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Cormedix (CRMD) is trading sharply higher today after providing Q3 and FY25 revenue guidance showing a major surge in growth, driven by strong DefenCath performance and contributions from the recently acquired Melinta portfolio.

• Q3 revenue guided to more than $100 mln, up sharply from $39.7 mln in Q2; DefenCath represents at least $85 mln on stronger utilization by its LDO customer and broader adoption elsewhere.
• Based on DefenCath sales trends and Melinta portfolio performance, management raised its FY25 revenue outlook to $375 mln from $325-350 mln.
• On its Q2 call, management said the Melinta acquisition diversifies CRMD with six acute-care and anti-infective products, adds Rezzayo as a growth driver, and is expected to be EPS accretive in 2026.
• Melinta integration is tracking well; management targets at least $30 mln in run-rate cost synergies by the end of 4Q25 and another $5-15 mln in 2026.
• Looking ahead, CorMedix completed enrollment in the Phase 3 ReSPECT trial for Rezzayo, with data expected in 2Q26 and management highlighting a $2 bln TAM.

Briefing.com Analyst Insight

While consensus comparisons remain limited post-merger, CorMedix's updated guidance underscores robust DefenCath adoption and validates the strategic fit of the Melinta acquisition. Strong synergy capture and accelerating utilization trends bode well for growth, though successful execution and positive clinical outcomes will be critical to unlocking further upside. With the stock pulling back following its Q2 report in August, investors have found renewed enthusiasm with the robust guidance.