Cormedix Inc. (CRMD)
NASDAQ:CRMD
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Cormedix
(NASDAQ:CRMD)
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Rating:75Outperform
Price Target:
$9.50
▲(28.55% Upside)
Action:Upgraded
Date:06/09/26
The score is driven primarily by a sharp improvement in financial performance (strong margins and cash conversion) and a very low P/E valuation. These positives are tempered by execution/reversion risk given historical volatility, increased leverage, and earnings-call-flagged near-term reimbursement variability for DefenCath; technicals are improving but not yet back above the 200-day trend.
Positive Factors
Strong cash generation & margins
Sustained high margins and near‑one-to-one cash conversion provide durable internal funding for commercial expansion, R&D, and buybacks. Over a 2–6 month horizon this strengthens financial flexibility, lowers refinancing needs, and supports reinvestment without immediate external capital.
Negative Factors
TDAPA expiration & reimbursement risk
A payer reimbursement transition creates structural revenue timing and pricing risk: patient utilization may remain but unit economics could deteriorate during CMS add‑on conversion. This threatens sustainable net selling price and short‑to‑medium term cash flow visibility until new reimbursement is established.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation & margins
Sustained high margins and near‑one-to-one cash conversion provide durable internal funding for commercial expansion, R&D, and buybacks. Over a 2–6 month horizon this strengthens financial flexibility, lowers refinancing needs, and supports reinvestment without immediate external capital.
Read all positive factors
Cormedix (CRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$680.18M
Dividend YieldN/A
Average Volume (3M)1.42M
Price to Earnings (P/E)3.8
Beta (1Y)1.60
Revenue Growth384.60%
EPS Growth883.51%
CountryUS
Employees64
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)2.38
Shares Outstanding78,451,890
10 Day Avg. Volume1,357,090
30 Day Avg. Volume1,415,158
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 Cap0.95
Enterprise Value/Revenue1.62
Enterprise Value/Gross Profit1.88
Enterprise Value/Ebitda3.04
Forecast
1Y Price Target
$14.25Price Target Upside92.83% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.51
Revenue Forecast (FY)$332.71M
Cormedix Business Overview & Revenue Model
Company Description
CorMedix Inc. is a biopharmaceutical company engaged in the development and commercialization of medical treatments for the prevention and care of infectious and inflammatory conditions, serving markets both in the United States and internationall...
How the Company Makes Money
Cormedix’s business model is centered on commercializing DefenCath. The company expects to make money primarily through product sales of DefenCath to dialysis providers, hospitals, and other healthcare settings that manage patients with central ve...
Cormedix Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational and financial momentum: large Q1 revenue and adjusted EBITDA beats, raised full‑year guidance, successful REZZAYO Phase III top‑line results with near‑term regulatory path, and solid cash generation. Offsetting risks include near‑term reimbursement variability from TDAPA expiry affecting H2 2026, a nonrecurring $9M revenue adjustment, mark‑to‑market charges, and a delayed TPN Phase III timeline pushing that program into 2028. On balance the positive execution, guidance increases, pipeline progress (REZZAYO) and strong balance sheet outweigh the highlighted challenges.Positive Updates
Strong Revenue and EBITDA Beat
Q1 2026 net revenue $127.4M vs $39.1M in Q1 2025 (up ~226%), driven by DefenCath ($97.5M) and Melinta portfolio ($29.9M). Adjusted EBITDA $70M vs $23.6M (up ~197%), demonstrating significant margin expansion and core operating strength.
Negative Updates
TDAPA Expiration and Reimbursement Uncertainty
Initial TDAPA reimbursement expires June 30, 2026, creating expected DefenCath revenue variability in H2 2026 as CMS transitions to post-TDAPA add-on methodology. Management expects price erosion in Q3–Q4 2026 while prioritizing maintenance/growth of patient utilization.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Revenue and EBITDA Beat
Q1 2026 net revenue $127.4M vs $39.1M in Q1 2025 (up ~226%), driven by DefenCath ($97.5M) and Melinta portfolio ($29.9M). Adjusted EBITDA $70M vs $23.6M (up ~197%), demonstrating significant margin expansion and core operating strength.
