CorMedix Inc. reported its financial results for the three and nine months ended September 30, 2024, highlighting significant developments in revenue and expenses following the launch of its product, DefenCath. For the third quarter of 2024, the company achieved net sales of $11.5 million, a notable increase from zero sales in the same period of 2023. Gross profit for the quarter was $10.8 million, reflecting the successful commercialization of DefenCath, which received FDA approval in November 2023 and was launched in April 2024.
Despite the revenue growth, CorMedix reported a net loss of $2.8 million for Q3 2024, a substantial improvement compared to a net loss of $9.7 million in Q3 2023. The loss from operations for the quarter was $3.3 million, down from $10.5 million year-over-year. For the nine months ended September 30, 2024, net sales totaled $12.3 million, with a net loss of $31.4 million, slightly better than the $31.6 million loss reported for the same period in 2023.
Total operating expenses for Q3 2024 were $14.1 million, up from $10.5 million in Q3 2023, driven primarily by increased selling and marketing expenses, which rose by 66% to $6.7 million. General and administrative expenses also increased by 76% to $6.6 million. Research and development expenses, however, decreased significantly by 73% to $0.7 million for the quarter, reflecting a strategic shift in resource allocation.
As of September 30, 2024, CorMedix's total current assets decreased to $73.2 million from $79.5 million at the end of 2023, while total liabilities rose to $18.9 million from $11.9 million. The accumulated deficit grew to $353.1 million, and total stockholders’ equity fell to $58.7 million from $70.1 million at the end of 2023.
The company continues to rely heavily on a single customer, which accounted for 98% of Q3 2024 revenue and 92% of revenue for the nine months ended September 30, 2024. Cash and cash equivalents decreased to $35.4 million from $53.5 million year-over-year, with net cash used in operating activities increasing to $45 million from $27.7 million in the prior year.
CorMedix has approximately $36 million of common stock available for sale under its 2024 ATM program and $100 million remaining under its 2024 Shelf Registration Statement, indicating ongoing efforts to secure funding for its operations and commercial infrastructure. The company has also discontinued sales of its previous product, Neutrolin, due to lack of commercial viability, focusing its resources on DefenCath.
About CorMedix Inc.
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