DefenCath, CorMedix’s lead product, was launched in hospitals in April 2024 and in outpatient settings in July 2024 following FDA approval.

CorMedix raised its second-quarter sales forecast on Monday after disclosing that its large dialysis organization (LDO) partner has started implementing DefenCath with a broader reach than previously anticipated, sparking a surge in retail investor chatter.

The biopharmaceutical company now expects second-quarter (Q2) net sales to range between $35 million and $40 million, up from its prior estimate of $31 million. 

The upward revision is driven by the start of DefenCath implementation across the LDO’s network, with the initial rollout covering at least 50% more patients than earlier communicated. 

The agreement between the companies has been amended to reflect the increased utilization.

CorMedix anticipates a modest revenue contribution in June, with accelerating growth in the second half of 2025 as the implementation scales.

DefenCath, a taurolidine-heparin lock solution, was approved by the FDA in November 2023 began being commercially sold in hospitals in April 2024, and then started being sold to outpatients in July 2024. 

DefenCath reduces the risk of bloodstream infections in patients on hemodialysis with a central venous catheter.

Looking ahead, CorMedix plans to begin clinical studies of DefenCath in pediatric and total parenteral nutrition (TPN) populations in 2025. 

It also aims to explore the product’s potential in other catheterized patient populations.

Needham raised its price target on CorMedix to $20 from $15 and maintained a ‘Buy’ rating following the company’s DefenCath commercial update. 

In a note to investors, Needham said it had anticipated product orders by mid-2025 but added that the earlier and larger rollout “represents significant upside to prior expectations.” 

The research firm said that increased DefenCath usage is key for the transitional drug add-on payment adjustment (TDAPA), which starting in July 2026 will be based on the prior year’s total DefenCath expenditures divided by total dialysis treatments.

On Stocktwits, retail sentiment was ‘extremely bullish’ amid a 13,050% surge in 24-hour message volume.

One user noted that CorMedix’s market cap had crossed the $1 billion mark and described the day as “historic.” 

They credited the CEO for securing a key agreement with one large dialysis organization and suggested that a competing LDO might be at a disadvantage in future negotiations. 

Another user said they had taken profits and hoped to re-enter at a slightly lower price to ride the stock higher toward the $25–$30 range.

The stock has risen 101.5% so far in 2025.

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