The following is a summary of the CorMedix Inc. (CRMD) Q3 2024 Earnings Call Transcript:

Financial Performance:

• CorMedix reported Q3 net revenue of $11.5 million, exceeding expectations and showcasing a successful first full quarter of product shipments.

• The company achieved a reduction in net loss to $2.8 million in Q3 2024, from $9.7 million in Q3 2023.

• Operating expenses increased by 33% to $14.1 million, primarily due to boosted sales, marketing, and increased G&A expenses in support of DefenCath's commercial launch.

Business Progress:

• CorMedix successfully launched its first commercial product, DefenCath, now available in approximately 60% of U.S. dialysis clinics.

• Engaged in significant pre-implementation efforts for DefenCath, including protocol establishment and training with outpatient and inpatient customers.

• Progress in clinical developments includes preparations to submit an updated clinical protocol for adult TPN to the FDA and initiation of additional trials for real-world evidence and pediatric hemodialysis.

Opportunities:

• Expanded access to DefenCath in approximately 60% of dialysis clinics thanks to new agreements with dialysis operators.

• Growth driven by partnerships with major outpatient care providers and anticipated increase in utilization post protocolization.

Risks:

• Sales and implementation could be affected by the variability in the timing of orders from large scale outpatient customers, potentially impacting fourth-quarter revenues.

• Operational risks related to scaling up implementations across over 2,000 clinics for critical customers, which could delay expected patient conversion and revenue realization.

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