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Cormedix (CRMD)
NASDAQ:CRMD
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Cormedix
(NASDAQ:CRMD)
38Underperform
Positive Factors
Financial Performance
CorMedix announced preliminary 1Q25 financial results with both revenue and adjusted EBITDA ahead of consensus estimates.
Market Opportunities
Total Parenteral Nutrition (TPN) represents a sizable total addressable market and expansion opportunity for DefenCath, which could be an underappreciated value driver.
Product Adoption
DefenCath launch continues to outperform at mid-sized dialysis operators, reinforcing robust adoption.
Negative Factors
Contract Negotiations
Negotiations with the other LDO (DaVita) appear to be at a standstill.
Sales Expectations
2Q25 sales are expected to dip to $17MM-$27MM, which is lower than expected.
Stock Performance
CRMD shares are under pressure, down approximately 26%, following their 4Q24 earnings update.
Cormedix (CRMD) vs. S&P 500 (SPY)
Market Cap
$450.41M
Dividend YieldN/A
Average Volume (3M)1.89M
Price to Earnings (P/E)―
Beta (1Y)1.81
Revenue GrowthN/A
EPS Growth64.53%
CountryUS
Employees64
SectorHealthcare
Sector Strength69
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.33
Shares Outstanding65,181,770
10 Day Avg. Volume1,667,962
30 Day Avg. Volume1,888,010
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)53.99
Price to Cash Flow (P/CF)-12.10
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$15.75Price Target Upside127.93% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
Cormedix Business Overview & Revenue Model
Company DescriptionCorMedix Inc. is a biopharmaceutical company focused on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases. The company operates in the healthcare sector and its core product is DefenCath, an antibacterial and antifungal solution designed to prevent catheter-related bloodstream infections in patients undergoing hemodialysis.
How the Company Makes MoneyCorMedix primarily generates revenue through the commercialization of its lead product, DefenCath, once it receives regulatory approval. The company anticipates earning money by selling DefenCath to healthcare providers, dialysis centers, and hospitals. CorMedix's revenue model also includes potential partnerships and licensing agreements with other pharmaceutical companies, which can provide milestone payments and royalties. Additionally, CorMedix may receive governmental or institutional grants to support its research and development efforts, further contributing to its financial resources.
Cormedix Financial Statement Overview
Summary
Cormedix shows a significant revenue increase in 2024, which is positive, but consistently reports negative net income, indicating operational challenges. Balance sheet improvement with equity in 2024 is overshadowed by historical negative equity. Ongoing negative cash flows pose sustainability risks.Income Statement
Cormedix shows a significant revenue increase in 2024, which is a positive sign. However, the company has consistently reported negative net income, indicating ongoing operational challenges. The negative EBIT and EBITDA margins suggest that the company is struggling to cover its operating expenses, leading to substantial losses.10
Very Negative
Balance Sheet
Cormedix's balance sheet reveals a high stockholder's equity, which is a positive aspect. However, the company has been operating with negative equity for several years until 2024, which represents financial instability. The low debt-to-equity ratio suggests limited leverage, which can be a double-edged sword depending on growth and profitability prospects.30
Negative
Cash Flow
The cash flow situation for Cormedix is concerning, with a consistently negative free cash flow indicating cash outflows exceed inflows. The operating cash flow to net income ratio highlights ongoing cash burn, and the inability to generate cash from operations suggests sustainability risks.15
Very Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 43.47M | 0.00 | 65.41K | 190.94K | 239.23K | Gross Profit |
| 40.28M | -205.56K | 61.67K | 42.00K | 34.38K | EBIT |
| -22.36M | -48.96M | -30.62M | -29.44M | -27.22M | EBITDA |
| -22.36B | -48.89M | -30.05M | -29.38M | -27.02M | Net Income Common Stockholders |
| -17.93M | -46.34M | -29.70M | -28.21M | -22.03M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 51.69B | 76.03M | 59.02M | 65.70M | 46.54M | Total Assets |
| 118.85B | 82.06M | 62.04M | 68.95M | 49.31M | Total Debt |
| 517.01K | 667.63K | 802.43K | 923.80K | 1.03M | Net Debt |
| -40.13M | -42.98M | -42.57M | -52.63M | -41.06M | Total Liabilities |
| 34.19B | 11.92M | 6.98M | 6.15M | 5.09M | Stockholders Equity |
| 84.66B | 70.14M | -275.36M | -245.66M | -217.45M |
| Cash Flow | Free Cash Flow | |||
| -50.61B | -38.74M | -24.58M | -22.58M | -22.08M | Operating Cash Flow |
| -50.61B | -38.41M | -24.36M | -21.16M | -21.97M | Investing Cash Flow |
| 21.23B | -17.06M | -3.71M | -9.13M | 7.43M | Financing Cash Flow |
| 26.32B | 55.92M | 17.90M | 41.76M | 40.10M |
Cormedix Technical Analysis
Negative
6.91
Price Trends
9.34
Negative
9.68
Negative
8.39
Negative
Market Momentum
-1.04
Positive
22.64
Positive
4.11
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRMD, the sentiment is Negative. The current price of 6.91 is below the 20-day moving average (MA) of 7.82, below the 50-day MA of 9.34, and below the 200-day MA of 8.39, indicating a bearish trend. The MACD of -1.04 indicates Positive momentum. The RSI at 22.64 is Positive, neither overbought nor oversold. The STOCH value of 4.11 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CRMD.
