CorMedix Inc
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The cash pile is full, the business makes money, and there is no question of survival — hence not red. But the most important operating question is open: what does CorMedix earn without the Medicare add-on that carried its 2025 profit? Its own guidance points to a second half of 2026 around breakeven, three customers account for most of its revenue, and its financial controls are rated ineffective. The low P/E is a rear-view number. If you wait, check the quarterly report for September 30, 2026 to see how far DefenCath revenue falls without the add-on. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
CorMedix is a textbook case of holiday-bonus math: $163.1 million of 2025 profit and a P/E of about 3.7 look like a bargain, but were mostly earned with a temporary Medicare add-on for DefenCath that largely went away on July 1, 2026. The company’s own guidance leaves about $96 million to $116 million of revenue and adjusted EBITDA around zero for the second half of 2026. Cash and the Melinta business provide support, REZZAYO and higher reimbursement from 2027 provide hope. Not investment advice.
Business model & product
DefenCath is approved (11/15/2023) and in demand, and CorMedix has contracts with all of the five largest U.S. dialysis providers. But its price depends on Medicare reimbursement, and in 2025 about 83 percent of revenue came from this single product.
Earnings power after the add-on
Since 07/01/2026, TDAPA reimbursement has turned into a significantly lower follow-on payment. The company’s guidance of 08/13/2026 leaves about $96 million to $116 million of revenue and adjusted EBITDA of roughly minus $4 million to plus $11 million for the second half.
Balance sheet & liquidity
$256.7 million of cash at 06/30/2026, operating cash flow of $175.0 million (2025) and $128.6 million (first half of 2026). Against that stand $150 million of convertible notes due 2030 and $111.6 million of contingent consideration.
Customers & concentration
Three customers accounted for 79 percent of 2025 revenue, with no purchase commitments. For deferred rebate payments to one customer, CorMedix is locking up about $59 million of cash as collateral from the third quarter of 2026.
Controls & governance
Material weakness in internal control since the 2025 annual report, not remediated as of 06/30/2026; auditor changed to Ernst & Young on 06/25/2026; shareholder class action pending since 2021.
Pipeline
REZZAYO for preventing fungal infections: acceptance of the FDA application under priority review announced on 10/19/2026, decision due in the first quarter of 2027. Plus an ongoing study of DefenCath in patients fed intravenously.
Worth Noting
CorMedix made our research list through our in-house Reddit hype scanner (3 mentions in 24 hours, ApeWisdom, as of October 21, 2026).
The second-half 2026 figures are our calculation: full-year guidance of 08/13/2026 minus the reported first-half figures. Adjusted EBITDA is a company metric, not a U.S. GAAP measure.
Valuation at the closing price of $7.57 on 10/20/2026; share count 77,944,324 per the quarterly report (as of 08/10/2026).
