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Cormedix Inc. (CRMD)
:CRMD
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Cormedix (CRMD) AI Stock Analysis

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CRMD

Cormedix

(NASDAQ:CRMD)

Rating:47Neutral
Price Target:
Cormedix's overall stock score is influenced by a challenging financial position, marked by ongoing losses and negative cash flows. Despite technical indicators showing potential downward pressure, the recent earnings call provides a positive outlook with record-breaking revenue and strategic growth initiatives. However, valuation concerns and operational challenges remain significant obstacles.
Positive Factors
Financial Performance
CorMedix delivered 2Q25 financial results with total revenues of $39.7M for DefenCath, which was above expectations and is likely appreciated by investors.
Product Expansion
Rezzayo's potential expanded indication in adult allogenic blood and marrow transplant patients could drive meaningful upside for CorMedix.
Strategic Acquisition
The acquisition of Melinta Therapeutics is viewed positively due to significant synergies and the potential to unlock greater hospital and acute care revenue.
Negative Factors
Debt and Guidance Concerns
Shares are down, partly driven by technical issues around the convertible debt and some disappointment with DefenCath's guidance.
Market Sentiment
Investor caution around the anti-infective space likely resulted in a stock reaction of a decrease in value compared to the market.
Reimbursement Risk
The biggest risk to the company's story is the TDAPA reimbursement starting in July 2026.

Cormedix (CRMD) vs. SPDR S&P 500 ETF (SPY)

Cormedix Business Overview & Revenue Model

Company DescriptionCorMedix Inc., a biopharmaceutical company, focuses on developing and commercializing therapeutic products for the prevention and treatment of infectious and inflammatory diseases in the United States and internationally. Its lead product candidate is DefenCath/Neutrolin, a novel anti-infective solution for the reduction and prevention of catheter-related infections and thrombosis in patients requiring central venous catheters in clinical settings, such as hemodialysis, total parenteral nutrition, and oncology. The company was formerly known as Picton Holding Company, Inc. and changed its name to CorMedix, Inc. in January 2007. CorMedix Inc. was incorporated in 2006 and is based in Berkeley Heights, New Jersey.
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 Earnings Call Summary

Earnings Call Date:Aug 07, 2025
(Q2-2025)
|
% Change Since: 13.47%|
Next Earnings Date:Nov 06, 2025
Earnings Call Sentiment Positive
The earnings call highlights significant strategic progress through the acquisition of Melinta, strong financial results, and clinical advancements. However, increased operating expenses and limited visibility on the LDO rollout present challenges.
Q2-2025 Updates
Positive Updates
Acquisition of Melinta Therapeutics
CorMedix announced the acquisition of Melinta Therapeutics, which is expected to be transformational, creating a diversified specialty pharmaceutical company. The acquisition is anticipated to be near-term accretive with double-digit EPS accretion in 2026, and expected to drive revenue growth.
Financial Performance
CorMedix reported net income of $19.8 million in Q2 2025, compared to a net loss of $14.2 million in Q2 2024. This improvement was driven by commercial sales of DefenCath.
Revenue Guidance
Projected full-year combined 2025 revenue of $305 million to $335 million, with Melinta contributing $125 million to $135 million. DefenCath net sales are expected to contribute $180 million to $200 million.
Clinical Progress
Progress on Phase III study for DefenCath in reducing CLABSI in adult patients, with multiple sites running and patients enrolled. Pediatric study for CRBSI reduction in pediatric patients has begun enrollment.
Negative Updates
Increased Operating Expenses
Operating expenses in Q2 2025 increased by 18% to $18.3 million, with R&D expenses rising by 275% due to personnel and clinical trial services.
Limited Visibility on LDO Rollout
The system-wide rollout of DefenCath by LDO customer is ongoing, but the pace of rollout and its impact on revenue is uncertain.
Company Guidance
During the call, CorMedix Inc. provided detailed guidance for its financial performance following the acquisition of Melinta Therapeutics. The company expects full-year 2025 revenue for Melinta to be between $125 million and $135 million, with the combined company's projected revenue ranging from $305 million to $335 million. DefenCath, CorMedix's lead product, is anticipated to contribute $180 million to $200 million of net sales. The acquisition is projected to be accretive to EPS by double digits in 2026, with significant near-term operating expense synergies estimated at $35 million to $45 million. CorMedix also highlighted potential peak annual sales for REZZAYO, an expanded indication product, exceeding $200 million if approved. Additionally, the company is guiding for pro forma fully synergized adjusted EBITDA for 2025 between $150 million and $170 million.

