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Cormedix Inc. (CRMD) stock

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NASDAQ: CRMD Nasdaq Biotechnology Next results ~November 12, 2026

B+ Fundamentals grade

Cormedix Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($23.77) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($23.77) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating. We'll show the comparison once resolved.

Cormedix Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds94 adding, 80 cuttingOf 33 active managers that changed their stake, 20 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Cormedix files

Where Cormedix stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $462m, up 280.5% on a year earlier, slower than the 384.6% growth a quarter earlier. That growth ranks 1 of 49 among the biotechnology companies we cover. Free-cash-flow margin rose to 54.2% from 25.0% a year earlier. Operating margin widened to 47.0% from 40.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 3 of our 3 financial-health checks.

Our model value for Cormedix is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 13, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 12, 2026 (estimated)

Cormedix Inc.'s trailing-twelve-month revenue grew 280.5% year on year, with a free-cash-flow margin of 54.2%. Where it stands out: free-cash-flow margin of 54.2% ranks 3 of 176 biotechnology companies we cover. Where it lags: change in growth rate of -104.1pp ranks 153 of 172 biotechnology companies we cover.

Our discounted-cash-flow model values the business at ~$37 per share in the base case (~$28–$49 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 723.5% while net income grew 265.9%: a 458pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 280.5% over the last 12 months, against a median of 12.6% for biotechnology companies we cover.
  • High operating margin. 47.0% of revenue is left as operating profit, against a median of -189.4% for biotechnology companies we cover.
  • Margins widening. Operating margin is up 6.4 points on a year ago.
  • Strong cash generation. 54.2% of revenue turned into free cash flow, against a median of -145.4% for biotechnology companies we cover.
  • Net cash. Cash exceeds long-term debt by $0.3bn.

Things to watch

  • Growth slowing. The growth rate is 104.1 points lower than a quarter earlier.
  • Share dilution. Diluted shares rose 23.2% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 64% and a beta of 1.4 against the S&P 500.
  • Gross margin slipping. Gross margin is down 12.8 points on a year ago.
  • Below peers: days sales outstanding. Days sales outstanding of 127 days ranks 77 of 100 biotechnology companies we cover (median 75 days).
  • Heavily shorted. 19.1% of the shares available to trade are sold short (14.9 days of average volume to cover).

Latest results: FY2026 Q2

Filed August 13, 2026
Earnings per share
$0.29 against an average estimate of $0.24: beat by 21.9%
Revenue
$102m, up 156.5% on a year earlier
Share reaction
+6.2% in the first session after the results on August 13, 2026, against +0.5% for the S&P 500
Guidance given
consolidated revenue guidance $325m to $345m (full-year 2026); adjusted EBITDA guidance $125m to $140m (full-year 2026)
Next report
November 12, 2026

Cormedix's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.1%
  • 1 week-31.2%
  • 1 month-23.4%
  • This year-53.7%
  • 1 year-52.3%
  • 5 years+4.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$462M
Operating margin
47.0%
Net margin
40.5%

Growth

Revenue growth
+280.5%
Change in growth rate
−104.1 pts

Cash

Free cash flow (TTM)
$250M
FCF margin
54.2%
Stock pay % of revenue
3.5%

Earnings

Last results
November 2, 2026
Next results (est.)
January 13, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Results
  4. Guidance
  5. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Cormedix Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($23.77) was left out of our combined valuation (it is more than 3x away from the median of our other models), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Cormedix Inc.'s free cash flow after stock-based pay ( $139M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Cormedix Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.11 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$37 ~$28–$49 Left out: out of range vs price (6.92x)
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$17 ~$13–$20 Included
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.8 ~$0.8–$1.6 Left out: out of range vs price (0.16x)
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: This model is withheld pending its input or assumption review.
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: This model is withheld pending its input or assumption review.
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Cormedix Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 2015201620172018201920202021202220242025
Share price$10.15$7.65$2.50$6.45$7.28$7.43$4.55$4.22$8.10$11.63
Market value$106m$97m$46m$115m$176m$212m$171m$170m$477m$934m
+ Net debt (− = net cash)−$12m−$8m−$10m−$11m−$16m−$42m−$53m−$43m−$41m−$145m
Enterprise value$94m$89m$36m$103m$159m$170m$118m$127m$436m$789m
Multiples
Price / sales n/mn/m139.5xn/mn/mn/mn/mn/m11.0x3.0x
Price / earnings —————————5.7x
Price / free cash flow —————————5.4x
EV / EBITDA —————————5.2x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

7 /100

Weak moat

How hard Cormedix's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -57.7% of total assets over 10 years.

