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Cormedix (CRMD)
NASDAQ:CRMD
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Cormedix
(NASDAQ:CRMD)
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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
Revenue Growth
The significant revenue growth indicates strong market adoption of DefenCath, positioning CorMedix for sustained expansion in the healthcare sector.
Profitability Milestone
Achieving profitability marks a pivotal shift for CorMedix, enhancing financial stability and providing resources for future growth initiatives.
Inpatient Segment Expansion
Expanding into the inpatient segment broadens CorMedix's market reach, potentially increasing revenue streams and strengthening its competitive position.
Negative Factors
Ongoing Losses
Persistent losses and cash flow issues raise concerns about CorMedix's ability to sustain operations without additional financing or revenue growth.
Price Erosion
Anticipated price erosion could impact revenue and profit margins, challenging CorMedix's ability to maintain financial performance over time.
Delayed Implementation
Delays with large dialysis organizations hinder growth opportunities, potentially slowing market penetration and revenue expansion efforts.
Cormedix (CRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$868.11M
Dividend YieldN/A
Average Volume (3M)2.40M
Price to Earnings (P/E)15.0
Beta (1Y)1.56
Revenue Growth14970.29%
EPS GrowthN/A
CountryUS
Employees64
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)1.26
Shares Outstanding78,349,060
10 Day Avg. Volume2,512,886
30 Day Avg. Volume2,402,008
Financial Highlights & Ratios
PEG Ratio0.40
Price to Book (P/B)5.63
Price to Sales (P/S)10.97
P/FCF Ratio-9.40
Enterprise Value/Market Cap0.80
Enterprise Value/Revenue5.73
Enterprise Value/Gross Profit5.99
Enterprise Value/Ebitda13.30
Forecast
1Y Price Target
$18.20Price Target Upside62.65% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering7
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
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 Earnings Call Summary
Earnings Call Date:Nov 12, 2025
(Q3-2025)
| Next Earnings Date:Mar 31, 2026
Earnings Call Sentiment Positive
The earnings call highlighted a transformative quarter for CorMedix, marked by record financial performance, strategic acquisitions, and promising future growth catalysts. Despite increased operating expenses and uncertainties surrounding DefenCath's post-TDAPA pricing, the company's strong revenue growth and strategic investments indicate a positive outlook.Q3-2025 Updates
Positive Updates
Record Financial Performance
CorMedix reported the most successful financial quarter in its history, with record revenue of $104.3 million, net income of $108.6 million, and adjusted EBITDA of $71.8 million.
Acquisition of Melinta Therapeutics
CorMedix completed the acquisition of Melinta Therapeutics, leading to a diversified specialty pharmaceutical company with a broad portfolio and expected synergies of $30 million by the end of 2025.
Increased Revenue Guidance
Based on recent momentum, CorMedix raised its full-year revenue guidance from a minimum of $375 million to a range of $390 million to $410 million.
Strategic Investment in Talphera Inc.
CorMedix made a strategic minority investment in Talphera Inc., gaining a right-of-first negotiation to acquire the company following Phase III results.
Strong DefenCath Performance
DefenCath sales reached $88.8 million, with faster-than-expected adoption and utilization growth.
Future Growth Catalysts
Upcoming catalysts include the ReSPECT study for Rezzayo and DefenCath expansion into the prevention of CLABSI, targeting markets exceeding $2 billion and $750 million, respectively.
Negative Updates
Operating Expenses Increase
Operating expenses increased by $28.5 million year-over-year, driven by nonrecurring costs of $12.7 million related to the Melinta acquisition and other expenses.
Post-TDAPA Pricing Uncertainty
Uncertainty remains regarding DefenCath's pricing post-TDAPA in July 2026, impacting future revenue and requiring negotiations based on upcoming CMS rules.
