Categories Earnings, Health Care

CorMedix (NYSE: CRMD): Q4 2019 Earnings Snapshot

— CorMedix Inc. (NYSE: CRMD) reported a fourth-quarter 2019 loss of $0.21 per share versus a loss of $0.24 per share expected.

— The latest quarter’s loss was compared to the prior-year quarter’s profit of $0.10 per share. This was due to the reversal of clinical trial expenses as a result of the settlement agreement with its CRO in 2018.

Earnings Update by AlphaStreet

— Net sales fell by 7% year-over-year to $25 thousand versus $90 thousand expected.

— The company has begun the submission process of the New Drug Application (NDA) for Neutrolin for the prevention of catheter-related bloodstream infections in hemodialysis patients.

— The company believes it is on schedule for potential approval of the NDA for use in adult hemodialysis patients during the second half of 2020.

— CorMedix has been approved to transfer about $5.5 million of the total $6 million of its available tax benefits to an unrelated, profitable New Jersey corporation for about $5.2 million in net proceeds.

— Total cash on hand and short-term investments as of December 31, 2019, amounted to $28.3 million, excluding restricted cash of $0.2 million.

— The company believes it has sufficient resources to fund operations into the second quarter of 2021, including the submission of the NDA for Neutrolin and initial preparations for commercial launch.

Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

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