  • Pricing power 0 / 20

    Gross margin has been a median 21.3%, moving by 115.4 percentage points (standard deviation) across 10 years.

  • Durability 10 / 20

    Operating margin has been a median -10660.6%; its worst year was -25627.5%.

  • Cash conversion 2 / 20

    Free cash flow was positive in 2 of 10 years, at a median -9467.7% of revenue.

  • Discipline 0 / 20

    The diluted share count rose 152.2% over five years; stock-based pay has been a median 1097.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 12, 2026, before the open. Analysts expect revenue of $53m for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $0.49 −76% $337m +8%
Next $0.07 −86% $287m −15%

Next year's EPS estimate has moved −22.4% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −1.8% on 90 days ago. In the last 30 days, 2 analysts raised Cormedix Inc.'s forecast and 3 cut it.

Consensus EPS forecast Cormedix Inc., last 90 days
$0.00 $0.20 $0.40 $0.60 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $0.50 Current fiscal year, 60 days ago: $0.49 Current fiscal year, 30 days ago: $0.49 Current fiscal year, 7 days ago: $0.49 Current fiscal year, Now: $0.49 $0.49 Next fiscal year, 90 days ago: $0.09 Next fiscal year, 60 days ago: $0.06 Next fiscal year, 30 days ago: $0.06 Next fiscal year, 7 days ago: $0.06 Next fiscal year, Now: $0.07 $0.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $0.50$0.09
60 days ago $0.49$0.06
30 days ago $0.49$0.06
7 days ago $0.49$0.06
Now $0.49$0.07

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.24 $0.29 +21.9%
Mar 2026 $0.33 $0.35 +5.9%
Dec 2025 $0.81 $0.16 −80.2%
Sept 2025 $0.63 $1.41 +121.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 13, 2026
  • consolidated revenue guidance full-year 2026 $325m to $345m Maintained
    “The Company maintains full-year 2026 consolidated revenue guidance of $325 to $345 million, and raises full-year adjusted EBITDA guidance to a range of $125 to $140 million.” source
  • adjusted EBITDA guidance full-year 2026 $125m to $140m Non-GAAP Raised
    “The Company maintains full-year 2026 consolidated revenue guidance of $325 to $345 million, and raises full-year adjusted EBITDA guidance to a range of $125 to $140 million.” source
  • Cash OpEx guidance full-year 2026 $145m to $155m Non-GAAP Narrowed
    “Cash OpEx guidance is narrowed to a range of $145 to $155 million.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Cormedix Inc.'s revenue by -20.0% next year and +4.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (-32.5%, weight 52%) , management guidance (-32.9%, weight 21%) and the company's own record (+13.0%, weight 28%) . How the weights are set.

Analyst recommendations

6 analysts, Nov 2026
Buy6100%
Hold00%
Sell00%

Monthly trend

  1. Nov 2026336
  2. Oct 2026336
  3. Sep 2026325

Counts of recommendations published by analysts covering Cormedix Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
19.1%
of tradable shares
Days to cover
14.92
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
58%
of shares
Held by insiders
7.6%
of shares
Employees
191
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −51.6%