Cormedix Risk Analysis
Cormedix disclosed 42 risk factors in its most recent earnings report. Cormedix reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Cormedix Peers Comparison
Overall Rating
UnderperformOutperform
Sector (48)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
49 Neutral | $431.03M | ― | 91.25% | ― | -17.75% | -19.17% | |
48 Neutral | $6.35B | 1.19 | -46.26% | 2.67% | 19.24% | 1.75% | |
45 Neutral | $465.96M | ― | -42.91% | ― | ― | 2.90% | |
43 Neutral | $450.97M | ― | -29.06% | ― | 30.27% | 44.12% | |
40 Underperform | $464.39M | ― | ― | -25.10% | -7.06% | ||
38 Underperform | $450.41M | ― | -23.17% | ― | ― | 64.53% | |
36 Underperform | $432.83M | ― | -452.20% | ― | 9.29% | 13.49% |
* Healthcare Sector Average
Performance Comparison
CRMD
Cormedix
6.91
1.53
28.44%
AKBA
Akebia Therapeutics
1.65
0.26
18.71%
KURA
Kura Oncology
5.77
-13.24
-69.65%
URGN
Urogen Pharma
10.12
-4.98
-32.98%
BCYC
Bicycle Therapeutics
6.70
-15.12
-69.29%
OPT
Opthea Limited Sponsored ADR
3.20
-0.36
-10.11%
Cormedix Earnings Call Summary
Earnings Call Date: Mar 25, 2025 | % Change Since: -35.84% | Next Earnings Date: May 8, 2025
Earnings Call Sentiment Neutral
CorMedix reported a strong financial performance with record-breaking revenue and profitability in Q4 2024, driven by success in the outpatient segment and growth in the inpatient segment. However, challenges such as anticipated net price erosion, delayed LDO implementation, increased operating expenses, and slower progress with expanding the customer base present potential hurdles. Overall, the highlights of financial growth and strategic progress are significant, but the lowlights indicate some critical areas needing attention.Highlights
Record-Breaking Revenue and Growth
CorMedix reported net revenue of $31.2 million for Q4 2024 and $43.5 million for the full year, both exceeding Wall Street consensus. The fourth quarter was the first profitable commercial quarter in the company's history with a net income of $13.5 million and adjusted EBITDA of $15.3 million.
Strong Outpatient Segment Performance
The strong revenue and profit results were driven by uptake among patients at US Renal Care and implementation at midsized customers IRC and DCI, as well as utilization by other small outpatient dialysis customers.
Positive Financial Outlook
CorMedix started 2025 with over $25 million in purchase orders and estimates net revenue from existing purchasing customers for the first six months of 2025 to be in the range of $50 million to $60 million.
Inpatient Segment Growth
Utilization increased at larger hospitals. A new inpatient field team was formed, expected to be active in four to five weeks, with promotional activities already commenced at VA facilities.
Phase 3 Clinical Study and Expansion Efforts
CorMedix is beginning a Phase 3 clinical study for reducing CLABSIs in TPN patients. The company submitted an application for orphan drug status for this indication.
Lowlights
Net Price Erosion Anticipated
CorMedix expects to see some net price erosion beginning in the second quarter of 2025, with uncertainty around the inventory in the channel by the end of Q2.
Delayed Implementation with Large Dialysis Organization (LDO)
Implementation with a contracted LDO was delayed into 2025 due to operational resource constraints, impacting patient growth opportunities.
Increased Operating Expenses
Operating expenses for Q4 2024 increased by 9% to $17.1 million compared to Q4 2023, driven by higher selling, marketing, and G&A expenses.
Challenges in Expanding Customer Base
Progress with other LDOs has been slower than expected, with ongoing efforts to engage them through both top-down and bottom-up approaches.
Company Guidance
During the CorMedix Inc. earnings call, financial guidance for 2025 was detailed, highlighting a strong start with over $25 million in purchase orders for the first quarter. While full-year revenue guidance wasn't provided, expectations for net revenue from existing customers in the first half of 2025 were set between $50 million and $60 million, with over $33 million anticipated for the first quarter. The company projected a slight price erosion for DefenCath beginning in the second quarter. Operating expenses for 2025 were guided to be approximately $72 million to $78 million, driven by increased R&D spending. The call emphasized the company's focus on expanding its customer base and therapeutic indications for DefenCath, with inpatient sales expected to contribute significantly to revenue by the end of 2025.Cormedix Corporate Events
Executive/Board ChangesShareholder MeetingsBusiness Operations and Strategy
CorMedix Approves Key Governance and Incentive Changes
Positive
Nov 25, 2024
CorMedix Inc. stockholders approved several key proposals at their annual meeting, including a plan amendment to increase shares under the 2019 Omnibus Stock Incentive Plan and the election of directors to serve until 2025. The stockholders also approved executive compensation for 2023 and ratified Marcum LLP as their accounting firm for 2024. These decisions reflect strategic moves to enhance corporate governance and align executive incentives with shareholder interests.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.