commercial expansion catalyst: LDO implementation widened, supporting H2 shipment outperformance vs H1 per prior commentary .
Strategic scale-up: Melinta acquisition adds marketed assets and potential REZZAYO prophylaxis milestone/royalties; financing in place via $150mm converts; diligence on integration execution is critical .
Expense dynamics: EBITDA miss was modest; monitor G&A (stock comp, BD) and R&D cadence as trials progress .
Liquidity reinforced: Cash and short-term investments of $190.7mm at quarter-end plus June equity raise increase flexibility for growth and integration .
Guidance credibility improving: Multiple raises (H1 and Q2) executed; FY25 cash OpEx guidance reiterated; track delivery vs these raised targets .
Trading setup: Positive narrative supported by beats and strategic M&A; near term stock drivers include deal closure progress (HSR), integration updates, and confirmation of H2 shipment acceleration .