$11.13 on October 31, 2025 to $5.39

ThenNowEffect
Revenue (last 12 months) $121m $462m +280.5%
Net margin 42.1% 40.5% −3.8%
P/E multiple 14.0x 2.5x −82.3%
Share count 64m 86m −25.1%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
CRMD−39%−7%−11%+115%+44%−54%
Industry peers (median)−35%−57%−18%−29%−5%−26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
CRMD42%58%42%67%58%27%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
CRMD−75%−63%−48%−43%−54%−56%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 96% from April 26, 2016 to May 22, 2018. Getting back needed a 2547% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$5.39 – $12.73
From 52-week high
−57.7%
vs 50-day average
−30.4%
vs 200-day average
−29.7%
Volatility (1 year)
64%
Beta vs S&P 500
1.35

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±17.3%
After a week
7 up, 4 down
typical move ±21.8%
After a month
7 up, 4 down
typical move ±23.3%
Results releasedNext dayS&P 500 next day5 days21 days
August 13, 2026 +6.2% +0.5% +15.9% +11.1%
May 14, 2026 +0.7% −0.4% +7.5% +14.5%
March 5, 2026 −9.3% −1.9% −10.1% −0.6%
January 8, 2026 −31.7% +0.7% −37.2% −32.1%
November 12, 2025 +0.2% −1.6% −10.4% +2.7%
October 20, 2025 +14.4% +1.0% +8.5% −1.0%
August 7, 2025 −13.6% +0.7% +5.5% +6.7%
May 6, 2025 +29.3% −0.4% +28.8% +46.0%
April 8, 2025 +15.3% +8.8% +21.9% +98.2%
March 25, 2025 −33.5% −1.0% −43.6% −15.0%
January 7, 2025 +36.3% −1.0% +50.1% +28.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Cormedix Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Cormedix Inc.
$0 $200M $400M $600M FY21 Q3 FY22 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY21 Q3: $190.3K Revenue (TTM), FY21 Q4: $190.9K Revenue (TTM), FY22 Q1: $110.3K Revenue (TTM), FY22 Q2: $123.4K Revenue (TTM), FY22 Q3: $92.1K Revenue (TTM), FY22 Q4: $65.4K Revenue (TTM), FY25 Q1: $82.6M Revenue (TTM), FY25 Q2: $121.5M Revenue (TTM), FY25 Q3: $214.3M Revenue (TTM), FY25 Q4: $311.7M Revenue (TTM), FY26 Q1: $400.1M Revenue (TTM), FY26 Q2: $462.2M $462.2M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY21 Q3 $190.3K
FY21 Q4 $190.9K
FY22 Q1 $110.3K
FY22 Q2 $123.4K
FY22 Q3 $92.1K
FY22 Q4 $65.4K
FY25 Q1 $82.6M
FY25 Q2 $121.5M
FY25 Q3 $214.3M
FY25 Q4 $311.7M
FY26 Q1 $400.1M
FY26 Q2 $462.2M
Revenue growth, TTM YoY Cormedix Inc.
-200% 0% 200% 400% FY20 Q3 FY21 Q2 FY22 Q1 FY26 Q2 Revenue growth, TTM YoY, FY20 Q3: -26.9% Revenue growth, TTM YoY, FY20 Q4: -15.5% Revenue growth, TTM YoY, FY21 Q1: 30.9% Revenue growth, TTM YoY, FY21 Q2: 40.3% Revenue growth, TTM YoY, FY21 Q3: -8.7% Revenue growth, TTM YoY, FY21 Q4: -20.2% Revenue growth, TTM YoY, FY22 Q1: -56.5% Revenue growth, TTM YoY, FY22 Q2: -49.7% Revenue growth, TTM YoY, FY22 Q3: -51.6% Revenue growth, TTM YoY, FY22 Q4: -65.7% Revenue growth, TTM YoY, FY26 Q1: 384.6% Revenue growth, TTM YoY, FY26 Q2: 280.5% 280.5%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY20 Q3 -26.9%
FY20 Q4 -15.5%
FY21 Q1 30.9%
FY21 Q2 40.3%
FY21 Q3 -8.7%
FY21 Q4 -20.2%
FY22 Q1 -56.5%
FY22 Q2 -49.7%
FY22 Q3 -51.6%
FY22 Q4 -65.7%
FY26 Q1 384.6%
FY26 Q2 280.5%
Operating margin (TTM) Cormedix Inc.
-60000% -40000% -20000% 0% 20000% FY21 Q3 FY22 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY21 Q3: -14581.7% Operating margin (TTM), FY21 Q4: -15417.4% Operating margin (TTM), FY22 Q1: -26524.2% Operating margin (TTM), FY22 Q2: -25627.5% Operating margin (TTM), FY22 Q3: -32588.1% Operating margin (TTM), FY22 Q4: -46819.9% Operating margin (TTM), FY25 Q1: 17.5% Operating margin (TTM), FY25 Q2: 40.6% Operating margin (TTM), FY25 Q3: 48.5% Operating margin (TTM), FY25 Q4: 48.2% Operating margin (TTM), FY26 Q1: 48.4% Operating margin (TTM), FY26 Q2: 47.0% 47.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY21 Q3 -14581.7%
