Cormedix (CRMD)
NASDAQ:CRMD
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Cormedix
(NASDAQ:CRMD)
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Rating:64Neutral
Price Target:
$7.00
▲(5.90% Upside)
Action:ReiteratedDate:03/07/26
The score is driven primarily by sharply improved 2025 financial performance and cash generation, tempered by sustainability concerns. Technicals materially detract due to a clear downtrend and weak momentum signals. Valuation is supportive via a low P/E, while earnings-call guidance and catalysts are balanced by significant reimbursement-driven pricing and concentration risks.
Positive Factors
Cash generation strength
A dramatic shift to strong operating and free cash flow in 2025 materially improves durable liquidity and self-funding capacity. Sustained positive cash conversion enhances ability to fund clinical programs, absorb reimbursement shocks, service debt, and support buybacks or targeted M&A without immediate external financing.
Negative Factors
Reimbursement transition risk
The TDAPA-to-bundled reimbursement change is a structural industry shift that reduces per-unit reimbursement and can permanently compress realized selling price. This materially weakens revenue durability for DefenCath absent durable contracting wins, legislative relief, or alternative reimbursement paths.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation strength
A dramatic shift to strong operating and free cash flow in 2025 materially improves durable liquidity and self-funding capacity. Sustained positive cash conversion enhances ability to fund clinical programs, absorb reimbursement shocks, service debt, and support buybacks or targeted M&A without immediate external financing.
Read all positive factors
Cormedix (CRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$522.52M
Dividend YieldN/A
Average Volume (3M)1.59M
Price to Earnings (P/E)5.1
Beta (1Y)1.53
Revenue Growth1647.67%
EPS GrowthN/A
CountryUS
Employees64
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.16
Shares Outstanding79,050,390
10 Day Avg. Volume1,511,931
30 Day Avg. Volume1,586,398
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)2.07
Price to Sales (P/S)2.69
P/FCF Ratio4.85
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue1.69
Enterprise Value/Gross Profit1.91
Enterprise Value/Ebitda3.18
Forecast
1Y Price Target
$13.25Price Target Upside100.45% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.92
Revenue Forecast (FY)$306.52M
Cormedix Business Overview & Revenue Model
Company Description
CorMedix 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 candidat...
How the Company Makes Money
CorMedix 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 hosp...
Cormedix Earnings Call Summary
Earnings Call Date:Mar 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call balanced several strong operational and financial achievements — including the Melinta acquisition, realization of $35M synergies, robust pro forma revenue ($401.3M), healthy cash (~$148.5M) and a clear pipeline catalyst with RIZEAO top-line data expected in Q2 2026 — against meaningful near-term headwinds tied to the TDAPA-to-bundle reimbursement transition, expected price erosion for DEFENCATH, customer concentration risk, and materially higher operating expenses following the merger. Management offered conservative guidance that reflects those reimbursement risks while preserving upside potential from Medicare Advantage contracting, inpatient adoption, and RIZEAO/TPN development programs. On balance, the positives around completed integration, liquidity, and upcoming clinical catalysts are offset by significant reimbursement and concentration risks that could materially pressure DEFENCATH revenue absent favorable contracting or legislative outcomes.Positive Updates
Record Annual DEFENCATH Sales
DEFENCATH generated $258.8 million in net sales for 2025 (reported as "just under $260,000,000"), representing the company's largest single-product revenue contribution for the year.
Negative Updates
Reimbursement Transition (TDAPA → Bundled Add-On) and Expected Price Erosion
On July 1, 2026 DEFENCATH TDAPA reimbursement will transition to a bundled add-on mechanism, which management expects will cause price erosion and front-loaded 2026 revenue with meaningful price pressure in Q4 2026.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Annual DEFENCATH Sales
DEFENCATH generated $258.8 million in net sales for 2025 (reported as "just under $260,000,000"), representing the company's largest single-product revenue contribution for the year.
