Sometimes a product launch goes better than even the company itself hoped. That's the story at CorMedix Inc. (CRMD), which just reported a third quarter where everything seemed to go right.

The biopharma company posted earnings of $1.26 per share, which absolutely crushed the consensus estimate of 63 cents. Sales jumped to $104.27 million from just $11.5 million a year ago, also beating expectations. The driver? Higher-than-expected use of its DefenCath product by outpatient dialysis customers.

DefenCath, a catheter lock solution used to prevent infections in dialysis patients, contributed $88.8 million in net revenue for the quarter. That demand translated into a net income of $108.6 million and adjusted EBITDA of $71.9 million. The company ended the period with $55.7 million in cash and short-term investments.

With that kind of momentum, management is feeling confident about the future. CorMedix raised its full-year 2025 pro forma net revenue guidance to a range of $390 to $410 million. For context, the consensus on Wall Street was sitting at just $283.69 million. They also bumped up their Q4 net revenue outlook to $115-$135 million.

It's not just the core business performing well. The company's acquisition of Melinta Therapeutics, which closed in August, is integrating faster than projected. CorMedix now estimates it will capture about $30 million of the total $35-$45 million in expected synergies on an annual run-rate basis before the end of 2025. As a result, the company also increased its 2025 guidance for fully synergized pro forma adjusted EBITDA to $220–$240 million.

Investors liked what they heard. CorMedix shares were up over 12% following the news.