Stock Watch
This analysis is as of October 22, 2026. Stock Watch will tell you what's changed at CRMD since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 5.40 $ to 12.70 $ · Last price: 5.40 $ (As of: November 2, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 11/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Biotechnology
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| CorMedix Inc CRMD | 0.4 | 2.5 | 1.3 | 90.2 | – | 617.0 | -51.6 |
| Vertex Pharmaceuticals Inc VRTX | 139.9 | 32.9 | 25.7 | 55.0 | 38.1 | 9.6 | 30.0 |
| Regeneron Pharmaceuticals Inc REGN | 99.9 | 24.2 | 14.3 | 51.2 | 20.7 | 1.0 | 42.6 |
| Moderna Inc MRNA | 87.6 | – | 4.6 | -66.0 | -131.1 | -39.2 | 687.9 |
| argenx NV ARGX | 54.4 | 33.4 | 26.2 | 59.8 | 32.0 | 89.6 | 8.8 |
| BeiGene, Ltd. ONC | 40.9 | 64.5 | 33.8 | 88.9 | 19.1 | 40.2 | 16.4 |
| Revolution Medicines Inc RVMD | 39.1 | – | -9.7 | -174,708.6 | 0.0 | -100.0 | 225.0 |
| Royalty Pharma Plc RPRX | 36.6 | 36.0 | 20.8 | 95.8 | 100.3 | 5.1 | 85.4 |
| Genmab AS GMAB | 34.2 | 43.2 | 24.7 | 93.0 | 35.2 | -82.7 | 99.0 |
| Median of companies shown | 40.9 | 33.4 | 20.8 | 59.8 | 26.3 | 5.1 | 42.6 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 0 | -25 | -25 | -3.25 | -22 | 18 | 22 |
| 2017 | 0 | -33 | -33 | -2.99 | -29 | -152 | 13 |
| 2018 | 0 | -27 | -27 | -1.51 | -24 | -179 | 19 |
| 2019 | 0 | -21 | -16 | -0.68 | -15 | -195 | 29 |
| 2020 | 0 | -27 | -22 | -0.77 | -22 | 44 | 49 |
| 2021 | 0 | -29 | -28 | -0.75 | -21 | 63 | 69 |
| 2022 | 0 | -31 | -30 | -0.74 | -24 | 55 | 62 |
| 2023 | 0 | -49 | -46 | -0.91 | -38 | 70 | 82 |
| 2024 | 43 | -22 | -18 | -0.30 | -51 | 85 | 119 |
| 2025 | 312 | 150 | 163 | 2.03 | 175 | 405 | 826 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.22 | – | 31 | 10,166.40 | 43.10 | -6 | -6 |
| 2025: Q1 | 0.30 | – | 39 | – | 52.80 | 20 | 20 |
| 2025: Q2 | 0.28 | – | 40 | 4,830.10 | 49.90 | 30 | 30 |
| 2025: Q3 | 1.26 | – | 104 | 810.20 | 104.10 | 31 | 30 |
| 2025: Q4 | 0.15 | -31.80 | 129 | 312.10 | 10.90 | 95 | 94 |
| 2026: Q1 | 0.42 | 38.70 | 127 | 226.10 | 30.30 | 42 | 42 |
| 2026: Q2 | 0.29 | 3.60 | 102 | 156.70 | 25.50 | 86 | 86 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Growth
Breakout & Setup
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 0.50 | 0.36 – 0.59 | 337 | -54.8% | 6 |
| 12/31/2027 | 0.06 | -0.16 – 0.23 | 289 | -17.5% | 6 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
With these assumptions (discount rate 10.0%, terminal growth 2.5%), no growth rate between -20.0% and 60.0% per year explains today’s market value — the reverse calculation yields no meaningful figure here.
| Free cash flow (last twelve months) | $251.7M |
|---|---|
| Market cap | $433.0M |
| Free cash flow in year ten | – |
| Terminal value as a share of market value | – |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Geprüft am 21.10.2026 gegen die vier jüngsten Quartalsberichte (10-Q zum 30.06.2026, 31.03.2026, 30.09.2025 und 30.06.2025) und die beiden jüngsten Geschäftsberichte (10-K für 2025 und 2024) von CorMedix: „artificial intelligence“ und „machine learning“ kommen in keinem der sechs Berichte ein einziges Mal vor. CorMedix verdient sein Geld mit zugelassenen Arzneimitteln — vor allem der Katheter-Verschlusslösung DefenCath für Dialysepatienten und seit August 2025 mit dem zugekauften Antiinfektiva-Portfolio von Melinta. Es gibt keine KI-Produkte, keine KI-Umsatzquelle und keinen im Filing beschriebenen operativen KI-Einsatz; die wirtschaftlichen Treiber sind Medicare-Erstattung, Kundenkonzentration und Zulassungen. Damit „neutral“ (dokumentierter Negativ-Befund).
View the full file — quotes, sources, reviewed filings
„The Company is a biopharmaceutical company focused on developing and commercializing therapeutic products for life-threatening diseases and conditions."
