Cormedix (CRMD) AI Stock Analysis

• Market Cap: $558.61M
• Dividend Yield: N/A
• Average Volume (3M): 3.53M
• Price to Earnings (P/E): 3.4
• Beta (1Y): 1.43
• Revenue Growth: 1647.67%
• EPS Growth: N/A
• Country: US
• Employees: 64
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): 1.26
• Shares Outstanding: 78,789,050
• 10 Day Avg. Volume: 5,466,967
• 30 Day Avg. Volume: 3,530,424
• PEG Ratio: 0.40
• Price to Book (P/B): 5.63
• Price to Sales (P/S): 10.97
• P/FCF Ratio: -9.40
• Enterprise Value/Market Cap: 1.70
• Enterprise Value/Revenue: 4.44
• Enterprise Value/Gross Profit: 4.79
• Enterprise Value/Ebitda: 8.47
• 1Y Price Target: $17.00
• Price Target Upside: 139.77% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 6
• EPS Forecast (FY): 2.05
• Revenue Forecast (FY): $386.44M

• Rating: 72 Outperform
• Price Target: $8.50 ▲(19.89% Upside)

The score is driven primarily by the strong TTM financial turnaround (profitability and cash flow flipping positive) and constructive earnings-call guidance tied to DefenCath momentum and the Melinta integration. These positives are tempered by very weak technicals (price below key moving averages with bearish momentum) and execution risks around cash conversion, higher leverage, and 2026 reimbursement-driven pricing uncertainty.

Positive Factors

Financial turnaround (TTM)

A persistent step-change to positive scale and profitability (very high gross and net margins) transforms the company's cash-generating capacity and strategic optionality. Durable higher revenue and exceptional margins support reinvestment, product rollouts, and reduced dependency on external financing over the medium term.

Material free cash flow improvement

Substantially positive operating and free cash flow after years of deficits provides a durable funding base for commercialization, R&D, and M&A integration. Strong absolute FCF improves financial flexibility, lowers reliance on capital markets, and supports longer-term investment in market expansion and pipeline development.

Acquisition diversifies portfolio and yields synergies

The Melinta acquisition materially broadens the company's specialty anti-infective portfolio, reducing single-product concentration risk. Realized synergies provide a lasting margin tailwind and scale benefits, strengthening commercial channels and supporting sustainable earnings power beyond DefenCath adoption alone.

Negative Factors

Post‑TDAPA reimbursement uncertainty

Durable revenue and margin risk stems from CMS’s post‑TDAPA pricing methodology; lower institutional reimbursement would directly reduce net selling price for DefenCath, pressuring revenue and profitability in H2 2026 and potentially into 2027 absent favorable regulatory outcomes or contracting gains.

Weak cash conversion (quality-of-earnings flag)

Despite strong reported earnings, persistent shortfall between net income and operating cash flow signals earnings may be less cash-backed. That gap can constrain sustainable reinvestment, debt reduction, and capital allocation, and raises execution risk if working capital or noncash items reverse.

Higher operating costs from integration

Acquisition-related and other expense increases raise the company’s underlying cost base during integration. If synergies or revenue growth lag expectations, the higher operating expense run-rate could persistently compress margins and pressure free cash flow, elevating execution and profitability risk over the medium term.

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	214.30M	43.47M	0.00	65.41K	190.94K	239.23K
Gross Profit	198.47M	40.28M	-205.56K	61.67K	42.00K	34.38K
EBITDA	112.26M	-18.98M	-46.23M	-30.05M	-29.38M	-27.02M
Net Income	162.50M	-17.93M	-46.34M	-29.70M	-28.21M	-22.03M
Balance Sheet
Total Assets	750.86M	118.85M	82.06M	62.04M	68.95M	49.31M
Cash, Cash Equivalents and Short-Term Investments	55.72M	51.69M	76.03M	59.02M	65.70M	46.35M
Total Debt	148.92M	517.01K	667.63K	802.43K	923.80K	1.03M
Total Liabilities	376.73M	34.19M	11.92M	6.98M	6.15M	5.09M
Stockholders Equity	374.13M	84.66M	70.14M	55.06M	62.80M	44.22M
Cash Flow
Free Cash Flow	74.42M	-50.73M	-38.74M	-24.58M	-22.58M	-22.08M
Operating Cash Flow	74.97M	-50.61M	-38.41M	-24.36M	-21.16M	-21.97M
Investing Cash Flow	-312.03M	21.23M	-17.06M	-3.71M	-9.13M	7.43M
Financing Cash Flow	251.15M	26.32M	55.92M	17.90M	41.76M	40.10M

Cormedix Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 7.09
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

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 7.09 is below the 20-day moving average (MA) of 10.58, below the 50-day MA of 10.63, and below the 200-day MA of 11.28, indicating a bearish trend. The MACD of -1.09 indicates Positive momentum. The RSI at 23.53 is Positive, neither overbought nor oversold. The STOCH value of 1.49 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CRMD.

Cormedix Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CRMD	72 Outperform	$558.61M	3.41	75.08%	―	1647.67%	―
IMTX	56 Neutral	$1.32B	-9.07	-29.01%	―	-27.61%	-69.49%
TSHA	53 Neutral	$1.38B	-13.82	-64.93%	―	-36.36%	-945.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SANA	51 Neutral	$1.26B	-4.81	-96.11%	―	―	31.16%
ABUS	49 Neutral	$919.31M	-21.19	-45.88%	―	116.64%	47.93%
ZBIO	47 Neutral	$1.21B	-4.40	-68.33%	―	―	-38.04%

Cormedix Corporate Events

Cormedix Issues Strong Preliminary Q4 Results, Updates Outlook

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 for equity awards, and confirmed his appointment as chairman of the board effective January 8, 2026, alongside enhanced severance protections and post-employment restrictive covenants that further consolidate leadership stability at the company. Also on January 8, 2026, CorMedix reported preliminary unaudited fourth-quarter 2025 net revenue of about $127 million and full-year net revenue of approximately $310 million, with pro forma full-year revenue of roughly $400 million reflecting its Melinta acquisition, adjusted EBITDA of $77–81 million in the fourth quarter, and cash and short-term investments of around $148 million, while highlighting strong DefenCath utilization, looming Medicare reimbursement-driven price pressure in the second half of 2026, and planned Phase 3 readouts for REZZAYO and DefenCath that, together with operational synergies and 2026 revenue and EBITDA guidance, underscore its transition into a diversified anti-infective player with multiple growth levers and meaningful financial scale.

The most recent analyst rating on (CRMD) stock is a Buy with a $15.00 price target. To see the full list of analyst forecasts on Cormedix stock, see the CRMD Stock Forecast page.