CRMD

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CorMedix Inc.

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Key Metrics

Previous Close: $8.52
52-Week Range: $6.13 – $14.96
Market Cap: $641.48M
P/E (TTM): 3.78
EPS (TTM): 2.18
Dividend Yield: —

Advanced Metrics

Price/Book: 1.48
PEG Ratio: —
Return on Equity: 54.93%
Return on Assets: 24.56%
Gross Margin: 90.21%
Operating Margin: 42.10%
Profit Margin: 40.49%
Current Ratio: 2.56
Debt/Equity: 0.32
Total Debt: $147.46M
Free Cash Flow: $178.14M
Revenue Growth: 156.50%
Earnings Growth: 6.70%
Enterprise Value: $532.24M

CRMD Income statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Revenue	$65.41K	$0.00	$43.47M	$311.71M
Cost of Revenue	$3.73K	$0.00	$3.19M	$35.96M
Gross Profit	$61.67K	$0.00	$40.28M	$275.75M
Research & Development	$10.68M	$13.16M	$3.94M	$19.33M
Selling, General & Admin	$20.01M	$35.80M	$58.70M	$106.27M
Operating Expenses	$30.69M	$48.96M	$62.64M	$125.61M
Operating Income	-$30.62M	-$48.96M	-$22.36M	$150.14M
EBITDA	-$30.18M	-$46.23M	-$18.98M	$167.35M
Pretax Income	-$30.29M	-$46.34M	-$19.32M	$150.02M
Income Tax	-$585.62K	$0.00	-$1.40M	-$13.04M
Net Income	-$29.70M	-$46.34M	-$17.93M	$163.06M
Diluted EPS	-0.74	-0.91	-0.30	2.04
Diluted Shares	40.27M	50.90M	58.87M	80.31M

CRMD Balance Sheet statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Cash & Equivalents	$43.15M	$43.64M	$40.65M	$144.84M
Receivables	$0.00	$0.00	$51.65M	$171.23M
Inventory	$0.00	$2.11M	$7.60M	$29.72M
Current Assets	$59.55M	$79.45M	$114.58M	$367.05M
Total Assets	$62.04M	$82.06M	$118.85M	$826.14M
Current Liabilities	$6.31M	$11.40M	$33.84M	$174.27M
Long-Term Debt	—	—	—	$144.63M
Total Debt	$802.43K	$667.63K	$517.00K	$148.91M
Total Liabilities	$6.98M	$11.92M	$34.19M	$420.83M
Retained Earnings	-$275.36M	-$321.70M	-$339.63M	-$176.57M
Shareholders' Equity	$55.06M	$70.14M	$84.66M	$405.31M
Working Capital	$53.24M	$68.05M	$80.73M	$192.78M

CRMD Cash Flow statement, annual periods, in USD
USD	FY2022	FY2023	FY2024	FY2025
Operating Cash Flow	-$24.36M	-$38.41M	-$50.62M	$175.05M
Capital Expenditure	-$219.36K	-$327.30K	-$116.00K	-$2.26M
Free Cash Flow	-$24.58M	-$38.74M	-$50.73M	$172.79M
Depreciation & Amortisation	$84.62K	$70.75K	$310.00K	$14.55M
Stock-Based Compensation	$4.07M	$5.49M	$6.13M	$13.83M
Investing Cash Flow	-$3.71M	-$17.06M	$21.23M	-$308.43M
Financing Cash Flow	$17.90M	$55.92M	$26.32M	$238.45M
Net Change in Cash	-$10.17M	$445.64K	-$3.06M	$105.07M

CRMD Income statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Revenue	$39.08M	$39.74M	$104.28M	$128.62M	$127.43M
Cost of Revenue	$1.60M	$1.86M	$11.19M	$21.31M	$22.30M
Gross Profit	$37.48M	$37.87M	$93.08M	$107.31M	$105.12M
Research & Development	$3.19M	$2.44M	$5.10M	$8.60M	$7.21M
Selling, General & Admin	$14.17M	$15.89M	$36.64M	$39.58M	$34.25M
Operating Expenses	$17.36M	$18.33M	$41.73M	$48.18M	$41.46M
Operating Income	$20.13M	$19.54M	$51.35M	$59.13M	$63.66M
EBITDA	$20.29M	$20.52M	$57.31M	$68.70M	$74.20M
Pretax Income	$20.64M	$20.35M	$52.58M	$56.45M	$55.65M
Income Tax	$0.00	$521.51K	-$55.99M	$42.43M	$17.04M
Net Income	$20.64M	$19.83M	$108.56M	$14.02M	$38.60M
Diluted EPS	0.30	0.28	1.26	0.16	0.43
Diluted Shares	68.97M	71.92M	86.21M	93.92M	92.98M

CRMD Balance Sheet statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Cash & Equivalents	$66.29M	$159.31M	$48.49M	$144.84M	$178.09M
Receivables	$54.61M	$42.91M	$160.07M	$171.23M	$154.81M
Inventory	$7.49M	$9.63M	$28.92M	$29.72M	$30.73M
Current Assets	$144.86M	$248.06M	$259.54M	$367.05M	$383.11M
Total Assets	$149.58M	$252.60M	$750.86M	$826.14M	$815.64M
Current Liabilities	$34.39M	$31.71M	$133.64M	$174.27M	$128.78M
Long-Term Debt	—	—	$144.53M	$144.63M	$144.88M
Total Debt	$476.59K	$435.25K	$148.92M	$148.91M	$144.88M
Total Liabilities	$34.69M	$31.97M	$376.73M	$420.83M	$378.59M
Retained Earnings	-$318.99M	-$299.16M	-$190.60M	-$176.57M	-$137.97M
Shareholders' Equity	$114.89M	$220.63M	$374.13M	$405.31M	$437.05M
Working Capital	$110.47M	$216.35M	$125.89M	$192.78M	$254.34M
Net Debt	—	—	$96.04M	—	—

CRMD Cash Flow statement, quarterly periods, in USD
USD	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Operating Cash Flow	$19.74M	$29.99M	$30.86M	$94.46M	$42.38M
Capital Expenditure	-$10.00K	-$24.12K	-$505.77K	-$1.72M	-$729.00K
Free Cash Flow	$19.73M	$29.97M	$30.35M	$92.74M	$41.65M
Depreciation & Amortisation	$162.00K	$162.88K	$3.79M	$10.43M	$10.54M
Stock-Based Compensation	$3.50M	$2.68M	$4.07M	$3.59M	$4.58M
Investing Cash Flow	-$195.00K	-$20.21M	-$291.32M	$3.30M	$2.96M
Financing Cash Flow	$6.09M	$83.24M	$150.53M	-$1.41M	-$12.10M
Share Repurchases	$0.00	—	—	—	-$11.09M
Net Change in Cash	$25.64M	$93.02M	-$109.93M	$96.35M	$33.25M

Market Snapshot

About

CorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases. Headquartered in Bridgewater, New Jersey, the company's lead product is DefenCath, a novel antimicrobial catheter lock solution designed to prevent catheter-related bloodstream infections (CRBSIs) in patients receiving chronic hemodialysis. CorMedix has received FDA approval for DefenCath and is working on commercialization and market penetration. The company is also exploring additional applications for its taurolidine-based platform technology.