CorMedix Therapeutics (NASDAQ:CRMD) has maintained its full-year 2026 revenue guidance of $325 million to $345 million and reported approximately $355 million in unaudited cash and cash equivalents as of September 30, 2026, according to a business update released on November 2.
The pharmaceutical company also provided an update on Medicare reimbursement for DefenCath, its taurolidine and heparin product, following the publication of new payment rates for 2027.
The Centers for Medicare and Medicaid Services (CMS) has established a post-TDAPA add-on payment of $8.32 per dialysis session for the first quarter of 2027, significantly above the current reimbursement rate.
CorMedix reaffirmed its expectation for total revenue of between $325 million and $345 million in 2026, indicating no change to its previously issued financial outlook.
The company also reported an unaudited cash balance of approximately $355 million at the end of September, providing an update on its liquidity position ahead of its full third-quarter results.
Further financial details are expected when CorMedix releases its quarterly earnings on November 12.
On October 28, CMS published its final 2027 End-Stage Renal Disease Prospective Payment System rule, establishing a first-quarter post-TDAPA add-on payment of $8.32 per dialysis session for DefenCath.
The new rate compares with the $2.37 add-on payment applicable during the third and fourth quarters of 2026.
The first-quarter 2027 payment represents approximately 3.5 times the current rate, placing it within CorMedix’s previously indicated range of three to five times the existing reimbursement level.
The revised payment is an important development for DefenCath’s reimbursement framework as the product transitions into the post-TDAPA period.
CorMedix also addressed comments made by a large dialysis organisation during an investor conference call concerning the potential quarterly progression of DefenCath reimbursement payments in 2027.
The company stated that it had not supplied the organisation, or any other external party, with the utilisation or pricing information necessary to calculate future quarterly adjustments.
CorMedix cautioned investors against interpreting third-party reimbursement projections as official company guidance.
Based on its own assessment of sales data and contractual arrangements, CorMedix expects the DefenCath add-on payment to decline in the second quarter of 2027 compared with the first quarter.
The company subsequently anticipates an increase in the third and/or fourth quarters of the year.
Despite these expected fluctuations, CorMedix forecasts that the reimbursement rate will remain above the current $2.37 per-session level throughout all four quarters of 2027.
It also expects the average payment for the full year to exceed twice the current rate, equivalent to more than $4.74 per dialysis session.
These projections remain subject to future reimbursement calculations and changes in the underlying data.
CorMedix plans to hold a conference call on November 12, 2026, to discuss its complete third-quarter financial results and provide additional business updates.
The company has already confirmed that its annual revenue expectations remain unchanged and that its cash position stood at approximately $355 million at the end of September.
Investors will be monitoring the upcoming results for further information about DefenCath sales, operating performance and the potential financial implications of the revised Medicare reimbursement structure.
The confirmed first-quarter 2027 add-on payment of $8.32 represents a substantial increase from the current rate, although CorMedix expects quarterly adjustments during the remainder of next year.
The company’s maintained revenue guidance and updated reimbursement expectations provide additional information ahead of its forthcoming earnings announcement.
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