Needham analyst Serge Belanger has maintained their bullish stance on CRMD stock, giving a Buy rating today.
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Serge Belanger has given his Buy rating due to a combination of factors that highlight Cormedix’s strong financial performance and promising future prospects. The company reported preliminary third-quarter 2025 revenues of at least $100 million, which significantly exceeded market expectations of $65.9 million. This impressive revenue growth was primarily driven by stronger than anticipated sales of DefenCath, particularly through increased utilization by Fresenius and expansion with other customers.
Furthermore, Cormedix has raised its 2025 pro-forma net revenue guidance to at least $375 million, up from the previous range of $325 million to $350 million. This upward revision is attributed to the robust sales of DefenCath and the performance of the Melinta portfolio. Additionally, the company anticipates realizing substantial cost synergies from the Melinta acquisition, with expectations of achieving at least $30 million of the projected $45 million in savings by the end of 2025. These factors, combined with a projected adjusted EBITDA of at least $70 million for the third quarter of 2025, underpin the Buy rating and support a price target of $20.
In another report released today, D. Boral Capital also upgraded the stock to a Buy with a $14.00 price target.