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Cormedix
(NASDAQ:CRMD)
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Rating:78Outperform
Price Target:
$8.50
▼(-0.70% Downside)
Action:Reiterated
Date:10/20/26
The score is driven primarily by strong current financial performance (high margins and strong cash flow) and an extremely low P/E valuation. These positives are moderated by weak technical momentum (trading below major moving averages with negative MACD/low RSI) and execution/reimbursement uncertainty discussed on the earnings call, while the Priority Review for REZZAYO provides a supportive additional catalyst.
Positive Factors
Rapid Revenue and Profitability Growth
The sharp increase in revenue and adjusted EBITDA indicates meaningful commercial scale and operating leverage across the combined business. If sustained, this growth can strengthen internal funding capacity, support investment in DefenCath and REZZAYO, and improve the company’s ability to absorb execution costs.
Negative Factors
Reimbursement and Ordering Uncertainty
Changing reimbursement rules can affect provider economics, ordering behavior, and the pace of DefenCath adoption even when clinical demand remains intact. Uncertainty around Medicare Advantage and the final ESRD rule may delay purchasing decisions, complicate forecasting, and create pressure on realized revenue over coming quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid Revenue and Profitability Growth
The sharp increase in revenue and adjusted EBITDA indicates meaningful commercial scale and operating leverage across the combined business. If sustained, this growth can strengthen internal funding capacity, support investment in DefenCath and REZZAYO, and improve the company’s ability to absorb execution costs.
Read all positive factors
Cormedix (CRMD) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$611.86M
Dividend YieldN/A
Average Volume (3M)1.00M
Price to Earnings (P/E)3.3
Beta (1Y)1.18
Revenue Growth280.50%
EPS Growth210.82%
CountryUS
Employees191
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)2.41
Shares Outstanding77,944,320
10 Day Avg. Volume1,251,909
30 Day Avg. Volume1,002,490
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 Cap1.00
Enterprise Value/Revenue1.33
Enterprise Value/Gross Profit1.60
Enterprise Value/Ebitda2.46
Forecast
1Y Price Target
$14.60Price Target Upside70.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)0.5
Revenue Forecast (FY)$337.06M
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 in the United States and generating revenue primarily through product sales to dialysis providers and healthcare systems that manage hemodialysis patients using central venous cath...
Cormedix Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 11, 2026
Earnings Call Sentiment Positive
The call emphasized strong commercial execution (notably large revenue and adjusted EBITDA growth), solid cash generation, strategic commercial agreements with all top 5 dialysis providers, and meaningful pipeline progress highlighted by positive Phase III data for REZZAYO and an anticipated sNDA submission. These positives were tempered by higher operating expenses (driven by the Melinta acquisition and planned commercial investments), uncertainty around post-TDAPA ordering patterns and final ESRD reimbursement, and the limited current visibility on the impact of the new LDO pilot and Medicare Advantage contracting. On balance, the magnitude of the operational and financial wins (large YoY revenue and EBITDA growth, strong cash flow, clear regulatory/pipeline momentum) outweighs the near-term expense increases and reimbursement uncertainties.Positive Updates
Strong Revenue Growth
Second quarter 2026 consolidated revenue of $101.9M vs $39.7M in Q2 2025, an increase of ~156.8% year-over-year. Q2 revenue included $66.1M in DefenCath sales and $35.8M from the acquired Melinta portfolio.
Negative Updates
Significant Increase in Operating Expenses
Operating expenses of $34.2M in Q2 2026 vs $18.3M in Q2 2025, an increase of ~87% driven primarily by the Melinta acquisition and a larger combined cost structure. Sales & marketing rose ~95% to $12.4M and R&D rose to $6.7M from $2.4M (~179% increase). G&A increased ~59% to $15.1M.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Revenue Growth
Second quarter 2026 consolidated revenue of $101.9M vs $39.7M in Q2 2025, an increase of ~156.8% year-over-year. Q2 revenue included $66.1M in DefenCath sales and $35.8M from the acquired Melinta portfolio.
