CorMedix (CRMD) shares rose by more than 16% in Tuesday's premarket activity after it reported preliminary Q4 net revenue of $31 million.

Analysts surveyed by FactSet expected sales of $19.7 million.

The biopharmaceutical firm also said it has more than $25 million worth of orders scheduled for delivery in Q1.

The company also reported preliminary cash and short-term investments of about $52 million, as of Dec. 31.