CorMedix Inc. (NASDAQ: CRMD) shares plummeted 24.79% in pre-market trading on Tuesday, despite reporting its first-ever profitable commercial quarter. The sharp decline comes as investors weigh the company's positive fourth-quarter results against concerns about future growth and expenses.

CorMedix reported net sales of $31.2 million for the fourth quarter and $43.5 million for the full year 2024, primarily driven by the successful implementation of DefenCath by outpatient dialysis customers. The company achieved a net income of $13.5 million and earnings per share of $0.22 in Q4. However, the announcement of a new Phase 3 study for DefenCath in patients receiving Total Parenteral Nutrition (TPN), set to commence in Q2 2025, may have sparked concerns about future expenses and potential dilution.

Adding to investor unease, CorMedix provided preliminary net revenue guidance of $50-$60 million for the first half of 2025, with more than $33 million expected in the first quarter. While this guidance suggests continued growth, it's possible that some investors had higher expectations, contributing to the stock's significant pre-market decline. The market's reaction indicates that investors are focusing on future challenges and growth prospects rather than the company's recent profitability milestone.