CRMD (CorMedix Inc.) Stock Financials & Earnings

CRMDCorMedix Inc.

Mkt Cap$536M

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Revenue (TTM)$312M

Net Income (TTM)$163M

EPS (TTM)$2.00

Free Cash Flow (TTM)$174M

Gross Margin88.5%

Op. Margin48.2%

Net Margin52.3%

FCF Margin56.0%

P/S Ratio (TTM)1.7x

P/E Ratio (TTM)3.3x

YoY Rev Growth+617.0%

Employees—

Earnings Reports

▶Q4 2025NEW

Next: Q1 2026 · Mar 24

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...

CEO Joseph TodiscoIPO May 13, 2010www.cormedix.com

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$0	-$49K	-$11M
Q2 23	$0	-$51K	-$12M
Q3 23	$0	-$52K	-$10M
Q4 23	$0	-$54K	-$16M
Q1 24	$0	-$819K	-$17M
Q2 24	$806K	$296K	-$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

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	3400.1x	—
Q2 23	6039.5x	—
Q3 23	6840.4x	—
Q4 23	—	—
Q1 24	—	—
Q2 24	312.3x	—
Q3 24	40.5x	—
Q4 24	11.5x	—
Q1 25	5.1x	24.4x
Q2 25	7.7x	18.3x
Q3 25	4.2x	5.5x
Q4 25	3.1x	5.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
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

CapEx

Quarter	CapEx
Q1 23	$15K
Q2 23	$6K
Q3 23	$10K
Q4 23	$296K
Q1 24	$61K
Q2 24	$35K
Q3 24	$10K
Q4 24	$10K
Q1 25	$10K
Q2 25	$24K
Q3 25	$506K
Q4 25	$44K

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
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 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 23	$3M	—	—	$8M
Q2 23	$5M	—	—	$7M
Q3 23	$3M	—	—	$8M
Q4 23	$2M	—	—	$13M
Q1 24	$837K	$9M	$6M	—
Q2 24	$651K	$8M	$7M	—
Q3 24	$727K	$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 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
Q1 23	44M	+5.3%
Q2 23	45M	+2.9%
Q3 23	57M	+24.7%
Q4 23	57M	+1.5%
Q1 24	58M	+0.2%
Q2 24	58M	+0.2%
Q3 24	59M	+2.1%
Q4 24	62M	+4.6%
Q1 25	69M	+12.1%
Q2 25	72M	+4.3%
Q3 25	86M	+19.9%
Q4 25	94M	+8.9%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$38K	5
FY 15	$23K	9
FY 16	$16K	14
FY 17	$24K	14
FY 18	$20K	22
FY 19	$9K	30
FY 20	$7K	35
FY 21	$7K	29
FY 22	$2K	40
FY 23	$0	82
FY 24	$679K	64
FY 25	$2K	200K