Read all positive updates
Company Guidance
Management reaffirmed full‑year 2026 consolidated revenue guidance of $325–$345 million (including DefenCath revenue of $175–$195 million), raised full‑year adjusted EBITDA guidance to $125–$140 million, and narrowed cash operating expense guidance to $145–$155 million (excludes non‑cash stock‑based compensation); they noted Q2 results of $101.9 million consolidated revenue, $66.1 million DefenCath sales and $58.7 million adjusted EBITDA, July DefenCath volumes are tracking consistent with the post‑TDAPA forecast underlying guidance, no Medicare Advantage contribution was assumed in 2026 guidance, contract amendments cover Q3–Q4 2026 pricing (and some 2027 commitments), an sNDA for REZZAYO is expected in Q3 2026 with potential FDA action in H1 2027, incremental H2 hiring of ~15–20 commercial/medical roles is anticipated, and the plan is supported by a strong balance sheet ($256.7 million cash and cash equivalents at quarter end, ~$267 million combined cash/investments and $128.6 million net cash provided by operations in H1 2026, with $277.8 million trailing‑12‑month adjusted EBITDA).Cormedix Financial Statement Overview
Summary
Income Statement
84
Very Positive
Balance Sheet
76
Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 462.25M | 311.71M | 43.47M | 0.00 | 65.41K | 190.94K |
| Gross Profit | 382.64M | 275.75M | 40.28M | -205.56K | 61.67K | 42.00K |
| EBITDA | 249.83M | 167.35M | -18.98M | -46.23M | -30.18M | -29.38M |
| Net Income | 187.17M | 163.06M | -17.93M | -46.34M | -29.70M | -28.21M |
Balance Sheet | ||||||
| Total Assets | 904.05M | 826.14M | 118.85M | 82.06M | 62.04M | 68.95M |
| Cash, Cash Equivalents and Short-Term Investments | 256.69M | 149.52M | 51.69M | 76.03M | 59.02M | 65.47M |
| Total Debt | 145.15M | 148.91M | 517.01K | 667.63K | 802.43K | 923.80K |
| Total Liabilities | 443.22M | 420.83M | 34.19M | 11.92M | 6.98M | 6.15M |
| Stockholders Equity | 460.83M | 405.31M | 84.66M | 70.14M | 55.06M | 62.80M |
Cash Flow | ||||||
| Free Cash Flow | 251.71M | 172.79M | -50.73M | -38.74M | -24.58M | -22.58M |
| Operating Cash Flow | 253.94M | 175.05M | -50.62M | -38.41M | -24.36M | -21.16M |
| Investing Cash Flow | -285.62M | -308.43M | 21.23M | -17.06M | -3.71M | -9.13M |
| Financing Cash Flow | 129.95M | 238.45M | 26.32M | 55.92M | 17.90M | 41.76M |
Cormedix Technical Analysis
Positive
8.56
Price Trends
7.85
Negative
8.00
Negative
7.67
Positive
Market Momentum
>-0.01
Negative
55.91
Neutral
86.48
Negative
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 8.56 is above the 20-day moving average (MA) of 7.51, above the 50-day MA of 7.85, and above the 200-day MA of 7.67, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 55.91 is Neutral, neither overbought nor oversold. The STOCH value of 86.48 is Negative, 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $611.86M | 3.26 | 44.64% | ― | 280.50% | 210.82% | |
67 Neutral | $569.92M | 97.75 | 2.61% | ― | -2.36% | -80.69% | |
61 Neutral | $353.48M | -77.54 | -11.71% | ― | 77.83% | 70.59% | |
54 Neutral | $802.40M | 77.14 | 3.52% | ― | 7.44% | ― | |
52 Neutral | $313.88M | -35.28 | -280.41% | ― | ― | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $494.16M | -2.58 | -152.15% | ― | -21.91% | -134.63% |
* Healthcare Sector Average
CRMD
Cormedix
7.85
-3.20
-28.96%
MDXG
MiMedx Group
3.91
-2.82
-41.90%
FENC
Fennec Pharmaceuticals
10.08
1.26
14.29%
PHAR
Pharming Group
11.20
-2.13
-15.98%
VALN
Valneva
5.26
-4.00
-43.20%
TTRX
Turn Therapeutics Inc
10.28
5.31
106.84%
Cormedix Corporate Events
Business Operations and StrategyProduct-Related AnnouncementsRegulatory Filings and Compliance
CorMedix Gains FDA Priority Review for REZZAYO Prophylaxis
Positive
Oct 19, 2026
On October 19, 2026, CorMedix announced that the U.S. Food and Drug Administration accepted for filing and granted Priority Review to a supplemental New Drug Application for REZZAYO (rezafungin) seeking approval for prophylaxis of invasive fungal ...
Business Operations and StrategyLegal Proceedings
Cormedix Wins Preliminary OK on Governance Settlement Reforms
Neutral
Aug 7, 2026
On July 24, 2026, the U.S. District Court for the District of New Jersey granted preliminary approval to a proposed settlement of consolidated stockholder derivative actions against CorMedix and certain current and former officers and directors, s...
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.