Read all positive updates
Company Guidance
Management affirmed 2026 DEFENCATH guidance of $150–$170M and 2027 DEFENCATH guidance of $100–$125M, and reiterated full‑year 2026 company guidance of $300–$320M revenue and $100–$125M adjusted EBITDA; they expect 2026 revenue to be front‑loaded in H1 with price erosion in Q4 (TDAPA converts to a bundled add‑on July 1) and anticipate a higher net selling price in 2027 versus Q3 2026 (CMS methodology permitting). For context, 2025 pro forma revenue was $401.3M with DEFENCATH net sales of $258.8M (peak sales just under $260M); Q4 revenue was $128.6M (DEFENCATH $91.2M; Melinta $37.4M) and Q4 adjusted EBITDA was $77.2M; 2025 net income was $14.0M, pre‑tax Q4 income $56.4M, cash and short‑term investments $148.5M, operating cash flow in the quarter ~ $100M, and $35.0M of acquisition synergies were realized in 2025. Key pipeline and market metrics: RESPECT Phase III top‑line for RIZEAO due Q2 2026; NEUTROGUARD ~30% enrolled toward a 90‑patient minimum (adaptive to 200; interim after 15 CLABSI events; completion expected early 2027); estimated market opportunities of ~$2.5B for RIZEAO and $0.5–$0.75B for DEFENCATH in TPN.Cormedix Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
82
Very Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 311.71M | 43.47M | 0.00 | 65.41K | 190.94K |
| Gross Profit | 275.75M | 40.28M | -205.56K | 61.67K | 42.00K |
| EBITDA | 165.13M | -18.98M | -46.23M | -30.05M | -29.38M |
| Net Income | 163.06M | -17.93M | -46.34M | -29.70M | -28.21M |
Balance Sheet | |||||
| Total Assets | 826.14M | 118.85M | 82.06M | 62.04M | 68.95M |
| Cash, Cash Equivalents and Short-Term Investments | 149.52M | 51.69M | 76.03M | 59.02M | 65.70M |
| Total Debt | 148.91M | 517.01K | 667.63K | 802.43K | 923.80K |
| Total Liabilities | 420.83M | 34.19M | 11.92M | 6.98M | 6.15M |
| Stockholders Equity | 405.31M | 84.66M | 70.14M | 55.06M | 62.80M |
Cash Flow | |||||
| Free Cash Flow | 172.79M | -50.73M | -38.74M | -24.58M | -22.58M |
| Operating Cash Flow | 175.05M | -50.61M | -38.41M | -24.36M | -21.16M |
| Investing Cash Flow | -308.43M | 21.23M | -17.06M | -3.71M | -9.13M |
| Financing Cash Flow | 238.45M | 26.32M | 55.92M | 17.90M | 41.76M |
Cormedix Technical Analysis
Negative
6.61
Price Trends
7.11
Negative
9.04
Negative
10.64
Negative
Market Momentum
-0.31
Negative
40.46
Neutral
38.76
Neutral
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 6.61 is below the 20-day moving average (MA) of 6.67, below the 50-day MA of 7.11, and below the 200-day MA of 10.64, indicating a bearish trend. The MACD of -0.31 indicates Negative momentum. The RSI at 40.46 is Neutral, neither overbought nor oversold. The STOCH value of 38.76 is Neutral, 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
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $522.52M | 5.14 | 58.50% | ― | 1647.67% | ― | |
54 Neutral | $1.27B | -4.30 | -156.98% | ― | ― | -38.04% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $1.31B | -5.79 | -39.69% | ― | -27.61% | -69.49% | |
49 Neutral | $1.32B | -16.13 | -56.64% | ― | -36.36% | -945.72% | |
48 Neutral | $885.52M | -61.34 | -42.39% | ― | 116.64% | 47.93% | |
46 Neutral | $827.29M | -4.22 | -141.99% | ― | ― | 31.16% |
* Healthcare Sector Average
CRMD
Cormedix
6.61
-0.55
-7.68%
ABUS
Arbutus Biopharma
4.53
1.18
35.22%
IMTX
Immatics
9.74
5.21
115.01%
TSHA
Taysha Gene Therapies
4.58
2.78
154.44%
SANA
Sana Biotechnology
3.10
1.29
71.27%
ZBIO
Zenas BioPharma, Inc.
22.19
14.13
175.31%
Cormedix Corporate Events
Business Operations and StrategyFinancial Disclosures
CorMedix Reaffirms DefenCath 2027 Sales and Outlook
Positive
Mar 6, 2026
On March 6, 2026, CorMedix, Inc. released an updated investor presentation outlining its institutional-focused pharmaceutical portfolio and reaffirmed its previously issued sales guidance for DefenCath in 2027. The company corrected an inadvertent...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Cormedix Issues Strong Preliminary Q4 Results, Updates Outlook
Positive
Jan 8, 2026
On January 5, 2026, CorMedix entered into an amended and restated employment agreement with Chief Executive Officer Joseph Todisco that raised his base salary to $750,000 as of January 1, 2026, increased his target bonus, expanded his eligibility ...
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.