CRMD

MKT CAP:$584M

CorMedix Inc.

Market Cap

$584M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$7.49-$4.67 (-38.40%)

Apr 22, 2026

Company Details

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 c...

CEO

Joseph Todisco

IPO Date

May 13, 2010

Website

www.cormedix.com

Key Metrics TTM

Revenue

$312M

+617.0% YoY

Net Income

$163M

EPS (Diluted)

$1.99

Free Cash Flow

$174M

Revenue / Share

$3.32

Gross Margin

88.5%

Operating Margin

48.2%

Net Margin

52.3%

FCF Margin

56.0%

P/S

1.9x

P/E

3.6x

Earnings Reports

Q1 2026

May 5, 2026

PENDING

FY 2025

Mar 5, 2026

$312M+617.0%EPS $2.04

Q4 2025

Mar 5, 2026

$129M+312.1%EPS $0.15

Q3 2025

Nov 12, 2025

$104M+810.2%EPS $1.26

Q2 2025

Aug 7, 2025

$40M+4829.4%EPS $0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$7.6K	$6.1K	-$7M
Q2 22	$21.3K	$20.9K	-$8M
Q3 22	$6.8K	$5.3K	-$7M
Q4 22	$29.7K	$29.3K	-$8M
Q1 23	$0	-$49.4K	-$11M
Q2 23	$0	-$50.7K	-$12M
Q3 23	$0	-$51.9K	-$10M
Q4 23	$0	-$53.5K	-$16M
Q1 24	$0	-$818.5K	-$17M
Q2 24	$806.1K	$296.3K	-$15M
Q3 24	$11M	$11M	-$3M
Q4 24	$31M	$30M	$13M
Q1 25	$39M	$37M	$20M
Q2 25	$40M	$38M	$20M
Q3 25	$104M	$93M	$51M
Q4 25	$129M	$107M	$59M

Valuation

Quarter	P/S	P/E
Q1 22	5295.0x	—
Q2 22	4734.4x	—
Q3 22	6341.8x	—
Q4 22	8930.2x	—
Q1 23	10110.5x	—
Q2 23	15994.5x	—
Q3 23	19665.5x	—
Q4 23	—	—
Q1 24	—	—
Q2 24	724.6x	—
Q3 24	47.6x	—
Q4 24	13.4x	—
Q1 25	7.1x	34.0x
Q2 25	4.8x	11.4x
Q3 25	2.7x	3.6x
Q4 25	1.9x	3.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$7M	-$7M
Q2 22	-$5M	-$5M
Q3 22	-$6M	-$6M
Q4 22	-$6M	-$6M
Q1 23	-$10M	-$10M
Q2 23	-$9M	-$9M
Q3 23	-$9M	-$9M
Q4 23	-$11M	-$11M
Q1 24	-$17M	-$17M
Q2 24	-$14M	-$14M
Q3 24	-$14M	-$14M
Q4 24	-$6M	-$6M
Q1 25	$20M	$20M
Q2 25	$30M	$30M
Q3 25	$31M	$30M
Q4 25	$94M	$94M

Capital Expenditures

Quarter	CapEx
Q1 22	$4.3K
Q2 22	$9.9K
Q3 22	$76.4K
Q4 22	$128.8K
Q1 23	$14.8K
Q2 23	$6.4K
Q3 23	$10.2K
Q4 23	$295.9K
Q1 24	$61.3K
Q2 24	$34.8K
Q3 24	$9.8K
Q4 24	$9.9K
Q1 25	$10.2K
Q2 25	$23.9K
Q3 25	$505.8K
Q4 25	$44.3K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-91.3%	-3.5%
Q2 22	+159.5%	+40.3%
Q3 22	-82.1%	-19.0%
Q4 22	-47.3%	+7.4%
Q1 23	-100.0%	+56.5%
Q2 23	-100.0%	+42.9%
Q3 23	-100.0%	+50.2%
Q4 23	-100.0%	+86.1%
Q1 24	—	+51.6%
Q2 24	—	+36.4%
Q3 24	—	+40.9%
Q4 24	—	+16.6%
Q1 25	—	+13.5%
Q2 25	+4829.4%	+25.4%
Q3 25	+810.2%	+259.0%
Q4 25	+312.1%	+280.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$1M	14907.0%
Q2 22	$1M	5051.7%
Q3 22	$983.5K	14427.5%
Q4 22	$874.1K	2942.7%
Q1 23	$2M	—
Q2 23	$1M	—
Q3 23	$1M	—
Q4 23	$1M	—
Q1 24	$2M	—
Q2 24	$1M	156.8%
Q3 24	$1M	10.7%
Q4 24	$1M	3.8%
Q1 25	$4M	9.0%
Q2 25	$3M	6.7%
Q3 25	$4M	3.9%
Q4 25	$10M	7.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q1 22	$2M	—	—	$5M
Q2 22	$3M	—	—	$5M
Q3 22	$2M	—	—	$5M
Q4 22	$3M	—	—	$6M
Q1 23	$3M	—	—	$8M
Q2 23	$5M	—	—	$7M
Q3 23	$3M	—	—	$8M
Q4 23	$2M	—	—	$13M
Q1 24	$837.4K	$9M	$6M	—
Q2 24	$651.0K	$8M	$7M	—
Q3 24	$727.1K	$7M	$7M	—
Q4 24	$2M	$7M	$8M	—
Q1 25	$3M	$10M	$4M	—
Q2 25	$2M	$10M	$6M	—
Q3 25	$5M	$25M	$11M	—
Q4 25	$9M	$24M	—	—

Revenue Segments

Quarter	Product
Q3 25	$102M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$45M	$16M	$62M
Q2 22	$49M	$16M	$65M
Q3 22	$43M	$16M	$59M
Q4 22	$43M	$16M	$59M
Q1 23	$25M	$30M	$56M
Q2 23	$20M	$33M	$52M
Q3 23	$53M	$33M	$87M
Q4 23	$44M	$32M	$76M
Q1 24	$35M	$23M	$59M
Q2 24	$29M	$17M	$46M
Q3 24	$35M	$11M	$46M
Q4 24	$41M	$11M	$52M
Q1 25	$66M	$11M	$78M
Q2 25	$159M	$31M	$191M
Q3 25	$48M	$7M	$56M
Q4 25	$146M	$4M	$150M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	38M	+0.4%	+5.3%
Q2 22	40M	+4.0%	+4.4%
Q3 22	41M	+3.6%	+8.1%
Q4 22	42M	+1.6%	+9.8%
Q1 23	44M	+5.3%	+15.3%
Q2 23	45M	+2.9%	+14.1%
Q3 23	57M	+24.7%	+37.3%
Q4 23	57M	+1.5%	+37.1%
Q1 24	58M	+0.2%	+30.4%
Q2 24	58M	+0.2%	+27.0%
Q3 24	59M	+2.1%	+4.0%
Q4 24	62M	+4.6%	+7.2%
Q1 25	69M	+12.1%	+20.0%
Q2 25	72M	+4.3%	+24.8%
Q3 25	86M	+19.9%	+46.6%
Q4 25	94M	+8.9%	+52.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$263	29
Q2 22	$733	29
Q3 22	$235	29
Q4 22	$743	40
Q1 23	$0	40
Q2 23	$0	40
Q3 23	$0	40
Q4 23	$0	82
Q1 24	$0	82
Q2 24	$9.8K	82
Q3 24	$139.7K	82
Q4 24	$487.7K	64
Q1 25	$610.7K	64
Q2 25	$620.9K	64
Q3 25	$2M	64
Q4 25	$673.4K	191

Revenue / Employee