Company Guidance
During the CorMedix Third Quarter 2025 Earnings and Corporate Update Conference Call, the company provided revised financial guidance and updates on strategic initiatives. CorMedix reported record quarterly revenue of $104.3 million, with net income of $108.6 million and adjusted EBITDA of $71.8 million. The company raised its full-year revenue guidance to a range of $390 million to $410 million, up from a minimum of $375 million, and increased its pro forma fully synergized adjusted EBITDA guidance for 2025 to a range of $220 million to $240 million. The revised guidance reflects increased adoption of DefenCath and contributions from Melinta Therapeutics, which CorMedix acquired in a transformative deal. Additionally, CorMedix announced a strategic minority investment in Talphera Inc. and highlighted upcoming catalysts, including results from the ReSPECT study for Rezzayo and expansion plans for DefenCath. The company also provided insights into the integration progress post-Melinta acquisition and strategic discussions with customers regarding the post-TDAPA period.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
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 | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 121.48M | 43.47M | 0.00 | 65.41K | 190.94K | 239.23K |
| Gross Profit | 116.16M | 40.28M | -205.56K | 61.67K | 42.00K | 34.38K |
| EBITDA | 52.33M | -18.83M | -46.27M | -30.05M | -29.38M | -27.02M |
| Net Income | 51.16M | -17.93M | -46.34M | -29.70M | -28.21M | -22.03M |
Balance Sheet | ||||||
| Total Assets | 252.60M | 118.85M | 82.06M | 62.04M | 68.95M | 49.31M |
| Cash, Cash Equivalents and Short-Term Investments | 190.71M | 51.69M | 76.03M | 59.02M | 65.70M | 46.54M |
| Total Debt | 435.25K | 517.01K | 667.63K | 802.43K | 923.80K | 1.03M |
| Total Liabilities | 31.97M | 34.19M | 11.92M | 6.98M | 6.15M | 5.09M |
| Stockholders Equity | 220.63M | 84.66M | 70.14M | 55.06M | 62.80M | 44.22M |
Cash Flow | ||||||
| Free Cash Flow | 30.41M | -50.73M | -38.74M | -24.58M | -22.58M | -22.08M |
| Operating Cash Flow | 30.46M | -50.61M | -38.41M | -24.36M | -21.16M | -21.97M |
| Investing Cash Flow | -14.39M | 21.23M | -17.06M | -3.71M | -9.13M | 7.43M |
| Financing Cash Flow | 114.69M | 26.32M | 55.92M | 17.90M | 41.76M | 40.10M |
Cormedix Technical Analysis
Neutral
11.19
Price Trends
11.49
Negative
11.94
Negative
11.17
Positive
Market Momentum
-0.09
Negative
49.51
Neutral
35.97
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CRMD, the sentiment is Neutral. The current price of 11.19 is above the 20-day moving average (MA) of 11.13, below the 50-day MA of 11.49, and above the 200-day MA of 11.17, indicating a neutral trend. The MACD of -0.09 indicates Negative momentum. The RSI at 49.51 is Neutral, neither overbought nor oversold. The STOCH value of 35.97 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $1.42B | ― | -88.40% | ― | ― | ― | |
52 Neutral | $1.07B | ― | -64.93% | ― | -36.36% | -945.72% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $879.90M | ― | -52.82% | ― | 53.23% | 35.32% | |
48 Neutral | $1.10B | ― | -17.34% | ― | 83.36% | 22.27% | |
47 Neutral | $868.11M | 14.99 | 38.35% | ― | 14970.29% | ― | |
33 Underperform | $1.10B | ― | -96.11% | ― | ― | 31.16% |
* Healthcare Sector Average
CRMD
Cormedix
11.19
-0.16
-1.41%
ABUS
Arbutus Biopharma
4.71
1.06
29.04%
IMTX
Immatics
9.19
0.62
7.23%
TSHA
Taysha Gene Therapies
4.28
2.07
93.67%
SANA
Sana Biotechnology
4.24
1.58
59.40%
ZBIO
Zenas BioPharma, Inc.
35.20
16.10
84.29%
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.