FY21 Q4 -15417.4%
FY22 Q1 -26524.2%
FY22 Q2 -25627.5%
FY22 Q3 -32588.1%
FY22 Q4 -46819.9%
FY25 Q1 17.5%
FY25 Q2 40.6%
FY25 Q3 48.5%
FY25 Q4 48.2%
FY26 Q1 48.4%
FY26 Q2 47.0%
FCF margin (TTM) Cormedix Inc.
-40000% -30000% -20000% -10000% 0% 10000% FY21 Q3 FY22 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY21 Q3: -11612.4% FCF margin (TTM), FY21 Q4: -11826.2% FCF margin (TTM), FY22 Q1: -20510.3% FCF margin (TTM), FY22 Q2: -20263.7% FCF margin (TTM), FY22 Q3: -26916.2% FCF margin (TTM), FY22 Q4: -37573.5% FCF margin (TTM), FY25 Q1: -16.5% FCF margin (TTM), FY25 Q2: 25.0% FCF margin (TTM), FY25 Q3: 34.7% FCF margin (TTM), FY25 Q4: 55.4% FCF margin (TTM), FY26 Q1: 48.7% FCF margin (TTM), FY26 Q2: 54.2% 54.2%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY21 Q3 -11612.4%
FY21 Q4 -11826.2%
FY22 Q1 -20510.3%
FY22 Q2 -20263.7%
FY22 Q3 -26916.2%
FY22 Q4 -37573.5%
FY25 Q1 -16.5%
FY25 Q2 25.0%
FY25 Q3 34.7%
FY25 Q4 55.4%
FY26 Q1 48.7%
FY26 Q2 54.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-K/A, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0 0 0 0 0 0 0 0 0 0 0 43 312 462
Gross profit 0 −0 −0 −0 −0 0 0 −0 0 0 0 40 276 383
EBITDA −3 −5 −9 −17 −25 −33 −27 −21 −27 −29 −31 −22 151 238
Operating income −3 −5 −9 −17 −25 −33 −27 −21 −27 −29 −31 −22 150 217
Net income −3 −9 −20 −18 −25 −33 −27 −16 −22 −28 −30 −18 163 187
Diluted EPS −$0.90 −$2.07 −$2.88 −$1.74 −$1.95 −$1.80 −$1.51 −$1.80 −$0.77 −$0.75 −$0.74 −$0.30 $2.04 —
Growth (year on year)
Revenue — — +>999% +11.0% +6.7% +47.0% +30.5% −34.1% −15.5% −20.2% −65.7% +>999% +617.0% +280.5%
EBITDA — — — — — — — — — — — — — +379.3%
Operating income — — — — — — — — — — — — — +340.1%
Net income — — — — — — — — — — — — — +265.9%
Margins
Gross margin — <−999% −135.5% −51.7% −63.6% 65.1% 7.7% −31.8% 14.4% 22.0% 94.3% 92.7% 88.5% 82.8%
EBITDA margin — <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −51.1% 48.4% 51.6%
Operating margin — <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −51.4% 48.2% 47.0%
Net margin — <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −41.2% 52.3% 40.5%
Free-cash-flow margin — <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% <−999% −116.7% 55.4% 54.2%
Cash flow
Cash from operations −2 −4 −6 −13 −22 −29 −24 −15 −22 −21 −24 −51 175 254
Capital spending 0 0 0 0 0 0 0 0 0 1 0 0 2 4
Free cash flow −2 −4 −6 −13 −22 −29 −24 −15 −22 −23 −25 −51 173 250
Stock-based pay 0 1 2 3 1 2 1 2 2 5 4 6 14 16
Free cash flow after stock pay −3 −5 −9 −16 −24 −30 −25 −18 −25 −28 −29 −57 159 234
Balance sheet
Cash 1 2 4 12 8 10 18 16 42 53 43 41 145 257
Total debt 0 0 0 0 0 0 6 — 0 0 0 0 0 0
Net debt (negative = net cash) −1 −2 −4 −12 −8 −10 −11 −16 −42 −53 −43 −41 −145 −257
Diluted shares 4m 5m 7m 10m 13m 18m 18m 24m 29m 38m 40m 59m 80m —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 3 checks passed · June 30, 2026
What it owns · $904m
Short-term assets $481mLonger-term assets $423m
What it owes, and who funded it · $904m
Short-term liabilities $187mLonger-term liabilities $256mShareholders' equity $461m
  • Short-term assets cover short-term liabilities $481m of assets due within a year against $187m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $481m short-term assets against $256m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $217m against $3m of interest.