Read all positive updates
Company Guidance
Management raised full‑year net revenue guidance to $325–$345M (from $300–$320M) and adjusted EBITDA to $115–$135M (from $100–$125M), and raised full‑year DefenCath revenue guidance to $175–$195M (from $150–$170M); they reiterated Q1 results of $127.4M net revenue (DefenCath $97.5M, Melinta $29.9M), adjusted EBITDA $70M, operating expenses $41.5M (R&D $7.2M, S&M $12.5M, G&A $21.7M), net income $38.6M, EPS $0.48 basic / $0.43 diluted, cash from operations $42.4M, $11.1M of share repurchases and ending cash of $178.1M, noting a $9M non‑recurring favorable sales estimate in Q1; guidance assumes cash OpEx of $145–$160M (ex‑stock‑based comp) and adds 15–20 commercial/medical hires in H2, while warning of DefenCath H2 2026 variability due to TDAPA expiration (6/30) and transition to post‑TDAPA CMS add‑on but expecting a higher net selling price per unit in 2027; guidance excludes upside from new customers or Medicare Advantage.Cormedix Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
66
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 400.05M | 311.71M | 43.47M | 0.00 | 65.41K | 190.94K |
| Gross Profit | 343.39M | 275.75M | 40.28M | -205.56K | 61.67K | 42.00K |
| EBITDA | 212.72M | 167.78M | -18.98M | -46.23M | -30.05M | -29.38M |
| Net Income | 181.01M | 163.06M | -17.93M | -46.34M | -29.70M | -28.21M |
Balance Sheet | ||||||
| Total Assets | 815.64M | 826.14M | 118.85M | 82.06M | 62.04M | 68.95M |
| Cash, Cash Equivalents and Short-Term Investments | 178.09M | 149.52M | 51.69M | 76.03M | 59.02M | 65.70M |
| Total Debt | 144.88M | 148.91M | 517.01K | 667.63K | 802.43K | 923.80K |
| Total Liabilities | 378.59M | 420.83M | 34.19M | 11.92M | 6.98M | 6.15M |
| Stockholders Equity | 437.05M | 405.31M | 84.66M | 70.14M | 55.06M | 62.80M |
Cash Flow | ||||||
| Free Cash Flow | 196.39M | 172.79M | -50.73M | -38.74M | -24.58M | -22.58M |
| Operating Cash Flow | 197.69M | 175.05M | -50.61M | -38.41M | -24.36M | -21.16M |
| Investing Cash Flow | -305.27M | -308.43M | 21.23M | -17.06M | -3.71M | -9.13M |
| Financing Cash Flow | 220.26M | 238.45M | 26.32M | 55.92M | 17.90M | 41.76M |
Cormedix Technical Analysis
Positive
7.39
Price Trends
7.95
Positive
7.50
Positive
9.16
Negative
Market Momentum
0.23
Positive
59.28
Neutral
47.45
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 7.39 is below the 20-day moving average (MA) of 8.48, below the 50-day MA of 7.95, and below the 200-day MA of 9.16, indicating a neutral trend. The MACD of 0.23 indicates Positive momentum. The RSI at 59.28 is Neutral, neither overbought nor oversold. The STOCH value of 47.45 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 30 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $680.18M | 3.81 | 50.38% | ― | 384.60% | 883.51% | |
67 Neutral | $898.80M | 5.49 | 129.32% | ― | 2889.93% | ― | |
56 Neutral | $1.84B | -18.12 | -56.07% | ― | 3.42% | -11.04% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $1.25B | -2.59 | -167.71% | ― | -100.00% | -128.73% | |
44 Neutral | $1.31B | -5.36 | -45.27% | ― | -72.09% | -754.83% | |
43 Neutral | $876.62M | -3.60 | -161.87% | ― | ― | -6.15% |
* Healthcare Sector Average
CRMD
Cormedix
8.67
-7.89
-47.64%
ABUS
Arbutus Biopharma
4.55
1.14
33.43%
IMTX
Immatics
9.78
4.36
80.44%
TSHA
Taysha Gene Therapies
6.42
3.93
157.83%
SANA
Sana Biotechnology
3.15
0.55
21.15%
ZBIO
Zenas BioPharma, Inc.
19.78
10.31
108.87%
Cormedix Corporate Events
Business Operations and StrategyLegal Proceedings
Federal Circuit Upholds CorMedix MINOCIN Patent Protection
Positive
Jun 8, 2026
On June 8, 2026, CorMedix reported that the U.S. Court of Appeals for the Federal Circuit upheld a prior ruling that Nexus Pharmaceuticals’ proposed generic minocycline product infringes patents covering MINOCIN® for Injection, its intr...
Business Operations and StrategyProduct-Related Announcements
CorMedix Reports Positive Phase III REZZAYO Prophylaxis Results
Positive
Apr 27, 2026
On April 27, 2026, CorMedix announced positive topline data from the global Phase III ReSPECT trial of REZZAYO (rezafungin) in adult patients undergoing allogeneic hematopoietic stem cell transplantation, a group at high risk of invasive fungal di...
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.