CRMD - CorMedix slumps 20% despite a surge in Q1 revenue

Biopharmaceutical company, CorMEdix ([[CRMD]] -20.5%) losses tempo despite beating Q1 revenue consensus by $0.06M, reports revenue of $0.09M.Operating expenses surged 29% to $7.2M, compared to the same quarter last year.Company reported cash and short-term investments of $81.2M at March 31, 2021.Reports net loss $7.2M, compared with a net loss of $5.6M prior.GAAP EPS of -$0.20 misses consensus by $0.02Company strengthened balance sheet via equity financing of $41.5M.Khoso Baluch, CEO commented, “As we continue to work through the items required by FDA for resubmission of the NDA, we remain confident in our efforts to bring DefenCath to hemodialysis patients as an important novel antimicrobial catheter lock solution to reduce catheter related blood stream infections in patients receiving hemodialysis via central venous catheters. We believe we have the right team and resources to accomplish this as we advance DefenCath through the regulatory approval process.”Company has seen volatile price movements over the past six months due to FDA's DefenCath response.Press

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CorMedix slumps 20% despite a surge in Q1 revenue