From Cormedix Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

R&D spending
6.0%
of revenue
Days sales outstanding
127 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in biotechnology
Last 12 months unless stated CRMD ARQT KRYS ARDX ADMA NVAX Median
Revenue, last 12 months $462m $464m $470m $451m $512m $414m $56m
Revenue growth, last 12 months 280.5% 76.1% 26.0% 16.8% 8.0% −61.6% 12.6%
Revenue growth, 3-year average >999% 241.4% 280.1% 75.9% 35.0% −36.3% 13.7%
Revenue growth, latest quarter 156.5% 59.3% 30.2% 23.8% 2.0% −76.3% 10.2%
Gross margin 82.8% 91.1% — 94.4% 64.7% 78.6% 82.9%
Operating margin 47.0% 7.4% 48.4% −7.9% 43.8% −56.6% −189.4%
Operating margin, 3-year average <−999% −53.8% 34.1% −15.5% 34.0% −17.9% −363.5%
Net margin 40.5% 6.1% 47.9% −12.4% 33.0% −59.9% −169.8%
Cash from operations / revenue 54.9% 8.5% 68.9% −3.8% 26.7% −8.9% −168.0%
Free-cash-flow margin 54.2% 8.4% 66.0% −4.0% 22.7% −10.2% −162.4%
Free-cash-flow margin, 3-year average <−999% −50.3% 44.8% −19.7% 18.9% −23.8% −310.0%
Stock pay / revenue 3.5% 9.4% 11.8% 12.1% 4.5% 7.8% 20.0%
Change in share count 23.2% 17.3% 2.3% 2.9% −3.2% 1.2% 8.2%

Median of all 184 companies we cover in biotechnology. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

184 biotechnology companies
Measure Company Peer median Rank
Revenue growth Growth 280.5% 12.6% 22 of 172
Change in growth rate Growth -104.1pp -0.1pp 153 of 172
Gross margin Profitability 82.8% 82.4% 37 of 75
Operating margin Profitability 47.0% -189.4% 4 of 175
Net margin Profitability 40.5% -157.3% 10 of 180
Free-cash-flow margin Cash generation 54.2% -145.4% 3 of 176
Stock pay as % of revenue Cash generation 3.5% 19.2% 23 of 179
Long-term debt as % of assets Balance sheet 0.0% 20.6% 10 of 78
Days sales outstanding Balance sheet 127 days 75 days 77 of 100

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $304M 97.6% ▲ 600.1%
Defen Cath $259M 85.0% ▲ 495.4%
Melinta Portfolio $45.5M 15.0% —
Contract Revenue $7.4M 2.4% —

