Cormedix (CRMD) AI Stock Analysis

• Market Cap: $921.06M
• Dividend Yield: N/A
• Average Volume (3M): 1.66M
• Price to Earnings (P/E): 60.4
• Beta (1Y): 1.75
• Revenue Growth: N/A
• EPS Growth: 64.53%
• Country: US
• Employees: 64
• Sector: Healthcare
• Sector Strength: 48
• Industry: Biotechnology
• EPS (TTM): 0.30
• Shares Outstanding: 67,824,660
• 10 Day Avg. Volume: 1,792,123
• 30 Day Avg. Volume: 1,664,731
• PEG Ratio: 4.28
• Price to Book (P/B): -0.62
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -6.89
• Enterprise Value/Market Cap: 0.14
• Enterprise Value/Revenue: 0.91
• Enterprise Value/Gross Profit: 1.61
• Enterprise Value/Ebitda: -1.24
• 1Y Price Target: $18.33
• Price Target Upside: 34.68% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6

• Rating: 47 Neutral
• 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 reported robust 1Q25 financial results with total revenues of $39.1M for DefenCath, reflecting growing, durable interest and adoption of DefenCath for infection prevention.

Growth Potential

DefenCath is well-positioned for growth based on achievable guidance, with potential drivers including new contracts and greater protocolization at current customers.

Market Outlook

The management raised the 1H outlook to the upper end of the $62M-$70M initial guide as inventory shuffle at the largest customer subsided.

Negative Factors

Sales Expectations

Contributions from the contracted LDO, expected to begin ordering product in mid-2025, would represent significant upside to the guidance parameters.

Sales Fluctuations

Management caveated that they still expect 2Q25 sales from existing customers to be lower compared to 1Q25 primarily due to the timing of shipments between quarters.

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 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 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 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'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.

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.

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.

Breakdown
TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement		Total Revenue
82.55M	43.47M	0.00	65.41K	190.94K	239.23K
	Gross Profit
78.59M	40.28M	-205.56K	61.67K	42.00K	34.38K
	EBIT
14.47M	-22.36M	-48.96M	-30.62M	-29.44M	-27.22M
	EBITDA
17.78M	-18.83M	-48.89M	-30.05M	-29.38M	-27.02M
	Net Income Common Stockholders
17.18M	-17.93M	-46.34M	-29.70M	-28.21M	-22.03M
Balance Sheet		Cash, Cash Equivalents and Short-Term Investments
77.50M	51.69M	76.03M	59.02M	65.70M	46.54M
	Total Assets
149.58M	118.85M	82.06M	62.04M	68.95M	49.31M
	Total Debt
476.59K	517.01K	667.63K	802.43K	923.80K	1.03M
	Net Debt
-65.81M	-40.13M	-42.98M	-42.57M	-52.63M	-41.06M
	Total Liabilities
34.69M	34.19M	11.92M	6.98M	6.15M	5.09M
	Stockholders Equity
114.89M	84.66B	70.14M	-275.36M	-245.66M	-217.45M
Cash Flow		Free Cash Flow
-13.63M	-50.73M	-38.74M	-24.58M	-22.58M	-22.08M
	Operating Cash Flow
-13.57M	-50.61M	-38.41M	-24.36M	-21.16M	-21.97M
	Investing Cash Flow
12.09M	21.23M	-17.06M	-3.71M	-9.13M	7.43M
	Financing Cash Flow
32.51M	26.32M	55.92M	17.90M	41.76M	40.10M

Cormedix Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 13.61
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

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 13.61 is above the 20-day moving average (MA) of 13.38, above the 50-day MA of 11.20, and above the 200-day MA of 9.98, indicating a bullish trend. The MACD of 0.78 indicates Positive momentum. The RSI at 57.69 is Neutral, neither overbought nor oversold. The STOCH value of 27.41 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CRMD.

Cormedix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
URGN	55 Neutral	$685.62M	―	-452.20%	―	8.98%	6.32%
Sector *	53 Neutral	$5.24B	3.32	-44.36%	6.63%	16.78%	-0.12%
AKBA	49 Neutral	$934.98M	―	91.25%	―	-17.75%	-19.17%
BCYC	48 Neutral	$512.79M	―	-37.13%	―	-38.14%	29.69%
KURA	47 Neutral	$524.64M	―	-41.84%	―	―	3.95%
CRMD	47 Neutral	$921.06M	60.38	19.87%	―	―	64.53%
OPT	39 Underperform	$478.39M	―		―	-25.10%	-7.06%

Cormedix Corporate Events

CorMedix Approves Key Governance and Incentive Changes

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.