Das Unternehmen ist ein biopharmazeutisches Unternehmen, das sich auf die Entwicklung und Vermarktung von Therapeutika für lebensbedrohliche Krankheiten und Zustände konzentriert.
10-Q · 2026-08-13 · View SEC filing
„We launched DefenCath commercially in April 2024 in the inpatient setting and July 2024 in the outpatient hemodialysis setting, and it is the largest contributor to our net sales."
Wir haben DefenCath im April 2024 im stationären Bereich und im Juli 2024 in der ambulanten Hämodialyse auf den Markt gebracht; es ist der größte Beitrag zu unserem Nettoumsatz.
10-K · 2026-03-05 · View SEC filing
Filings Reviewed: 10-Q 2026-08-13 · 10-Q 2026-05-14 · 10-Q 2025-11-12 · 10-Q 2025-08-07 · 10-K 2026-03-05 · 10-K 2025-03-25
Rated on October 21, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 1,581.7%
- More than 10% revenue growth is expected for the coming year -14.7%
- Share count grows by less than 3% a year 25.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 672.5%
- Gross margin at 40% or higher and without meaningful erosion no data
- Goodwill from acquisitions does not grow faster than revenue 3.6%
- Net debt below twice EBITDA 1 m net cash
- Operating cash flow covers the profits of the last three years -13 m
- Return on capital at 15% or higher, or up versus two years ago 23.0%
- Insiders hold at least 10% or are net buyers 7.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
4/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 123.9%
- Exp. sales growth 3Y > 5% -3.7%
- EBIT growth 10Y > 5% –
- Exp. EBIT growth 3Y > 5% -83.3%
- Net debt < 4x EBIT 0.0x
- EBIT positive, 10Y straight 1
- Max. EBIT decline < 50% 0.0%
- Return on equity > 15% –
- ROCE > 15% 23.0%
- Expected return > 10% -76.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 18, 2026 | Dillione Janet | Director | Other | 48,909 | – | – |
| Aug 29, 2026 | Blum Susan | Chief Financial Officer | Other | 8,424 | 8.30 | 69,919 |
| Aug 29, 2026 | Hurlburt Elizabeth | Chief Operating Officer | Other | 8,076 | 8.30 | 67,031 |
| Aug 29, 2026 | Zelnick Kaufman Beth | Chief Legal Officer | Other | 8,424 | 8.30 | 69,919 |
The company
About the Company
CorMedix Inc., ein biopharmazeutisches Unternehmen, konzentriert sich auf die Entwicklung und Vermarktung therapeutischer Produkte für lebensbedrohliche Krankheiten und Zustände in den USA.
- CEO Insider Trades (12 Mo.)
- selling own stock
- Employees
- 191
- Headquarters
- Parsippany, NJ
- Address
- 389 Interpace Pkwy, 07054 Parsippany, United States
- Phone
- 908 517 9500
- Website
- cormedix.com
- IPO Date
- 03/25/2010
- ISIN
- US21900C3088
- Stock Split
- 1:5 on 03/26/2019
Management
| Name | Title | Birth Year |
|---|---|---|
| Joseph Todisco MBA | CEO & Chairman of the Board of Directors | 1976 |
| Elizabeth Masson-Hurlburt B.A. | Executive VP and Chief Operating & Commercial Officer | 1979 |
| Kaufman Beth Zelnick Esq. | EVP, Chief Legal and Compliance Officer & Corporate Secretary | 1961 |
| Susan Blum | EVP & Chief Financial Officer | 1973 |
| Beth Steinbrenner | SVP & Chief Human Resource Officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 11/02/2026 CorMedix Inc. (CRMD): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 10/19/2026 CorMedix Inc. (CRMD): Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 08/13/2026 CorMedix Inc. (CRMD): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 08/07/2026 CorMedix Inc. (CRMD): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: November 2, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.