From Cormedix Inc.'s 10-K filed March 5, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$345M
Institutions reporting
193
Shares held vs prior quarter
▲ 6.9%
Positions opened / closed
27 / 21

Top buyers and sellers, Q2 2026: 94 institutions bought and 80 sold ; the biggest buyer was Armistice Capital, LLC (+500K shares) and the biggest seller Sculptor Capital LP (−336K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $49.6M 6.3M 14.4% ▲ 6.0%
Deep Track Capital, LP $49.3M 6.3M 14.3% 0.0%
Vanguard Capital Management LLC $24.6M 3.1M 7.1% ▲ 0.2%
State Street Corp $18.2M 2.3M 5.3% ▲ 5.7%
Royce & Associates LP $17.1M 2.2M 4.9% ▲ 15.3%
Geode Capital Management, LLC $15.3M 1.9M 4.4% ▲ 7.2%
UBS Group AG $14.7M 1.9M 4.3% ▲ 22.1%
Oberweis Asset Management Inc/ $10.4M 1.3M 3.0% ▲ 9.3%
Alyeska Investment Group, L.P. $6.7M 850K 1.9% 0.0%
Marshall Wace, LLP $6.1M 780K 1.8% ▲ 55.0%
Northern Trust Corp $5.9M 756K 1.7% ▲ 18.6%
Vanguard Portfolio Management LLC $5.6M 709K 1.6% ▼ 4.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Cormedix Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $2.6M 8 trades by 4 insiders · 59% under pre-set plans
Net ▼ $2.6M net selling
Insider Date Trade Shares Price Value
Dillione Janet Director January 21, 2026 Sell pre-set plan 10,000 $6.88 $68,800
Dunton Alan W Director December 30, 2025 Sell pre-set plan 20,000 $13.00 $260,000
Todisco Joseph Chief Executive Officer December 18, 2025 Sell pre-set plan 30,000 $12.00 $360,000
Lefkowitz Steven W Director December 9, 2025 Sell 40,000 $11.88 $475,200
Dillione Janet Director December 9, 2025 Sell pre-set plan 34,000 $12.00 $408,000
Dillione Janet Director December 2, 2025 Sell pre-set plan 46,657 $10.00 $466,570
Dillione Janet Director November 24, 2025 Sell 26,343 $9.93 $261,586
Dillione Janet Director November 14, 2025 Sell 30,000 $11.42 $342,600

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around January 13, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 13, 2026
  • May 14, 2026
  • March 5, 2026
  • January 8, 2026
  • November 12, 2025

Recent SEC filings

Data status

When each part of this page on Cormedix Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Cormedix Inc. in brief

What does Cormedix Inc. do?
Cormedix Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
What is Cormedix Inc.'s stock ticker?
Cormedix Inc. trades under the ticker CRMD on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Cormedix Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Cormedix Inc. reported revenue of $462M, 280.5% higher than a year earlier, according to its SEC filings.
What is Cormedix Inc.'s free cash flow?
Cormedix Inc.'s free-cash-flow margin is 54.2% of revenue over the trailing twelve months, ranking 3 of the 176 biotechnology companies we cover.
Who are Cormedix Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Deep Track Capital, LP and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Cormedix Inc.'s market cap?
On December 31, 2025, Cormedix Inc.'s market capitalisation was about $934M, with a price-to-earnings ratio of 5.7 and net debt of -$145M. Market figures come from third-party market data and may be delayed.
Who are Cormedix Inc.'s competitors?
In our Biotechnology peer group, the companies closest to Cormedix Inc. are Arcutis Biotherapeutics, Inc., Krystal Biotech, Inc., Ardelyx, Inc., Adma Biologics, Inc. and Novavax Inc. The side-by-side comparison below sets their revenue, margins and growth against Cormedix Inc.'s.
Are insiders buying or selling Cormedix Inc. stock?
Over the last 12 months, Cormedix Inc.'s directors and officers reported 0 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Cormedix Inc.'s next earnings date?
Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Cormedix Inc. announces its own schedule.