Cormedix Financial Statement Overview

Summary
Cormedix's financial performance is challenging. Despite recent revenue growth, the company faces ongoing losses and negative cash flows, raising concerns about its long-term viability. The improvement in equity is a positive sign, but historical instability and current cash flow issues pose significant risks.
Income Statement
10
Very Negative
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.
Balance Sheet
30
Negative
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.
Cash Flow
15
Very Negative
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue121.48M43.47M0.0065.41K190.94K239.23K
Gross Profit116.16M40.28M-205.56K61.67K42.00K34.38K
EBITDA52.33M-18.83M-48.89M-30.05M-29.38M-27.02M
Net Income51.16M-17.93M-46.34M-29.70M-28.21M-22.03M
Balance Sheet
Total Assets252.60B118.85M82.06M62.04M68.95M49.31M
Cash, Cash Equivalents and Short-Term Investments190.71B51.69M76.03M59.02M65.70M46.54M
Total Debt435.25K517.01K667.63K802.43K923.80K1.03M
Total Liabilities31.97B34.19M11.92M6.98M6.15M5.09M
Stockholders Equity220.63B84.66M70.14M55.06M62.80M44.22M
Cash Flow
Free Cash Flow49.71B-50.73M-38.74M-24.58M-22.58M-22.08M
Operating Cash Flow30.46M-50.61M-38.41M-24.36M-21.16M-21.97M
Investing Cash Flow-20.40B21.23M-17.06M-3.71M-9.13M7.43M
Financing Cash Flow114.69M26.32M55.92M17.90M41.76M40.10M

Cormedix Technical Analysis

Technical Analysis Sentiment
Positive
Last Price13.56
Price Trends
50DMA
12.39
Positive
100DMA
11.23
Positive
200DMA
10.68
Positive
Market Momentum
MACD
0.37
Negative
RSI
64.40
Neutral
STOCH
91.79
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRMD, the sentiment is Positive. The current price of 13.56 is above the 20-day moving average (MA) of 12.00, above the 50-day MA of 12.39, and above the 200-day MA of 10.68, indicating a bullish trend. The MACD of 0.37 indicates Negative momentum. The RSI at 64.40 is Neutral, neither overbought nor oversold. The STOCH value of 91.79 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
54
Neutral
$875.32M-452.20%10.85%-1.41%
51
Neutral
$7.77B-0.12-39.78%2.21%22.68%-1.42%
49
Neutral
$806.04M91.25%16.75%14.72%
47
Neutral
$624.07M-51.11%-1.26%
47
Neutral
$974.92M18.1138.35%14970.29%
45
Neutral
$497.24M-31.58%-51.13%7.57%
39
Underperform
$475.11M
-25.10%-7.06%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
CRMD
Cormedix
13.56
7.91
140.00%
AKBA
Akebia Therapeutics
3.19
1.66
108.50%
KURA
Kura Oncology
7.44
-12.74
-63.13%
URGN
Urogen Pharma
19.78
5.62
39.69%
BCYC
Bicycle Therapeutics
7.09
-15.29
-68.32%
OPT
Opthea Limited Sponsored ADR
3.20
0.33
11.50%

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
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

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.Date of analysis: Apr 20, 2025