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.

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