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Cormedix (CRMD)
NASDAQ:CRMD
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Cormedix
(NASDAQ:CRMD)
Rating:47Neutral
Price Target:―
Positive Factors
Earnings Guidance
CorMedix raised its Q2 net sales guidance to $35–40M, meaningfully improving analyst's near-term confidence in the durability of the launch and positions CRMD as a more visible and executable commercial growth story.
Large Dialysis Organization Rollout
The updated guidance follows a significantly broader-than-expected implementation of DefenCath with its Large Dialysis Organization partner, now set to begin rollout and targeting a 6,000-patient annualized run rate.
Negative Factors
Inventory Volatility
Volume is expected to ramp gradually which should support more stable revenue recognition and reduce risk of inventory drawdown volatility.
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)
Market Cap
$868.59M
Dividend YieldN/A
Average Volume (3M)2.26M
Price to Earnings (P/E)51.8
Beta (1Y)1.79
Revenue GrowthN/A
EPS Growth64.53%
CountryUS
Employees64
SectorHealthcare
Sector Strength37
IndustryBiotechnology
Share Statistics
EPS (TTM)0.30
Shares Outstanding74,429,170
10 Day Avg. Volume2,263,762
30 Day Avg. Volume2,261,125
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)6.40
Price to Sales (P/S)0.00
P/FCF Ratio-61.53
Enterprise Value/Market Cap0.90
Enterprise Value/Revenue5.59
Enterprise Value/Gross Profit9.93
Enterprise Value/Ebitda-7.62
Forecast
1Y Price Target
$17.38Price Target Upside48.93% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
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:May 06, 2025
(Q1-2025)
| % Change Since: 29.24%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Positive
The earnings call for CorMedix presented a generally positive outlook with strong first-quarter sales, profitability, and optimistic revenue guidance for the first half of 2025. However, there were concerns regarding a predicted moderate revenue decline in Q2 and increased operating expenses. The initiation of a Phase 3 clinical study and an increase in cash reserves contribute to a positive sentiment.Q1-2025 Updates
Positive Updates
Strong First Quarter Net Sales
CorMedix reported strong first quarter net sales of $39.1 million, consistent with earlier pre-announced results.
Profitability Achieved
CorMedix achieved profitability for the first quarter with a net income of $20.6 million, or $0.32 per share, compared to a net loss of $14.5 million in the first quarter of 2024.
Adjusted EBITDA Exceeds Expectations
The adjusted EBITDA for the first quarter of $23.6 million was slightly above the company's earlier pre-announcement.
Optimistic Revenue Guidance for First Half of 2025
CorMedix updated the net revenue guidance for DefenCath sales toward the upper end of the range, projecting approximately $70 million for the first half of the year.
Phase 3 Clinical Study Initiated
CorMedix has begun its Phase 3 clinical study for the reduction of central line-associated bloodstream infections, with the first site operational and screening patients.
Cash and Cash Equivalents Increase
The company has cash and cash equivalents of $77.5 million as of March 31, 2025, with net cash provided by operations during the first quarter of $19.7 million.
Negative Updates
Moderate Revenue Decline Expected in Q2
A moderate sequential decline in revenue is anticipated between Q1 and Q2 of 2025, primarily due to the timing of shipments to U.S. Renal Care.
Increase in Operating Expenses
Operating expenses in the first quarter of 2025 increased approximately 9% to $17.4 million, driven by a 281% rise in R&D expenses.
Ongoing Dependence on Key Customers
A significant portion of sales is still reliant on key customers such as U.S. Renal Care, indicating a need for further customer diversification.
Company Guidance
During CorMedix's first quarter 2025 earnings call, the company provided updated guidance for DefenCath sales, projecting net revenue of approximately $70 million from existing purchasing customers over the first half of the year, with net sales in the first quarter reaching $39.1 million. Adjusted EBITDA for the quarter was $23.6 million, slightly surpassing earlier projections. CorMedix achieved profitability with a net income of $20.6 million, translating to $0.32 per share, compared to a net loss in the same period last year. The company anticipates a moderate sequential decline in revenue from Q1 to Q2 due to shipment timing but expects utilization growth in the latter half of 2025. Additionally, CorMedix is progressing with its Phase 3 clinical study for CLABSIs and anticipates completing the study by late 2026 or early 2027, with potential peak sales in the TPN indication estimated between $150 million to $200 million. The company also reported a cash position of $77.5 million as of March 31, 2025.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 | 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 |
| EBITDA | -18.83M | -48.89M | -30.05M | -29.38M | -27.02M |
| Net Income | -17.93M | -46.34M | -29.70M | -28.21M | -22.03M |
Balance Sheet | |||||
| Total Assets | 118.85M | 82.06M | 62.04M | 68.95M | 49.31M |
| Cash, Cash Equivalents and Short-Term Investments | 51.69M | 76.03M | 59.02M | 65.70M | 46.54M |
| Total Debt | 517.01K | 667.63K | 802.43K | 923.80K | 1.03M |
| Total Liabilities | 34.19M | 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 | -50.73M | -38.74M | -24.58M | -22.58M | -22.08M |
| Operating Cash Flow | -50.61M | -38.41M | -24.36M | -21.16M | -21.97M |
| Investing Cash Flow | 21.23M | -17.06M | -3.71M | -9.13M | 7.43M |
| Financing Cash Flow | 26.32M | 55.92M | 17.90M | 41.76M | 40.10M |
Cormedix Technical Analysis
Positive
11.67
Price Trends
12.62
Negative
10.87
Positive
10.62
Positive
Market Momentum
-0.26
Negative
47.78
Neutral
66.91
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 11.67 is above the 20-day moving average (MA) of 11.39, below the 50-day MA of 12.62, and above the 200-day MA of 10.62, indicating a neutral trend. The MACD of -0.26 indicates Negative momentum. The RSI at 47.78 is Neutral, neither overbought nor oversold. The STOCH value of 66.91 is Neutral, 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 (57)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $880.60M | ― | -452.20% | ― | 8.98% | 6.32% | |
60 Neutral | $589.60M | ― | -37.13% | ― | -38.14% | 29.69% | |
57 Neutral | £5.06B | 6.82 | -62.36% | 2.25% | 33.93% | 6.67% | |
49 Neutral | $921.85M | ― | 91.25% | ― | -17.75% | -19.17% | |
47 Neutral | $523.78M | ― | -41.84% | ― | ― | 3.95% | |
47 Neutral | $868.59M | 51.77 | 19.87% | ― | ― | 64.53% | |
39 Underperform | $475.16M | ― | ― | -25.10% | -7.06% |
* Healthcare Sector Average
Performance Comparison
CRMD
Cormedix
11.67
7.45
176.54%
AKBA
Akebia Therapeutics
3.68
2.43
194.40%
KURA
Kura Oncology
6.05
-13.45
-68.97%
URGN
Urogen Pharma
19.06
3.38
21.56%
BCYC
Bicycle Therapeutics
8.52
-16.77
-66.31%
OPT
Opthea Limited Sponsored ADR
3.20
0.95
42.22%
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.